How Crypto and Web 3.0 will affect YouTube
The many ways cryptocurrency and Web3 have benefited industries are sometimes underrepresented. Businesses, entrepreneurs, investors and individuals are reaping the rewards of recent advancements in the Web3 space, and not to be left out, the video and streaming industry is already beginning to reap the benefits of its ongoing integration with Web3.
With the introduction of a Watch-to-Earn (W2E) concept, Web3 aims to revolutionize the video space from an industry focused on profit for companies to one that is more inclusive. Web3 is creating a system of balance by updating a system where only creators and the major platforms profit – leaving out viewers – to a more inclusive system where viewers are rewarded for watching their favorite creators on video platforms like YouTube.
How Web3 creates a beneficial ecosystem with video hosting and streaming
This is where we witness the incorporation of blockchain into the estimated $80.83 billion video streaming industry. The coalition of these powerful forces will create fertile ground for the growth of a technology-driven video streaming ecosystem, where there is equal opportunity for all users to become a team player, including viewers.
Additionally, bringing Web3 into video industries like YouTube will positively revamp some basic operational guidelines and norms. The following benefits will accompany the introduction of Web3 to the video industry:
Decentralization: transactions are over a decentralized network due to blockchain technology which is a feature of Web3.
Autonomy: The platforms will be free from control by authorities and companies as transactions will be carried out over a decentralized network where each individual involved has control over their assets.
Abolition of third-party data sales: with the introduction of Web3 to video streaming, there will be no need for third parties since it is a decentralized network. Therefore, the users’ data will be secured against infiltration or the risk of being sold.
Free speech: content creators and viewers will express their opinions without being threatened since every user has equal rights.
Absence of arbitrary censorship: Adopting purposeless censorship of content will be limited with the incorporation of Web3 into the video industry, as no entity or individual holds centralized power.
W2E: XCAD seeks to reward YouTube creators and viewers
The intersection of Web3 and video streaming will be made possible with W2E technologies like XCAD, which gives users an opportunity to earn passive income from an activity that most Internet users do every day. XCAD’s browser plugin works on YouTube to reward users with cryptocurrency for using the platform.
XCAD allows creators to create and distribute custom crypto and NFT tokens to their fanbase who can sell on trading platforms. Viewers will also earn cryptocurrency tokens for streaming videos on YouTube from their favorite content producers.
Crucially, as in the case of the XCAD Network, these Web3 technologies can work hand-in-hand with existing platforms such as YouTube and Twitch, delivering their own functions without interfering with or competing with the existing platform.
Final thoughts
The system Web3 creates for video platforms will have a huge impact on the outdated ways and breathe a novelty into the video industry. Building a community where creators and viewers can earn cryptocurrency passively from everyday activity, without going through confusing procedures, is a game-changer for video content platforms. With the use of Web3, video hosting and streaming can be fair and decentralized; a winning concept on all fronts.
