The many ways that cryptocurrencies and Web3 have been useful to the industry are sometimes under-represented. Businesses, entrepreneurs, investors, and individuals are reaping the benefits of recent advances in the Web3 space, and the video and streaming industry is already beginning to reap the benefits of its continued integration with Web3.
With the introduction of Watch-to-Earn (W2E), Web3 aims to revolutionize the video space from a profit-driven industry to a more inclusive one. Web3 is building a balance system by upgrading a system that only earns creators and major platforms, excluding viewers, to a more inclusive system where viewers are rewarded for watching their favorite creators on video platforms like YouTube.
How Web3 Creates a Profitable Video Hosting and Streaming Ecosystem
Here we are seeing the inclusion of the blockchain in valued at $80.83 billion streaming video industry. The coalition of these powerful forces will create fertile ground for the growth of a video streaming technology ecosystem in which there is an equal opportunity for every user, including viewers, to become a team player.
In addition, the adoption of Web3 in video industries such as YouTube will positively change some of the underlying operating policies and regulations. The introduction of Web3 into the video industry will bring the following benefits:
Decentralization: Transactions pass through a decentralized network thanks to blockchain technology, which is a feature of Web3.
Autonomy: Platforms will be free from government and corporate control, as transactions will be conducted through a decentralized network in which each participant has control over their assets.
Opting Out of Selling Third Party Data: With the introduction of Web3 for video streaming, there will be no need for third parties, since it is a decentralized network. Therefore, user data will be protected from penetration or risk of sale.
free speech: Content creators and viewers will express their opinions without any threat, since all users have equal rights.
No arbitrary censorship: The transfer of aimless content censorship will be limited to the incorporation of Web3 into the video industry, since no single entity or individual has centralized authority.
W2E: XCAD aims to reward YouTube creators and viewers
The intersection of Web3 and video streaming will be made possible by W2E technologies such as XCAD, which gives users the opportunity to earn passive income from the activities that most Internet users do every day. The XCAD browser plugin is powered by YouTube to reward users with cryptocurrency for using the platform.
XCAD allows creators to create and distribute customized crypto and NFT tokens to their fans, which can be traded on trading platforms. Viewers will also earn cryptocurrency tokens for streaming YouTube videos from their favorite content creators.
It is important to note that, as with the XCAD Network, these Web3 technologies can work hand in hand with existing platforms such as YouTube and Twitch, providing their own functionality without disrupting or competing with the existing platform.
The system that Web3 is building for video platforms will have a huge impact on outdated approaches and inspire newness in the video industry. Creating a community where creators and viewers can passively earn crypto through daily activities without being subject to confusing procedures is a game changer for video content platforms. With the advent of Web3, video hosting and streaming can be fair and decentralized; a winning concept on all fronts.
Credit : www.newsbtc.com