The video content distribution market has already been divided among major players like YouTube, Netflix, and Amazon. Understandably, the centralization of such an enormous market worries many people. Not only does smack of monopolization, but storing all of that data is expensive. On its own, Netflix spends over $1 billion per year on data storage and those overhead costs get passed down to consumers. Finally, there are the perils of centralized censorship and revenue distribution.
Video streaming is a market that is crying out for blockchain initiatives, which can offer censorship-free content sharing, transparency of transactions, significantly lower data storage costs, and faster distribution.
The Flixxo is a video sharing platform that enables users to upload videos, share them with the community, and get rewarded with Flixx tokens (FLX). It is based on a peer-to-peer (p2p) distributed content storage system from which the actual videos will be transferred via BitTorrent and stored locally on the viewers’ devices. Content providers earn tokens when someone watches their content and viewers can earn tokens by watching ads or by seeding content that they have already watched.
Before a piece of video content can be shared on the network, however, it needs to be converted into a variety of formats to allow users to choose the one that fits their bandwidth and quality requirements best. Since the task of encoding and decoding videos is very computing intensive, Flixxo has entered into a partnership with the iEx.ec distributed computing platform in order to delegate the resource-demanding job to iEx.ec’s decentralized network.
The solution offered by iEx.ec is a distributed computing network based on the Proof-of-Contribution consensus protocol that allows the integration of off-chain computations with the blockchain, while also providing material incentives for the participants. For Flixxo it is the perfect opportunity to push the quality of its services higher without cost-inefficient centralized data centers.
Illustration Photo: Online video (CC0 Creative Commons from Pixabay.com)