How Crypto and Web 3.0 Will Impact YouTube
July 22 2022 - 5:36AM
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The numerous ways cryptocurrency and Web3 have been beneficial to
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 starting to reap the
benefits of its ongoing integration with Web3. With the
introduction of a Watch-to-Earn concept (W2E), Web3 aims to
revolutionize the video space from an industry focused on profit
for corporations to one that is more inclusive. Web3 is creating a
system of balance by updating a system where only creators and the
big platforms earn – leaving out viewers – to a more inclusive
system where viewers get rewarded for watching their favorite
creators on video platforms such as YouTube. How Web3 is Creating a
Beneficial Ecosystem With Video Hosting & Streaming Here is
where we witness the incorporation of blockchain into an estimated
$80.83 billion video streaming industry. The coalition of these
powerful forces will create fertile ground for the growth of a
technologically-driven video streaming ecosystem, where equal
opportunity for every user to become a team player exists,
including viewers. In addition, bringing Web3 into video industries
such as YouTube will positively revamp some foundational
operational policies 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 of control by the government and
corporations as transactions will be conducted over a decentralized
network where each individual involved has control over their
assets. Abolishment of third-party data selling: with the
introduction of Web3 to video streaming, there will be no need for
third parties since it is a decentralized network. Hence, users’
data will be secure from infiltration or risks of getting sold.
Free speech: content creators and viewers will express their
opinions without being threatened since each user has equal rights.
Absence of arbitrary censorship: passing purposeless censorship on
content will be curbed with the incorporation of Web3 into the
video industry, since no entity or individual holds centralized
power. W2E: XCAD Seeks to Reward Creators and Viewers on YouTube
The intersection of Web3 and video streaming will be made feasible
with W2E technologies such as 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 as they use the platform. XCAD
allows creators to create and distribute customized crypto and NFT
tokens to their fanbase that can sell on trading platforms. Viewers
will also earn cryptocurrency tokens for streaming videos on
YouTube from their favorite content makers. Crucially, as in the
case of XCAD Network, these Web3 technologies can work hand-in-hand
with existing platforms like YouTube and Twitch, delivering their
own features without disrupting or competing with the existing
platform. Final Thoughts The system Web3 is creating for video
platforms will tremendously impact the outdated ways and breathe an
air of newness into the video industry. Building a community where
creators and viewers can earn cryptocurrency passively from
everyday activity, without undergoing confusing procedures, is a
game-changer for video content platforms. With the advent of Web3,
video hosting and streaming can be fair and decentralized; a
winning concept on all fronts.
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