Video is fast becoming the primary means of communication on the Internet, with research indicating that the average consumer watches more than 10 hours a week.
But whether it’s a four-second meme on TikTok, a four-minute joke on Facebook or a four-hour livestream on YouTube, there’s one big problem: content creators have to operate on the terms of the central tech giants.
Now, the decentralized video platform aims to change the situation – ensuring that the revenue generated through ads goes to the people who upload the videos, and that content monitoring is left to the community.
Pocketnet’s blockchain is powered by equal nodes, in a way not unlike how cryptocurrencies work. Transactions enable users to post content, vote on video quality, promote clips, and subscribe to their favorite content creators. This approach – which the company will be highlighting in a series of exclusive live-streamed events called “Internet Recalls” that can be registered here throughout June – helps create a reputation-based system where the best uploads generate the highest rewards.
In an unusual development that differentiates Pocketnet from other video-sharing platforms, users make a minimum payment in PKOIN, the ecosystem’s original cryptocurrency, which covers hosting for six months. After this period, clips that do not meet the minimum popularity bar are deleted unless additional coins are paid for hosting.
Three main problems to solve
Pocketnet’s goal is to ensure that powered decentralized servers are compensated for their efforts – eliminating a free public resource that could be misused by others. Its approach helps unlock massive computing capacity without relying on the likes of Amazon Web Services.
The Pocketnet blockchain acts as a consensus layer on the platform, and servers are incentivized to provide a high level of service to those who stream it. Failure to act in the interests of the network can result in the loss of its reputation, along with other penalties.
“Big tech companies have lost people’s trust – they take a lot of money and power and leave nothing for users,” the project told Cointelegraph. “The invention of Bitcoin has forever changed the playing field in both the internet and finance. Pocketnet is making sure that we use the Satoshi concept to the fullest to open up decentralized internet portals.”
Watch out, YouTube
Over the past 12 months, Pocketnet has come out of beta — and launched a fully decentralized social network with no central servers at all, meaning its infrastructure is only backed by crypto nodes.
Looking to the future, the team wants to take on the likes of WhatsApp by launching a peer-to-peer encrypted messaging service that will serve as a “really private and decentralized alternative to the likes of WhatsApp”. This is due to be released in the second half of June.
The developers are also working on the NFT 3.0 project that will pave the way for a more innovative approach to auctioning non-fungible tokens. Its infrastructure will ensure that only a preview of the artwork is available in the NFT during the sale, which means that the winner gets an encrypted copy of the complete work and a key to decrypt the NFT. This release is due to take place in July.
Other events in June include a live event exclusively for crypto enthusiasts with a limited space called “Back the Internet.” A total of four live sessions are planned for June 10, June 17, June 24 and June 29.
These broadcasts will give viewers a chance to learn more about how the Pocketnet blockchain works, and the speakers will include the core developers and a few surprise guests. In addition to exclusivity, full recordings of the closed event will not be available. Those interested in these events can register on the Pocketnet website.
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