We live in an age of progress. Should you go into Nano-technology or Bio-engineering? What are the industries of the future? I have no idea. But one thing I do know is that human beings will reward and honor those talents of heart and mind they have always honored for thousands of years: intelligence, hard work, discipline and courage.
The days when the means of production and distribution of movies and creative videos was the exclusive preserve of large and very rich broadcast organisations are gone.
There is an explosion of online video platforms today, facilitated by miniature HD video cameras planted in handheld smartphones and cloud-based storage with the capability of housing large video files, the power of telling stories via video is freely available to anyone.
JoyTV will serve as an active broadcasting medium for businesses, entertainment organizations and self-appointed reviews, offering anyone with a story the chance to reach a mass or niche audience, spread across the world.
Problems in the current video sharing market
There is a conflict of interest between different stakeholders in the industry which unfortunately has not been effectively balanced - viewers, creators, advertisers and their own shareholders. It is a market estimated to be $312 billion and the two biggest video platforms alone generate over one billion hours of video watched in a single day.
The platforms generate revenue and profit, but the share paid to the creators is said to be as low as $0.30 dollars.
The more tricky part of the system is that data is centrally stored so that it is impossible for a creator or publisher to prove what their share was and many times, they are required to wait for two months before they are paid. These platforms can often change policy, or tweak an algorithm, resulting in the loss of revenues for the creator, who is not even given a chance to protest.
Creators and publishers have become commodity content suppliers amongst a very large undifferentiated content in a social media news feed. The result is that content creators and publishers are, with passage of time, forced to pay for viewer attention, creating additional control by the biggest digital media platforms.
JoyTV brings the solution
The project is set to address those sticking issues in the industry. A next generation video sharing platform, designed for the purpose of liberating content creators and to benefit viewer experience.
It is leveraging blockchain technology to enhance direct and transparent value exchange between video viewers and content creators/publishers.
Being an organisation, revenues generated will be retained within the economy and for operating costs of the platform. JoyTV is putting the power back into the hands of the users and content providers, so that a better ecosystem for all is arrived at.
JoyTV is about changing the future of entertainment. It will be adopted by content publishers, creators and advertisers in place of the traditional content monetisation channels. This is a revolution in the making and will challenge the hegemony of the tech giants who are fast becoming 'digital cartels’.
How will it work?
JoyTV which is managed by JoyNetwork, is a P2P video content management and hosting platform.
Users will operate from their own dashboard, giving them the power to upload content or video from the memory of a PC of host.
Also, they will be able to rent free unused memory or bandwidth to a content creator using the platform’s blockchain. Simply done by downloading blockchain core, assigning the memory and the price by custom setting.
For the content creator who wants to upload a content, it is by searching the categories, the price and what content he is willing to upload.
When the criteria of content creator and the nodes (called host) meet, a smart contract will be created and stored on the blockchain.
And when a user views a particular video or a number of videos he will be able to mine JoyCoins by using proof of view algorithm which give mining rewards to users.
Only an actual view will be counted as a view and every video viewed will be a block mined.
The block height Will be 5 minutes to cover all transactions. When a viewer has completed viewing a video and mined the coins, the previously stored smart contract will execute and reward will be distributed to all.
The distribution formula for mined coins will be 50- 60% to content creators, expected to pay to the host by a predefined contract. 20-25% will go to the viewers and what is left Will go to the platform.
The platform's coin is mineable and will be on a separate blockchain. As a matter of fact, sale will just be 35% or even less in the ICO as the rest will be mineable.
JoyCoins will be the only acceptable means of payment for adverts.
Key points
JoyTV has come up with a patent pending “Proof of view” system, made possible through blockchain technology, to furnish with an accurate, secure and examinable audience analysis.
It is making viewers the center of every content transaction, also ensuring the transaction is is direct between the viewer and other users of the platform like content creators and advertisers.
Because of the direct relationship the determining factor in the success of a content is the consumption or valuation of the content by the viewer community, contrary to the existing monetisation approach by a third party.
Disclaimer: the number of coins have not been decided yet.