Buzzshow is one of the first video social network sites that adopts blockchain technology to provide a platform that puts the interests of content creators, curators and viewers first. The blockchain uses Goldies as the cryptocurrency that incentivizes creation, sharing and viewing of videos on BuzzShow. Members of the platform not only earn as a content creator, but they also earn when they share videos and when they view videos. This is the first fully developed social video network that allows everyone involved to contribute and earn money on the platform.
The platform intend to us IPFS (InterPlanetary File Sharing) in its future releases to ensure that the content is truly decentralized. This allows files to be stored without relying on a centralized database as most video websites rely on. As a result, it is not susceptible to any DOS attacks or ransomware attacks because the videos will be held in multiple systems. The benefit is that it is faster, more open and safer than the centralized database reliant methods of video streaming. This technology is useful for BuzzShow because it allows the platform to be truly decentralized while saving bandwidth costs considerably. BuzzShow is committed to ensuring that the revenue generated from advertisements and premium subscriptions are equitably distributed between the entire “food chain” including content creators, curators, marketers, and the consumers according to the level of their participation and popularity on the platform. Most other video sharing sites retain around 50 percent of the revenue from advertisements, as in the case of YouTube which uses 55-45 revenue sharing percentage scheme, or keep the entire revenue to themselves as in case of Facebook and Twitter. Under these scheme content creators and curators, are forced to share the remaining smaller part of the revenue, despite doing most of the work. Buzzshow aims to disrupt the industry by giving all parties involved a stake in the revenue generated from content creation.
Users on the platform will earn money when they upload their first video on the platform. This is a very simple way of earning Goldies even before the demand on the site grows. They can also earn with every confirmed referral on the site. Once the user registers based on their referral, they also get some Goldies. Another feature is the ability to create channels and upload a video for free. No paid option offers content creators greater capital opportunities. Everyone starts at the same price, and it is completely free for everyone. This discourages firms from paying for preferential treatment on the platform. They will support their favorite content creators by sending Goldies. These Goldies will not be charged an outrageous transaction fee like Patreon and other donation platforms, but rather a micro-transaction fee that is near zero. This will ensure that creative content creators get the support they need.
Additionally, content creators can sell access to their content allowing them to earn Goldies if their content is of high quality. Users can access this premium content by paying Goldies they earn on the platform. Advertisers will be able to pay content creators and curators directly to ensure that the adverts are placed in videos for the right target audience. This is a more effective strategy than the random advertisement placement without any input from the advertiser.