The highly-anticipated video streaming platform DeStream gained praise from the cryptocommunity this week when they announced plans to implement the Lightning Network protocol into their platform. The DeStream platform creates a decentralized streaming ecosystem that aims to reshape the sector through the use of a blockchain protocol. The integration of the Lighting Network allows users to make instant micro-payments within the platform.
A strategic partnership between DeStream and the popular crypto exchange Bitfury made the project possible. Bitfury took up the task of integrating the second layer protocol into DeStream’s existing platform after recognizing the potential of the blockchain-based streaming market. The crypto exchange announced the news via their Twitter account.
In addition to faster payments, Bitfury plans the integration of smart contract capabilities into the DeStream platform. Smart contracts allow the execution of predefined actions. These protocols initiate when they receive a certain amount of crypto. This feature enables the use of automated payment and distribution functions within the DeStream platform.
For example, a user can upload their content to DeStream and offer a subscription or pay-to-play option alongside their most valuable information. Once a user makes the payment, the smart contract automatically calculates the commissions and distributes the funds. This strategy removes the need for third-party verification. Additionally, it cuts down on the platform’s need for internal accounting procedures, since all of the processes execute automatically.
Another unique feature of the platform is its small commission rate. The commission rate for the platform is only 0.77%. Having a commission under 1% is a massive advantage in the market. For a quick comparison, YouTube, on average, charges $0.10 – $0.30 per view. These costs can add up quickly.
The news is sure to boast DeStream’s ICO which is currently ongoing until the end of the month. What makes this ICO different than most, is the fact that investors get a six-month protection plan on their investment. If the token rate falls or the project flops, DeHedge will reimburse the investors. This added protection gives investors the confidence they need to join the DeStream ICO.
DeStream utilizes the DST utility token within the platform. The DST tokens will release via a fork in the Stratis blockchain. The token will be for sale through exchanges, or through P2P transactions. Developers hope for an increased intra-platform turnover.
There are a total of 6 billion DST tokens slated for issuance. Of these tokens, around half will be put up for sale. The startup placed a hard cap of USD 12 million on their ICO with a target goal of $9 million in raised funds. The funds raised will go towards the platform as such:
- Trips and Promotional Events – 12%
- Development and Support – 17%
- Operational Expenses – 30%
- Marketing – 41%
Bitfury, DeStream, and the Future of Online Video Streaming
These latest developments in the video streaming sector create a unique scenario for content creators and investors. As a result, both parties benefit significantly from the further integration of blockchain technology. Perhaps, shortly, industry leaders, such as YouTube, will share the streaming space. For now, the alliance creates real opportunity for the blockchain video streaming sector.