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VidCon 2018: Why Blockchain May Be The Answer To Creator Woes

After an exciting week at VidCon, the annual online video conference that draws tens of thousands of attendees each year, the Contentos team is back to work with new insights on the obstacles content creators face, as well as solutions to meet their needs. When we spoke to creators at the conference, we noticed that creators both big and small shared many of the same concerns, namely a lack of transparency and uncertainty when it came to monetization models across multi-channel networks (MCNs) and the impermanence of content ownership.

This comes as no surprise as major platforms continue to tighten monetization guidelines and retain control over the way content is classified and distributed, leaving independent creators disgruntled as they struggle to monetize their work. While platforms like YouTube are now introducing alternative monetization schemes for creators, such as integrated merchandise stores and premium subscription models, what creators most desire is “clarity and consistency,” according to Anthony D’Angelo, the executive director of the Internet Creators Guild in an interview with The Verge.

Our co-founder, Mick Tsai, addressed these core issues and more at an industry panel during VidCon, “How Blockchain, BitCoin, and Tokens Will Change the Face of Media.” He was joined by other industry experts including Marie Leaf, Head of Product at Kadena, Ashley MacKenzie, CEO of Fenestra, Jake Branzburg, Head of Marketing at YouNow, and Jeff MacDonald, Design Lead at Epic Signal.

Mick Tsai, co-founder of Contentos, addressed at an industry panel during VidCon.

Mick explained how blockchain technology can provide transparency and security that can significantly improve the relationship between creators, advertisers and fans.

“Many creators feel disenfranchised in this current climate, which is the reason we’re now introducing Contentos, a next-generation content blockchain that can fundamentally redefine content creation and content value,” announced Mick. “A public chain project can accommodate many different types of content, such as live streaming and on-demand videos, photos, and more. It’s a new world built on top of smart contracts, self-automated mechanisms and a token economy that can significantly change the way content creators produce, distribute and monetize content while also returning the value and ownership back to creators and those who makes positive contributions to the community.”

“Giving creators more control over their content and letting them actually own that content outside of a single platform will be the next big movement,” continued Mick. “While Facebook or YouTube won’t be replaced anytime soon because they are still very dominant and have done a great job at amassing users, creators should be allowed to move their content from one platform to another with ease. They should also be able to control the source of their audience and the distribution of content. It would be a whole new system, along with all the other decentralized content blockchain projects, but it gives creators the power of choice.”

Mick also talked about how a token-based economy might help content creators.

“I think the token itself represents proof of contribution. We’ve already started issuing our own token, COS, in a short video app called Cheez to test actual social media integration with blockchain technology. Currently, users that contribute to the app by watching and upvoting videos are rewarded with COS tokens, and those tokens can unlock certain privileges within the app,” said Mick. “Some people may wonder how this differs from a centralized in-app currency system or point-based loyalty program. The main difference is that we use a transparent token that has a fixed quantity issued and holds the same value across all supported platforms. It’s like we’ve already written a contract and published it, so that anyone who holds the token has the value of it forever. That builds trust among the users inside the ecosystem and classifies it as a utility.”

Mick Tsai, co-founder of Contentos, attended an industry panel during VidCon.

Mick wrapped up the panel with a prediction about what the future of blockchain technology holds.

“There’s been a lot of hype over the past year about blockchain and cryptocurrencies, but we need to take a step back. There are currently around 50 million crypto users, which may sound like a lot but it’s really a minuscule fraction of the world’s total population. In the next two to three years we will see blockchain integrated into a lot of products and become much more practical for the average person. More users will begin to understand blockchain’s unique value propositions and start using this new technology on a daily basis, accelerating mass adoption across all industries, not only within the digital content space.”

To learn more about Contentos, visit us at www.contentos.io, join our Telegram channel and follow us on Twitter.

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Contentos is a universal decentralized content ecosystem recently invested by Binance Labs, the blockchain incubator of world’s largest exchange. It aims to create a decentralized content ecosystem, where assets can be freely produced, authenticated, and distributed.

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Revolutionary blockchain-based global content ecosystem where the rights and value will be returned to users. https://www.contentos.io/

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