We want to establish Bit.Tube as a video platform that benefits everyone involved, and for that reason, we are changing the reward distribution mechanism of IPBC.
Upcoming changes to the reward distribution mechanism.
Currently, video publishers get 90% of the coins generated by the viewers, who are mining in direct competition with professional miners. Under the current model, viewers are able to generate only a tiny fraction of the newly mined coins, hence the publisher’s revenue is very small.
The new distribution system will be more balanced, and it will create additional earning potential for the publishers and for the viewers too.
We plan to reserve a fixed 30% of each new block reward specifically for rewarding publishers and the viewers and to fund further development and marketing.
Currently, our reward is 454 IPBCs per block, and a new block is created every 2 minutes on average. When the new distribution will take place, 30% of that reward (136 IPBCs) will be distributed as follows: 70% to the video publishers, 20 % for the viewers, 5% for maintenance and continuous development. The remaining 5% will be accumulated for marketing purposes, fees for listing on new exchange and airdrops.
On daily basis this 30 % share looks like this:
Viewers will do minor Proof of Work.
When a user is watching videos on his or her device, a very small amount of hashing power will be used, just the minimum amount needed to verify the watching time. This will improve user experience on mobile devices, as only 1–5 % of the CPU will be required to play the videos.
The 20% of viewers share will be distributed proportionally to the total watching time of each logged in user. Each user will receive his/her reward directly in the online wallet, which is generated automatically and tied to the account at registration.
Publishers will get more revenue.
The main actors on our platform are the people who create valuable, interesting, useful, entertaining, educational and original videos. We could continue with the list, but we think you got the point. Content creators and publishers will be rewarded better and fairer in comparison with the other platforms.
The 70% publishers share will be distributed based on the performance of all of their content, measured by airtime (the total amount of time a video or live stream has been watched).
This will be only the baseline: Additionally, each publisher will be able to benefit from a whole set of premium features (check them out here).
The economy will improve.
Delivering rewards to more people will create a positive revenue flow for all users, who will be able to spend them on the platform and make top performers stand out with their great work.
This will be a major factor for verifying that a certain publisher creates valuable content, so when he decides to publish premium videos, people can see his airtime and make a better decision about what to buy and from who. In this way, content creators will benefit from multiple revenue streams.
More transparency, but still a privacy coin.
As privacy coins gained popularity, authorities are keeping an eye on them. According to Forbes, a recent meeting between the Japanese Financial Services Authority (FSA) and industry experts considered prohibiting cryptocurrency exchanges from listing or accepting private coins on their platforms. That’s why we are going to take measures to overcome possible threats.
We are going to define a whole new way of using a privacy coin like IPBC, which will bring more transparency and valuable information about rewards allocation: everyone will be able to see the reason why users get paid, how much is the potential for earnings, and a list of top performers.
Every transaction will be traceable via the explorer. The information stored in a block will show the distribution allocation. This will also show how we have distributed all rewards and how much users are worth for the companies.
With the new transparency system which is completely unique in the blockchain world, we are building barriers which will limit the cases of copyright breaches, child porn or other illegal activities on the Bit.Tube platform. Our target is to build a user-friendly system with the aim to grant the right to free speech but not as a place for illegal actions. To reach this full transparency is as important as to stay without any censorship.
Premium features will increase usage of IPBC coin.
Many people have been asking what would be the reason for buying IPBC coins, the 5 upcoming products are the answer to this question. The existing big players in paid content like Netflix, Amazon, HBO currently deal only with media giants which don’t leave many options for the individual producer to monetize their videos.
Bit.Tube is about to change that. In addition to the reward for airtime, we plan to develop a suite of 5 new products that will allow producers to monetize their videos in different and complementary ways, and also to promote their content.
In the future, users will have the ability to buy content directly from producers with IPBC. Bit.Tube is building with the underlying ecosystem IPBC a market for content generators who are in niche markets, who are new, who are not well known. There is a huge audience interested in consuming new, interesting and high-quality content which is not currently available in the mainstream media. This content can be paid and viewed with IPBC.
When will the new model take effect?
We are planning to launch the new distribution model in July this year.
By implementing the above system we believe we can attract much more users to the platform. We put our effort into stable growth and delivering a valuable piece of technology and a well balanced economic environment.
Your Bit.Tube Team