YouTube On The Blockchain? Startup Raises Money To Make It Happen
Because ICOs are the latest way to fund ventures, a Silicon Valley startup named Lino raised millions to help create a decentralized, peer-to-peer content delivery network (CDN) to rival YouTube.
According to Coindesk, the startup promises to more fairly compensate content creators, which comes at a great time for smaller YouTube users who recently found it tougher to even get payment from the Alphabet-owned video service.
According to Lino’s site, “The solution is to create a collectively owned, decentralized means of distribution, which ensures all content value is directly distributed to content creators and affiliated contributors without going through a privately owned entity as a middleman.”
Lino announced that Chinese seed investor Zhenfund pledged $20 million to the venture during a private token sale.
Once live, LINO tokens will operate as the service’s currency. Users will earn LINO not only by creating and sharing content, but also by developing applications and infrastructure on the Lino blockchain. Value is simply determined by human user’s interaction with it, which will help prevent fraud and bots so often used to manipulate systems.
Ultimately, Lino chief executive Wilson Wei believes that content creators will make as much as three to five times more than they can make on YouTube or its rival Twitch, which is a compelling reason for content creators to try it out.
Other companies with similar concepts include Streamspace, Flixxo, Viuly, and Stream.
The release of LINO is expected later this year, but exact details are not yet available.