Blockchain-based Web 3.0 platform breaks down barriers for creators
Everyone talks about Web 3.0, but few can explain why it is so important for the future digital economy. Let’s dig into this issue using the content creator market as a case study.
Currently, most content creators are trapped in Web 2.0 platforms that store their data on their own central servers. Consequently, these platforms essentially control this content and can arbitrarily decide whether to remove or demonize it or block its creator entirely.
Furthermore, their search algorithms determine what content will be suggested to potential viewers, meaning they can shadow-ban any material they don’t like. And if one of these platforms ceases to exist, all the data it stores will disappear with it.
So it’s clear that the balance of power between existing content platforms and creators is uneven. Let’s take a look at how things will be organized differently with Web 3.0 platforms.
Welcome to Web 3.0
Unlike Web 2.0, where data is stored on a specific server or computer and accessed via a web address, or URL, that directs users to it, Web 3.0 will operate over a P2P (peer-to-peer) network, where data is distributed across a large number of computers, or nodes, using blockchain technology. This decentralization of data means that no party can dictate what can or cannot be done with it. Only the owner of the data has control over it. Thus, Web 3.0 returns control over the content back to the owners.
But how will this work in practice? Let’s take video streaming platforms as an example.
Today, YouTube, a Web 2.0 platform, has a virtual monopoly on video streaming. If a video content creator wants to expose their work to a large audience, they have little choice but to post it on Alphabet’s service. However, as is well known, YouTube can block or demonetize any content it deems objectionable or ban users altogether. In this case, the creator has little recourse. Even if they do write the platform to complain, they’ll probably only receive a vague “violation of community guidelines” message, if they get any response at all. Also, with YouTube, content creators have no say in what portion of the profits they will receive from ad impressions. All terms are dictated by the platform and users can only take them or leave them.
Now let’s look at a Web 3.0 video streaming platform and compare.
Currently, the Web 3.0-based project for media streaming in the most advanced stage of development is called FavorTube. It offers real-time consumer-grade HD video playback and full lifecycle services for content creation, connecting content creators, consumers and fans on one decentralized platform that is transparent, fair and anti-censorship.
FavorTube uses smart contracts to automatically distribute revenue from consumers viewing ads among creators, the platform and viewers. It makes it possible to issue multiple forms of NFT (permanent membership, crowdfunding) with one click, with revenue from channels or content automatically distributed to NTF holders. The rights and interests of commercial videos are protected via authorization on the P2P network.
FavorTube has developed its own protocol stack, called FavorX, as a basis for decentralized storage and content distribution. While some projects have worked to implement fully decentralized media streaming, FavorTube is the first platform to offer fully decentralized file storage, content distribution, data retrieval and purchase transactions. Its out-of-the-box desktop and mobile applications are directly connected to the blockchain on mobile terminals via P2P networks whose performance increases as the scale of the network expands. FavorTube is also the first fully decentralized application project that supports the use of mobile terminals directly connected without gateways on an anti-censorship and globally accessible streaming platform.
Thus, FavorTube has leveraged the decentralized financial capabilities of blockchain to create a new business model for content creation and revenue distribution that fundamentally redistributes power between content creators, consumers and content viewing platforms. Consequently, the content is once again owned by the creators, who can now profit from it freely and without exploitation or fear of censorship.
It is obvious that content creators will much prefer this arrangement and flock to Web 3.0-based platforms as this new iteration of the internet evolves. As people become more aware of the benefits that decentralization brings, there is little doubt that more and more Web 3.0 platforms will appear to meet the growing demand.
