BitTorrent, a major player in the file-sharing field, based out of San Francisco, has announced the commencement of internal tests of its newly developed BitTorrent Live streaming and social media platform.
BitTorrent Live, or BLive, is a blockchain-based file-sharing and social media platform, which aims to reward the efforts of creative users. The platform will function both as a sharing medium for audio and video files, and as a social media platform used for chatting and connecting with other creative minds. The main horsepower behind the platform will be both TRON and BitTorrent’s protocols.
One of the most significant perks of BLive is that it will allow creators to potentially earn cryptocurrency for their material. According to BitTorrent’s announcement on Medium:
“BLive incorporates a new gifting mechanism where users can tip with BTT and other cryptocurrencies, and broadcasters can earn cryptocurrency while expanding their user base.”
BTT is BitTorrent’s cryptocurrency token, which is available for purchase and exchange as a pair with Bitcoin on Binance.
Streaming, Blockchain, and Content Creators
BLive is a potential disruptor in the live streaming industry, as it relies on blockchain technology, and advertises earning possibilities in cryptocurrency. Until now, there is no other major streaming platform, which relies on the benefits of blockchain, in order to increase the percentage of earnings that goes to the original creator.
According to BitTorrent, BLive will be able to secure at least 30% of profits for original creators, while most major live streaming services can only offer about 10%. This, however, might not actually be the case. According to Investopedia, YouTube, the biggest name in video streaming and sharing, takes only about 45% of advertisement revenue generated by user profiles. Even if BitTorrent is exaggerating the current state of the industry, no other platform is currently offering to reward its contributors with cryptocurrency, and this is a serious incentive.
Not only that, but utilizing blockchain technology and payments in cryptocurrency will make BLive accessible to more users, as there will be no issues with cross-border payments.
In their announcement BitTorrent name several functionalities, which will be exclusive to the BLive platform.
The most prominent of them is the reward system, which is accompanied by exchange-like features such as depositing, withdrawing and gifting cryptocurrency.
Aside from the financial part of the platform, BLive will support an instant messaging service, which will include all capabilities of popular social media channels like audio and video sharing, and live streaming.
Digital Entertainment Ecosystem
The main goal behind BLive, and the fact that it is blockchain based, is to facilitate the development of a digital entertainment ecosystem. The reason why BitTorrent chose blockchain as the foundation for BLive is in the technology’s sustainability.
By featuring cryptocurrency transactions on BLive, BitTorrent will make the platform available to a large pool of users and creators. In turn, they will guarantee the security of both their content and their assets. According to the company, all information pertaining to financial transactions and exchanges will be securely kept on distributed ledgers.
BLive Goes Live
While the platform is still being internally tested, and is not yet available to customers. BitTorrent is planning a three step development process.
Currently, BitLive is at the initial stage of development. Once the company finishes the platform’s performance in internal tests, the second stage will begin. During it, BitTorrent will launch a Beta version, expected to be available to the public by the end of Q3 in 2019.
The last stage will be the official launch of the platform, which will entail a heavy marketing campaign aimed at customers both in the US and overseas. The completion of this stage is set for Q4 of 2019.