Sometimes, the many ways that cryptocurrency and Web3 can benefit industries are not well-known. Web3’s recent developments have been a boon to entrepreneurs, investors and individuals. The video streaming and audio industry, however, is beginning to see the advantages of integration with Web3.
Web3 is aiming to transform the video industry from one that is dominated by profit and corporations to one where everyone can participate. Web3 is creating a system of balance by updating a system where only creators and the big platforms earn – leaving out viewers – to a more inclusive system where viewers get rewarded for watching their favorite creators on video platforms such as YouTube.
How Web3 is Creating a Beneficial Ecosystem With Video Hosting & Streaming
We witness blockchain being integrated into an $80.83 billion industry of video streaming. The coalition of these powerful forces will create fertile ground for the growth of a technologically-driven video streaming ecosystem, where equal opportunity for every user to become a team player exists, including viewers.
Web3 will be integrated into other video industries like YouTube, which will help to improve operational policies and standards. Web3’s introduction to the video sector will provide the following benefits:
DecentralizationTransactions are carried out via a distributed network thanks to blockchain technology.
AutonomyThese platforms are free from government control and corporate control. Transactions will take place over a network that allows each person to have control of their assets.
Elimination of the third-party selling of dataWeb3 video streaming will eliminate the need to use third-party services as it’s a distributed network. Hence, users’ data will be secure from infiltration or risks of getting sold.
Speech is freeContent creators and viewers can freely express themselves without fear, since everyone has the same rights.
Absence of arbitrary censorshipWeb3 will allow for content censorship to be stopped. This is because no one entity nor individual has centralized control.
W2E: The XCAD Seeks to Reward YouTube Viewers and Creators
Web3 and streaming video will become more possible with W2E technologies, such as XCAD. This allows users to make passive income by doing something that many internet users do everyday. XCAD’s browser plugin works on YouTube to reward users with cryptocurrency as they use the platform.
XCAD allows creators the ability to distribute NFT and crypto tokens customized to their audience. These tokens can be sold on trading platforms. For streaming YouTube content from favorite creators, viewers will be able to earn crypto tokens.
Importantly, like the XCAD Network case, the Web3 technologies are able to work in tandem with existing platforms such as YouTube and Twitch. They can deliver their own features, without interrupting the existing platform or competing.
Last Thoughts
Web3’s system for video platforms is going to have a huge impact on the old ways of doing things and bring a lot more innovation into the industry. The creation of a platform where viewers and creators can passively earn cryptocurrency from their everyday activities, without having to go through complicated procedures is an important step in the evolution of video content platforms. Web3 allows video streaming to be free and fair. It’s a winner on every front.