‘Interview’ — Establishing a shared platform through maximizing decentralization is the goal
Decentralization’ is a keyword often used within the blockchain industry. If corporates, organizations, or certain entities control and manage services, those services are known as a ‘centralized service.’ If a service does not rely on a specific entity but a peer-to-peer connection, we call it a ‘decentralized service’. Decentralization is one of blockchain’s strongest features. However, most blockchain projects cannot materialize decentralization due to technical or realistic limitations. Yet, there is a company from Korea going up against the challenge. Jampick’s CEO Jeong-seok Oh aims to achieve maximum decentralization through blockchain-based video streaming platform Chainflix.
Q. Can you give us a brief introduction about Jampick, inc.?
Founded in 2013, Jampick used to develop mobile games and applications. Since 2018, we stepped into the blockchain industry and develop Chainflix. Currently, we have stopped other service development and dedicating all our resources to Chainflix’s development and service.
Q. Is there any reason to step into blockchain in midst of game development?
The gaming industry has this current market size due to realizing near a maximum number of users. The problem for new games is converting other loyal game users. This conversion process often results in huge marketing costs which mid-size game development companies cannot afford. Most of the times, developers will partner with major publishers to publish their games.
However, if game developers had a native platform with a massive userbase the marketing costs will significantly reduce. We thought that the fastest way to collect users is through a video sharing platform. Yet, starting and succeeding in establishing a new video streaming platform against current platforms is nearly impossible. Thus, our ideation started from creating a blockchain-based platform, where all participants can benefit from.
Q. So how is Chainflix different from other video-streaming services?
Chainflix is a P2P video streaming platform relying on decentralized storages formed by individual users. We have also acquired a patent on ‘Cryptocurrency Mining based on Media Players’. Which naturally makes Chainflix a platform that allows for users to mine our native cryptocurrency (CFX) through watching videos.
Most people know that cryptocurrency mining normally requires expensive hardware to operate 24/7. Chainflix, however allows users to simply mine CFX coins just by watching videos without special plugin or gear. Of course, there are other revenue streams besides mining through advertisements just like normal video streaming platforms. Due to this multi-revenue model, content creators, viewers, and advertisers can all feel satisfied on Chainflix.
Q. Mining through video watching is a fascinating idea. Could you explain more please?
Chainflix is built on our native blockchain platform with a native cryptocurrency CFX with a total supply of 10 billion. Of those 10 billion coins, 40% will be allocated for viewers. This allocation will be mined over 40 years. On Chainflix, blocks are generated every 28.8 second and block rewards are given to Chainflix’s ecosystem participants. We plan to consistently increase the use case of CFX coins. Users can later use CFX to trade in cryptocurrency exchanges, purchase products, donate to creators, or invest into contents.
As CFX is only mined when users watch a video, the creator can decide on the mining distribution prior to uploading the content. On Chainflix, each video has a ‘%’ indicated. This indicator refers to the % of mining distribution given to the viewers. CFX can also be mined through providing storage for the decentralized storage pool. As we have built a platform operated by a P2P decentralized platform, storage providers can also benefit from their contribution to the ecosystem.
Q. How would the rest of CFX coins be used?
2 billion CFX tokens are allocated for token sale which will serve for operational and development costs. Also, like the Ethereum foundation, we are planning to run developer bounty programs which will use another 2 billion CFX tokens. The rest would be used for marketing and for other events.
Q. I have never heard of decentralized storages. How does it work?
The reason behind for blockchain projects not able to achieve decentralization is due to its operational structure. To provide any online service, a host server is a prerequisite. Having a trustless, decentralized platform where users self-establish and operate a service is practically impossible. Thus, we utilize a reward system to have individuals contribute their spare storage for our platform operation. Currently, as Chainflix is in beta state, the company is operating three storage servers of the twenty-one total storage providers we currently have. As we are consistently receiving applications for storage provision, we have an accumulate of over 200 TB of storage space, which will consistently increase
Q. The idea to utilize individual storage space is good, but how does Chainflix maintain service quality? Don’t hardware specifications vary per individual storage provider?
Firstly, we have set a certain prerequisite standard for individual storage providers. Once users meet the requirements, through an evaluation process we allow applicants to join the storage pool. Also, our AI-based storage controller will consider each storage’s hardware specifications and network speed to distribute streaming traffic.
Q. Relying on a decentralized storage pool seems to jeopardize the operational stability that centralized services offer. Are there any benefits of a decentralized storage pool?
The most impactful benefit from using a decentralized storage pool is reducing the operational costs spent on building a native service infrastructure. To operate a video streaming platform, massive storage space and fast bandwidth is required. Such preparation and management will result in astronomical operational costs. However, our novel, decentralized storage system significantly reduces the operational costs. Through this massive cost reduction, Chainflix can create a user-centric ecosystem.
In the long run, our decentralized storage pool will stand as the foundation for achieving complete decentralization. A decentralized reward and operational system allow us to show the world a service model and environment that no one has ever seen. We have already acquired the patent on this model. Recently, we have filed for an additional patent on AI-based decentralized storage system.
Q. What are some strategies and plans to expand Chainflix’s ecosystem?
We are consistently partnering with media companies worldwide. Recently, we are establishing a partnership ecosystem with individual creators and influencers. Also, we are partnering with existing service companies with massive userbase.
Q. There are reports on the increase of video consumption due to COVID-19. Has this new indoor trend impacted Chainflix as well?
At the end of last year, we conducted our close-beta service. Early this year, we finally began open-beta service and the increase of platform users is quite noticeable. These improving statistics may not be as meaningful, as our platform has not gain massive, public popularity. Yet, the impact is there.
Q. How would Korea’s recent bill impact the blockchain industry?
We have some hopes about bringing order to this ambiguous market. The bill will also help established, traditional enterprise to enter this industry. While more regulations will have its pros and cons, the benefit of market growth will be huge. Especially as a mid-sized company developing a major project, we have hopes about easier business expansion and fundraising.
Q. There are still many doubts about blockchain and cryptocurrency industry’s sustainability. What vision do you have about this industry?
Blockchain is applicable in many different industries and aspects of our lives. Recently, the government is planning to develop smart cities utilizing IoT (Internet of Things) and AI (Artificial Intelligence). The problem behind these developments is preventing hacking and malicious actions, which could cause huge societal problems. Blockchain can resolve such issue. Also, blockchain could be implemented in real estate, supply chain management, and much more.
Q. What is Chainflix’s goal in the blockchain industry?
A lot of projects shout for decentralization. However, there are no projects achieving complete decentralization due to limitations in operating a service. Thus, a complete decentralization is difficult to achieve. Yet, a maximized decentralization is possible. Eventually, Chainflix aims for a service completely operated by users. Blockchain’s essence is in its transparency and coexistence of participants. Through Chainflix, we aim to materialize what blockchain stands for. Once the platform becomes completely user-centric, we will naturally step away from management and operation.
Original Text: http://www.cctvnews.co.kr/news/articleView.html?idxno=201507