Hey BitTube! What The Fork?

Following our last article with details about the hard fork we would like to include some additional changes that come with the AirTime distribution update. For the uninitiated, let’s first reiterate some points about this hard fork.

The fork happened at block height 268000 on 7th of February followed by a second fork 720 blocks (1 day) later, as unfortunately we couldn’t do all of the upgrades at once. Users will only need to update once to the new wallets.

The graphic below represents the new block reward distribution. In the cryptocurrency jargon it means new coins that are added to the supply whenever a block is found by miners. Currently it is around 413 TUBEs in total; a block is mined roughly every 2 minutes. Typically, miners get all of these rewards themselves. With BitTube, however, the rewards are shared among many parties due to AirTime. More information can be found at mining.bit.tube and our knowledge base.

We have increased the AirTime rewards pool which is shared among all concurrent viewers and publishers. Publisher can expect an overall increase of 1,6 times the current rate, viewers an increase of 1,88 times for the same amount of counted AirTime. (Note: this does not mean viewers earn more than publishers. Publishers are paid based on the sum of the AirTime of their viewers.

Altogether, the new distribution is meant to:

• Increase AirTime rewards to 45% (split 70/30 between publishers/users),
• Reduce mining rewards to 40%,
• Increase the developer fee from 3% to 10% (for platform maintenance and marketing)
• Introduce a 5% reward pool for community moderators (1%), referrals and prize pools (1%) and the remaining 3% for bug bounties and external developers.

Incentives to get involved in BitTube.

The extension’s home tab chart updates every 24 hours. Hovering over the data points you can see details about your earnings for each day.

From now on payouts of your daily earnings will be transferred to your wallet in a 3-day rolling window, instead of 7 days previously. Effectively, after the reward shows up in the extension, it takes two more days to be paid out. Bear in mind that the minimum payout threshold is 1 TUBE.

iOS wallet app have been updated to support the changes. Unfortunately, we need a bit more time for the Android version update. We expect to be available mid next week. There is no action required. We have also been working on improvements on UI/UX which will be released in the next few weeks.

In our previous update we announced that we’ve discontinued supporting the GUI wallet ourselves, handing this task to the community. Fortunately, this was met with positive response and an external developer delivered the update on time for the fork. It is available at https://github.com/ipbc-dev/bittube-wallet-gui/releases. Yeah!

BitTube’s goal is to build a monetization ecosystem for all corners of the Internet. The above-mentioned changes are a step in the right direction and provide better incentives for all types of users. We hope you enjoy it. See you on the other side!

Cheers,

Your BitTube Team

Originally published at blog.bittubeapp.com.