BitTorrent will soon introduce its own live streaming platform, called BLive. The streaming service will use blockchain and cryptocurrencies to operate.
Offering a range of features, BLive will introduce a gifting mechanism. Users can use BitTorrent’s digital coin BTT and other cryptocurrencies to tip the person broadcasting the stream. Broadcasters will also be encouraged to increase their number of users because an increase in users will mean more crypto earning for the broadcasters.
The streaming service will initially provide the following services: audio and video livestreams, a messaging system to allow multiple users to communicate, and deposit and withdrawal services for cryptocurrencies.
Some of the BLive’s special features include:
- Backed by BitTorrent users, it already has a strong user base consisting of 100 million users;
- Use of cryptocurrency makes it safe to use;
- Cryptocurrency also ensures fast and cheap cross-border payments;
- Blive promises a 7:3 share of profit to the content creators, with 70% going to the platform and 30% to the creators.
BLive platform aims to utilize the new era of superfast internet because of 5G and give a fair proportion of its earnings to content creators, unlike many other streaming services who pay very little to its content creators.
Justin Sun, the owner of TRON (that owns BitTorrent), talked about how the ever expanding technology in telecommunication and social media has led to the promotion of livestreams, but the creators are still at a disadvantage. He said:
“It gives rise to outstanding content creators who have thousands of followers but don’t get their fair share of advertisements and virtual gifts.”
BLive wants to minimize the hassle of payments made across borders. With the use of this platform, users will be able to make transactions across borders without any transaction fees and with enhanced security.
Joining the platform will have advantages for both users and creators. BLive promises to keep everyone happy by introducing a concept of virtual gifts and incentives. By virtual gifts, the community can use the BTT token to buy the gifts or vice versa. As for incentives, the community member will receive BTT tokens for participating in surveys, content creation, event planning, technical maintenance etc.
There is no doubt that the BLive streaming service will have a strong and rippling effect on the existing livestreaming services. Backed by millions of users, the service will provide a whole new decentralized dimension to its users.