Buzzshow is one of the first video social network sites that adopts blockchain technology to provide a platform that puts the interests of content creators, curators and viewers first. The blockchain uses Goldies as the cryptocurrency that incentivizes creation, sharing and viewing of videos on BuzzShow. Members of the platform not only earn as a content creator, but they also earn when they share videos and when they view videos. This is the first fully developed social video network that allows everyone involved to contribute and earn money on the platform.
The platform intend to us IPFS (InterPlanetary File Sharing) in its future releases to ensure that the content is truly decentralized. This allows files to be stored without relying on a centralized database as most video websites rely on. As a result, it is not susceptible to any DOS attacks or ransomware attacks because the videos will be held in multiple systems. The benefit is that it is faster, more open and safer than the centralized database reliant methods of video streaming. This technology is useful for BuzzShow because it allows the platform to be truly decentralized while saving bandwidth costs considerably. BuzzShow is committed to ensuring that the revenue generated from advertisements and premium subscriptions are equitably distributed between the entire “food chain” including content creators, curators, marketers, and the consumers according to the level of their participation and popularity on the platform. Most other video sharing sites retain around 50 percent of the revenue from advertisements, as in the case of YouTube which uses 55-45 revenue sharing percentage scheme, or keep the entire revenue to themselves as in case of Facebook and Twitter. Under these scheme content creators and curators, are forced to share the remaining smaller part of the revenue, despite doing most of the work. Buzzshow aims to disrupt the industry by giving all parties involved a stake in the revenue generated from content creation.
Users on the platform will earn money when they upload their first video on the platform. This is a very simple way of earning Goldies even before the demand on the site grows. They can also earn with every confirmed referral on the site. Once the user registers based on their referral, they also get some Goldies. Another feature is the ability to create channels and upload a video for free. No paid option offers content creators greater capital opportunities. Everyone starts at the same price, and it is completely free for everyone. This discourages firms from paying for preferential treatment on the platform. They will support their favorite content creators by sending Goldies. These Goldies will not be charged an outrageous transaction fee like Patreon and other donation platforms, but rather a micro-transaction fee that is near zero. This will ensure that creative content creators get the support they need.
Additionally, content creators can sell access to their content allowing them to earn Goldies if their content is of high quality. Users can access this premium content by paying Goldies they earn on the platform. Advertisers will be able to pay content creators and curators directly to ensure that the adverts are placed in videos for the right target audience. This is a more effective strategy than the random advertisement placement without any input from the advertiser.
Different users of the platform will get different benefits depending on their contribution to the site. The specific benefits for each of these groups are as follows:
- Video creators will earn Goldies for both creating contents and adding it to their channel as well as when users view the video. This gives video creators a dual chance of earning revenue. They can also charge premiums if they would like.
- Video curators will earn Goldies every time they share a video or when a video is viewed on their channel.
- Viewers will earn Goldies when they watch videos on the platform, and they can use these Goldies to pay for premium content from their favorite content creators.
- Advertisers can buy Goldies for use to pay advertising space either from the curators or specific content creators.
- Validators verify the adverts that are included in video to ensure that advertisers only market based on the advertising space. These validators are paid using Goldies.
- Moderators earn Goldies by validating whether the content shared by creators adheres to the terms and conditions. They flag issues like racism and inappropriate content to ensure that users do not violate their terms.
- Developers / Platform retain some of the Goldies reserved for them. Additionally, they earn based on any plugins and upgrades introduced to the platform.
- Buzzshow will provide a storage option by liaising with other decentralized storage firms and allowing content owners to pay a small fee to store videos on the blockchain.