The many ways cryptocurrency and Web3 have benefited industries are sometimes underrepresented. Businesses, entrepreneurs, investors and individuals are reaping the rewards of recent advancements in the Web3 space and, not to be outdone, the video and streaming industry is already beginning to reap the benefits of its continued integration. with Web3.
With the introduction of a Watch-to-Earn (W2E) concept, Web3 aims to revolutionize the video space from a profit-driven industry for businesses to a more inclusive industry. Web3 is creating a system of balance by updating a system where only creators and big platforms win – excluding viewers – to a more inclusive system where viewers are rewarded for watching their favorite creators on video platforms such as YouTube.
How Web3 Creates a Beneficial Ecosystem with Hosting and Video Streaming
It is here that we are witnessing the incorporation of the blockchain into a estimated at $80.83 billion video streaming industry. The coalition of these powerful forces will create fertile ground for the growth of a technology-driven video streaming ecosystem, where equal opportunity for every user to become a team player exists, including viewers.
Also, the introduction of Web3 in video industries such as YouTube will positively revamp some core operational policies and standards. The following benefits will accompany the introduction of Web3 to the video industry:
Decentralization: transactions are made on a decentralized network thanks to blockchain technology which is a feature of Web3.
Autonomy: The platforms will be free from government and corporate control because transactions will be carried out on a decentralized network where each individual involved will have control of their assets.
Abolition of the sale of data to third parties: with the introduction of Web3 in video streaming, there will be no need for third parties since it is a decentralized network. Thus, user data will be safe from infiltration or sale risks.
Freedom of speech: content creators and viewers will express their opinions without being threatened since each user has equal rights.
Absence of arbitrary censorship: The shift to unnecessary content censorship will be curbed with the incorporation of Web3 into the video industry, as no single entity or individual holds centralized power.
W2E: XCAD seeks to reward creators and viewers on YouTube
The intersection of Web3 and video streaming will be made possible through W2E technologies such as XCAD, which gives users the opportunity to earn passive income through an activity that most Internet users do on a daily basis. XCAD’s browser plugin works on YouTube to reward users with cryptocurrency when they use the platform.
XCAD allows creators to create and distribute custom crypto and NFT tokens to their fan base which can sell on trading platforms. Viewers will also earn cryptocurrency tokens to stream videos on YouTube from their favorite content creators.
Basically, as with the XCAD Network, these Web3 technologies can work hand-in-hand with existing platforms such as YouTube and Twitch, providing their own functionality without disrupting or competing with the existing platform.
The system created by Web3 for video platforms will greatly impact outdated methods and breathe new life into the video industry. Building a community where creators and viewers can passively earn cryptocurrency from daily activity, without going through confusing procedures, is a game-changer for video content platforms. With the advent of Web3, video hosting and streaming can be fair and decentralized; a winning concept on all fronts.