More than 50 million people worldwide consider themselves to be creators of some kind of content. The content creator economy is a rapidly evolving market that is experiencing exponential growth. Its current size is estimated to be a little over $100 billion, representing an 8-fold increase year-on-year. This new economic sector requires new approaches and tools, as large corporate platforms exercise a great deal of power over creators’ content, and individual websites and blogs have limited access.
problem with web 2.0
In the current state of the Internet, known as Web 2.0, content is stored on a special server or computer and accessed via a web address known as a URL, or Uniform Resource Locator, which specifies its location on a computer network and has a mechanism for this. retrieve it. This means that the owner of the computer or the server where the Content is stored has full control over how and if it is accessed and can limit or even remove access to the Content at any time .
Currently, if creators of video content, photographs or blogs want to bring their content to the world, they have no choice but to post it on major social network platforms such as Alphabet’s YouTube, Meta’s Facebook, and Instagram, TikTok, Pinterest, etc. Not there. Tumblr, Snapchat, and so on. While it provides access to a huge audience, this advantage comes with major drawbacks.
That’s because all the content is stored and hosted on the central servers of these Big Tech companies, over which these corporate giants have complete control, and creators must sacrifice a lot of power to keep their content there. At any time and in their sole discretion, these social media giants may dislike any content or deprive creators of the ability to make money from it. The platform has no legal liability to the creators, so the creators have no right to claim damages. All revenue generated from creators’ content is collected and distributed by the network, and the creators do not own what share they will receive. This disparity in terms of power and revenue puts content manufacturers at a significant disadvantage.
Could Web 3.0 be the answer?
The answer to this riddle may be the third iteration of the Internet: Web 3.0
Web 3.0 represents a new stage of development of the Internet, in which working with web content will be organized in a completely different way. It is based on decentralization of content by not only storing data on a central server, but also distributing it among multiple computers or nodes in a P2P (peer-to-peer) network with the help of blockchain technology. In this way, content is no longer held hostage in large corporate data centers, and large corporations and government officials lose the ability to determine how or whether it can be used.
Web 3.0 technically ends the monopoly of Web 2.0 platforms and returns ownership of content to the creators themselves. It will fundamentally change the way creators produce and manage their content while giving them better opportunities to profit from their work.
move into the future
While Web 2.0 platforms have demonstrated their commercial value, their shortcomings are becoming increasingly apparent. Delivering content via Web 3.0-based platforms may be the ideal answer to the problems we currently face when dealing with faceless corporations. This is especially true for creators of video content, whose work may be arbitrarily censored, banned or monetized.
One such solution is a new application called FavreTube, a Web 3.0 media-streaming platform that provides real-time, consumer-grade HD video playback and full lifecycle services for content creation. It connects content creators, consumers and fans in a decentralized platform that is transparent, fair and anti-censorship, where all users benefit.
With FavorTube, content creators create and upload videos and earn revenue when consumers subscribe to their channel or content. Revenue from consumer views of ads on the platform is automatically distributed through smart contracts between creators, the platform, and the audience. Many forms of NFTs (permanent subscription, crowdfunding) can be issued with a single click, and revenue from channels or content is automatically distributed to NTF holders. Access to the content is authorized over P2P networks, which protects the rights and interests of commercial video. The FavorTube community’s randomly assigned DAO (Decentralized Autonomous Organization) auditors monitor content and may ban content deemed inappropriate.
favor tube Uses its own protocol stack, called FavorX, as the decentralized storage and content delivery underlayer. While some projects have already carried out theoretical exploration and technical research and development in this area, FavorTube is the first media-streaming platform that implements full decentralization for file storage, content delivery, data retrieval and purchase transactions. Its out-of-the-box desktop and mobile applications are directly connected to the blockchain at mobile terminals via P2P networks, whose performance increases as the network expands. FavorTube is the first fully decentralized application project that supports the use of directly connected mobile terminals without gateways, without censorship and on a globally accessible streaming platform.
FavorTube takes the underlying concepts of similar Web 2.0 platforms, but abandons the monopolistic practices they use to generate additional profits, thus creating a platform for content creation and revenue distribution using the decentralized financial features of the blockchain. Creates new business model. Its decentralized storage and content delivery capabilities transform the power relationship between content creators, consumers and content display platforms to implement the core idea behind Web 3.0 – that data is owned by users.
It represents a multi-pronged leap from technological foundation to business model over existing Web 2.0 content creation platforms, and provides content creators and consumers with an anti-censorship, high-yield and autonomously growing application platform, Will be the first blockchain application project to harness the commercial value of Web 3.0.
As Web 3.0 evolves, there is no doubt that other projects will emerge and follow in the footsteps of this unprecedented project, as content creators increasingly seek out new platforms where they can do their work freely and fairly. can be displayed and taken advantage of. -Current monitoring of Big Brother corporations.