You know how youtube is great. I mean creators get paid based on how many views their content receives. They can upload whatever they want without getting censored, and users are suggested content based on what they’ve already viewed well, maybe two of these sentences are true. Youtube has a few problems, including scammy comments, copyright strike issues, and recently the censorship of certain topics on its platform. Did you know, that there’s a decentralized video sharing platform that is attempting to solve some of these problems using blockchain technology?
In this article, we are going to explain what odyssey is and the blockchain behind it? How it works and how you could earn money for using an alternative to youtube first off a one-liner to fulfill. What you’re here for odyssey is a video sharing platform that runs on the library, decentralized blockchain, which allows creators to earn tokens without being censored or controlled by a central authority.
Next, to truly understand how odyssey works, we will need to first cover the blockchain that powers it. It odyssey is run by the library blockchain now, if you’ve ever created a website before you know that WordPress is a framework that allows you to create a website. Well, a library is like WordPress and different people can use the same framework to run their websites. In this case, odyssey uses the library blockchain to create a platform very similar to youtube. The library is a blockchain that specifically was created to share almost any file type, although it’s mostly used for video using technology that is similar to how BitTorrent works.
The content is uploaded to the network and then nodes or computers around the world help share the content and keep it online since the blockchain is decentralized. If you upload something to the network, really nobody can take it down. What’s happening behind the scenes. Is that the data is being sent to cloud servers and the only information on the actual library blockchain is metadata. We love examples. So let me give you an example of how it works.
First, Ernest wants to release his movie. Ernie runs for president number, two, the content that he uploaded is encrypted and sliced into many pieces. These pieces are stored on other computers that are on the network. Number three Ernest receives a special URL that looks like this, which points to his content. When Ernest reserves that location he also submits metadata, such as a description or a thumbnail to the content number five.
Finally, Hillary, a user opens her browser searches, the library network, and then decides she wants to watch the film that Ernest uploaded number six Hillary issues, a payment to Ernest for the decryption key, allowing her to watch the film and finally number seven Hillary's library client connects The pieces all around the world and then reassembles them using the key to decrypt the pieces in reality, Hillary doesn’t see any of this. Instead, the film streams within a few seconds after purchasing now, it should be noted that some content is fairly cheap, while some are expensive, but it depends on what the creator wants to charge for it. Along with charging for content, you can also make it free to view the content and that’s exactly what all the videos on odyssey have done.
Remember library is a protocol and blockchain, while odyssey is just one of a few different platforms that are built using the protocol. Let’s get into a little bit more of what odyssey is. First up odyssey is a centralized platform that aggregates and moderates the content on the library blockchain in a way that’s similar to youtube, but let’s go over some things that differentiate odyssey from youtube.
One of the benefits of the odyssey is the moderation now, of course, I’m a fan of decentralization and the censorship resistance of the library blockchain, but odyssey ensures that you don’t see any not safe for work content, while you’re browsing at work. Unlike youtube, though, the odyssey is much more lacks in removing content. You can check out their guidelines if you want, but one of their big value adds is that they won’t remove your video unless it’s terroristic, inciting violence, abuse, or literal torture.
So we can’t complain about that think about odyssey as a way to organize all the videos on the library blockchain in a way that doesn’t censor your political views. Odyssey also has its suggestion, algorithm, which to date isn’t as good as the youtube one, but I’m sure as time passes and they get more data. It will improve right now.
9. Search Engine
They do have a search engine where you can search for videos and channels and something that I thought was cool was that those creators who hold and stake their library tokens on the platform get their videos ranked higher, which could help early creators earn early traffic. Now a decentralized version of youtube does not come without some problems. There are a few problems that I have noticed, and one of the biggest ones is that they don’t automatically upscale and downscale.
For all of your content, for example, if you upload a 4k video to youtube, you can choose to watch it from 4k to 1080p, all the way down to potato mode. If you want to save on your bandwidth, however, this doesn’t automatically happen on an odyssey. Instead, only videos that get above a certain threshold of views or channels that hold over a thousand library credits receive this feature.
Another problem that I see is that creator don’t get the best analytics. For example, all I see on my odyssey account is the weekly number of views and the followers that I have gained nothing about specific videos or even daily views.
Let’S talk about monetization right now. Each view on a video will earn the creator a certain amount of library tokens. However, soon they will be introducing an ad program very similar to youtube’s partner program so that creators should earn even more also, they suggest tipping your favorite creators with library tokens yourself to reward good content. If you’re a viewer of the odyssey, you can earn library tokens yourself for doing certain things like watching a daily video or interacting with the site. In other ways, one of the best parts of their monetization schedule is that they don’t collect any rent like youtube. Does it with its creators or apple, or does it with its iTunes program? Now you might be wondering geez, there’s a library, tokens for doing all kinds of things.
Where is all the money coming from that’s when we get into the tokenomics part of this video library, tokens or library, credits are the main coin used on the library blockchain. During the pre-mine, there were around 400 million library credits, but eventually, there will be around 1 billion tokens according to a release schedule that will stop at around 20 years. 10 percent goes to organizations and charities. 20 percent goes to adoption programs, but these are fancy words for advertising. 10 percent goes to the library inc company, which is in charge of running the blockchain, and the last 60 percent is earned by the library Miners who support the network.
12. Library Credits
Library credits are also the main token of the network so to send your credits to someone else or to buy content, you must use library credits. This means as the demand for the blockchain grows. So should the token price – oh – and I forgot something else – to talk about the consensus model of the library blockchain – is proof of work similar to what bitcoin and Ethereum classic use the block. The size is 2 megabytes and the block time is around 2.5 minutes, like I said earlier, the rewards will stop being given out in around 20 years with a unique distribution model. Another thing I thought was interesting is that the library uses a mix of sha-512 sha-256 and ripemd hash functions in its proof-of-work algorithm, which I thought was interesting since it uses multiple hash functions.
One last thing to note about the library token is that they are in a lawsuit with the sec. If you watched our video about xrp library is under the same accusations that their token is a security and the united states government does not like that. The likely outcome is that they’ll probably just have to pay a fine but, as I said in the xrp video, this says more about the united states government than the token itself.
Thank you guys for reading. We hope you enjoyed this article.