What's Bit.Tube?
Bit.Tube is a revolutionary decentralized video platform without Ads. Meaning users mine Tubes (bit.Tube coins) while viewing videos on the Bit.Tube website or using the Bit.Tube platform app.
BitTube, like a number of blockchain projects, aspires to become the “Bitcoin YouTube”, or what you might call the decentralized, cryptocurrency powered YouTube alternative. Founded by Halsey Minor, the VideoCoin project contends for a spot on the playing field. And others like Livepeer and YouNow provide similar YouTube alternatives. But now BitTube hopes to earn its place as the Bitcoin YouTube.
BitTube provides a system to enable video content producers to publish work free from censorship. The platform also eliminates the need for centralized storage companies. And significantly, the system eliminates the dependence on selling advertising to earn revenue. Content owners receive payment from viewers, and these transactions occur by way of the system’s cryptocurrency, known as BitTube Coin (TUBE).
Decentralized Platform
And among these goals, decentralization provides the primary benefit to distinguish BitTube as the Bitcoin YouTube. A major component of this is that all online storage happens on the Interplanetary File System (IPFS). IPFS seeks to decentralize the web through a peer-to-peer hypermedia protocol that replaces HTML. This takes control of user data out of the hands of centralized storage companies, and it returns that control to the users. Consequently, data resides not at a physically fixed address but is transferred to a global server network. And hashing (unique mathematical identifiers) safeguards the integrity of the data. Then the algorithm enhances efficiency by avoiding duplicate data to be managed and reducing data transfer. And the network always searches for the nearest and fastest data source.
Browser Application
And as a YouTube alternative, BitTube lives entirely in the browser. So users who simply want to watch videos don’t need to install any special software to view BitTube content. And beyond data uploaded through BitTube, any video on the network properly identified by a hash may also be viewed. Users who want to broadcast live video do need to install the BitTube Sender software. This software enables users to share their screen. The software uploads data to the BitTube network and delivers a broadcast directly through the peer-to-peer (P2P) network without a centralized data center.
Content Viewers Get Paid As Well
The financial model works by having users mine TUBE while viewing videos. Then the generated coins get divided between the content provider, BitTube, and the user. The content owner earns revenue from the very first viewer, and BitTube doesn’t require a high number of followers to earn rewards. As viewers mine TUBE while watching videos, viewers also receive payment. Users from low income areas thus form a target demographic of viewer because simply viewing content provides potential income for them. According to the white paper, BitTube itself receives about 10% of all media revenue as income. As a “Bitcoin YouTube” and not a centralized online service, BitTube intends to establish an appropriate voting system within the platform to enable community participation. And Baseline Improvement Proposals (BIPs) will be used to determine possible fork paths of the coin, as well as decisions concerning the coin reserve.
Where Can You Buy TUBE?
Several exchanges trade in TUBE. As a “Bitcoin YouTube”, you trade Bitcoin for TUBE. Livecoin and TradeOgre allow you to purchase TUBE. Livecoin added TUBE as of February 21, 2018. TUBE trades on Upbit, and Upbit comprises a Korean cryptocurrency-to-cryptocurrency (C2C) exchange. Upbit launched from the biggest messaging app developer in Korea, Kakao, which in turn teamed up with Bittrex. So to trade on Upbit, you need to register an account on Kakao.
Where Can You Store TUBE?
As a Bitcoin YouTube alternative, BitTube provides its own full-featured wallet, allowing a seamless user experience. Consequently, publishers of content manage their wallet addresses and transfer of assets. The wallet maintains an association between the wallet and the content. And the wallet also functions as a stand-alone miner for the BitTube pool.
For now that's all to know about Bit.Tube.
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