Castbox Uses Blockchain Technology to Incentivize Podcast Creators with Rewards
Castbox has garnered a respected reputation within the audio steaming community. Their simple interface allows fans to connect with and watch the creations of their favorite pod-casters. But now the company is working on an entirely new integration of blockchain technology into their existing platform. Their new infrastructure, coined Box Of Data, would help to institute a system to incentivize content creators to make popular and desirable content.
The project has already gained significant support from some investors on the blockchain market, and the backed work for the eventual integration of the technology onto the main CastBox protocol has already begun. Citing a technical team with strong experience and extensive interest in the market, backers of the project expect both fair returns on their investment and palpable public interest in its creation.
The project already has an extensive history within the tech sector. A former manager at Google pioneered Castbox two years ago, and development has skyrocketed. Millions of users all over the world has generated around $30 million in funds from venture capitalists like SIG China and IDG.
The popularity of early audio streaming services like Napster created the opening for the development of sophisticated audio platforms. Castbox’s work to create a uniquely specialized platform for the podcast market played perfectly with a user-base just beginning to embrace the concept of regularly tuning into podcasts for entertainment.
Founder Renee Wang outlined that her creation was coined in response to the growing prevalence of copyright and piracy concerns in the digital era. The innovator believed that content creators where being attacked on “all sides,” from the pirates taking their work to the major companies carving large chunks out of their revenues.
This newest change to the platform comes in this exact same motivation. Wang feels that many creators struggle to make enough money to get by, as a result of both increasing proclivities to piracy on the market and the strong control exerted by major platforms over pod-casters and their content.
Castbox seeks to integrate this newest cryptocurrency technology in order to strengthen the connection between pod-casters and their fans and incentivize these same content creators to do more and better work.
Incentivizing On The Blockchain
Wang outlined that blockchain technology could help artists by removing the dangerous middlemen causing problems in the status quo. Additionally, the transaction fees typically associated with streaming on major media distribution sites are minimized on the blockchain, where no central authority interferes with the interaction between creator and content consumer.
Furthermore, the distributed ledger technology from the blockchain could be integral for the evaluation and storage of key statistics, for podcast creators as well as advertisers on the new platform.Box Of Data would implement several blockchain solutions poised to maximize the control exerted by the creator of content over the content which they are entitled to rights to.
The system operates off of BOD tokens, which will be listed on several different exchanges by the end of the year.