The future of streaming is decentralized. Although streaming services like YouTube are great, they have many drawbacks. Now, an alternative is emerging that is unrestricted by centralized organizations like Google and Facebook, thanks to blockchain technology.
In this quick guide, we explore crucial insights we need to know about decentralized streaming powered by blockchain development services in 2023, including how it functions and why it is better than conventional streaming solutions.
Challenges
With centralized services, a few substantial businesses control and decide what users can upload, discuss, and consequently, even think about. If they violate the rules of service, they are out.
Online streaming services like YouTube now block content that was acceptable just a few years ago. At the same time, comment sections from news websites are disappearing.
Decentralized streaming platforms can help in this situation.
The Emergence of Decentralized Streaming Platforms
Decentralized streaming platform development is becoming increasingly popular due to offerings like top-notch security, freedom of speech, and numerous other benefits.
Take note of conventional sites, such as YouTube or Spotify. We observe that the site does not give content producers enough freedom to be completely honest with their audience about their opinion or content.
However, the situation is the exact opposite on the decentralized streaming network.
The content creators have enough freedom to express their opinions without any restrictions on a decentralized blockchain-based streaming network.
Such a platform does not remove content from the platform until creators start advocating any antisocial movements like nudity, hate speech, or terrorism.
The Odysee video platform is among the best examples of a decentralized video-sharing network.
Content creator can submit their work to Odysee and get paid when viewers watch videos in LBRY coins.
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Blockchain Technology has the Potential to Transform Streaming with the:
- Blockchain-Based Profile Creation: Digital identity-based account creation that contains immutable users interests and info
- Multiple Payment Gateway: Customizable, flexible crypto-based secure payment options, including digital cards and others
- Search and Geolocation: An easy-to-use tool that uses geolocation and finds broadcasts based on users’ current location
- Multi-Access & Multi-Lingual: Multi-country access with multi-lingual streaming options to connect the global audiences
- Video Resolution Conversion: Video division into smaller segments to reduce extensive memory usage for server uploads
- User Ratings and Reviews: Reward mechanisms for users to rate and review a particular video accessible by other users
Streaming Solutions Development with Blockchain
On-Demand Streaming Platforms Development
Creating blockchain-based on-demand streaming services enables viewers to pay per metered viewing and pay content owners depending on consumption viewing. With smart contracts, stakeholders can boost content distribution, consumption, and payment models, improve royalties administration, reach a bigger audience globally with multi-country access, and more. Moreover, they can encourage creative loyalty management initiatives to sustain steadfast customer loyalty.
Live Streaming Platforms Development
Providing live streaming solutions that are affordable, safe, and scalable enables users to create live or on-demand videos and power their streaming capabilities. It allows users to broadcast a variety of content with ease, including surveillance, conferences, gaming, coding, entertainment, educational courses, and more, using blockchain technology. Further, blockchain plays a crucial role in reducing infrastructure costs or high streaming bills significantly with quicker TPS (transaction processing per second) and scalability.
Audio Streaming Applications Development
Creating platforms based on smart contracts can address concerns with rights holders and royalty payments in the audio streaming sector, including on-demand music, instructional podcasts, and more.
Direct access to music streaming for content providers enables them to share in the profits made from streaming. With blockchain-licensed intellectual property integration, it is possible to stop piracy and integrate innovative payment options like microtransactions and metered viewing available to users and artists.
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A few of the Current Blockchain-based Streaming platforms
Livepeer
Livepeer is a decentralized peer-to-peer platform that runs on the Ethereum blockchain and primarily seeks to democratize live video. The Livepeer Token, or LPT, cryptocurrency allows users to engage in the live peer network.
Similar to Livepeer, the video streaming network YouNow is for services like video chat and live broadcasts.
Want to enter the decentralized video streaming platform market to increase revenue and turn your business into a unicorn, connect with our skilled blockchain development experts.