Dec 19, 2020 - 1 day read

The Modern Virtual Experience

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Via Medium

According to expert predictions, blockchain’s paradigm shift is to have a severe effect on video streaming technology. Blockchain enables direct participation in the network for consumers, content…

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According to expert predictions, blockchain’s paradigm shift is to have a severe effect on video streaming technology. Blockchain enables direct participation in the network for consumers, content creators, and infrastructure providers. Rather than relying on a centrally controlled service provided by a dominant player in the market, anyone could become a broadcaster, run a streaming server, provide a transcoder, store data or just share network bandwidth. Crypto-currencies could be used to directly incentivize infrastructure providers or content creators, while consumers only pay for what they are interested in. Thanks to the development of second-layer technologies, it is possible to automatically send micropayments on a per minute or even per-second basis. Streaming money in conversion for streaming video. Such a network could be trustless and secure by design, utilizing encryption schemes that have been proven for many years. While centralized services could be censored, controlled, or even shut down by enterprises or policymakers, decentralized and encrypted peer-to-peer networks are highly censorship-resistant.

Blockchain technology not only allows users to stay in control of their own data but also enables them to share that data for machine learning in a trust-less way. Essentially, you are allowing an algorithm to process your private data without the need to pass it to a third party. Furthermore, these additional industries are a next-gen social platform blending live-streaming with social media and digital currencies. Think a PG-rated OnlyFans meets Twitch meets almost thousands upon thousands of digital currency mining rigs via clean, renewable hydropower. (1) While it might be rational not to get wrapped up in the hype, these other industries could start to learn further about blockchain’s unique features and could help define the industry. Media platforms are currently trying to make progressive phases into the virtual world. The best modern virtual experience might be right around the curve!

Streaming has revolutionized the internet, and blockchain could help take it to the next level. The internet arguably was the single greatest technological innovation of the modern era and has unleashed waves of prosperity, information sharing, as well bringing barriers down across the world. Clearly, there are also downsides to the internet that run the gamut from criminal activity, the deliberate sharing of misinformation, and other negative trends. Reflecting how influential the internet has become, even blockchain has been labeled by some as the Internet 2.0 or as a trustless version of the internet.

Alongside the emergence in prominence of blockchain and crypto, the breakthrough of streaming services and the ability of individuals to stream themselves has been impossible to miss. Once limited by network capacity, computer speed, and access to specialized equipment, streamers, and other vloggers are now routinely cited as some of the popular people on the internet. The very idea of a social media influencer was unheard of until the last several years; with this development also comes the question as to how individuals could successfully monetize and further grow the streaming segment.

In line with this, these additional sectors’ live-streaming platform reportedly allows users to broadcast themselves to other users in real-time, receive virtual gifts and coins, and redeem them for cash. As of July 2021, they appear to have roughly 5.8 million registered users from over 200 countries and regions, with approx. 20,000 active live-streamers and viewers a day. It’s also flourishing rapidly in the Middle East. (2) This digital breakthrough has evolved in a series of inventions that have revolutionized the way we look at the world. Keep a keen eye out for these sectors, which are thought to offer the finest platform and might be game-changers! Now is the time to discover the difference for a better virtual experience!

Streaming is a genuinely revolutionary breakthrough, both in the market and in society as a whole. In this light, it is worth taking a look at where it led us and where it could lead us further from music to movies and television, then video games and further on the horizon to VR and AR. Moreover, new possibilities are creating the technology that’s snowballing and that’s the blockchain. Get the key concepts at this site to unlock endless possibilities!

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Source 1: https://medium.com/paradigm-fund/video-streaming-and-blockchain-a-tale-of-two-paradigm-shifts-867664c899a0

Source 2: https://www.forbes.com/sites/seansteinsmith/2020/06/03/how-blockchain-and-crypto-can-supercharge-the-streaming-economy/?sh=3983b0f13a6b