“People have to be encouraged to create videos to contribute to the community. And this can be done if they are rewarded accordingly. There should be a fair incentive mechanics that will encourage you to make more video contribution for the community.”

Move over YouTube, imTube is set to challenge its dominance in the video-sharing platform.

Beijing-based Edan Lou, founder and CEO of imTube said that what sets his short video-sharing platform is it would be rolled out on the blockchain, meaning it encourages peer-to-peer transactions giving all parties the advantage of eliminating middlemen.

“With imTube, we designed a new system for the content creators, the users, and even the advertiser,” Lou told the Daily Tribune in an interview at the sidelines of the recent Global Blockchain Summit held in Pasay City. “In our system, there is no center, no platform but we do the transaction peer-to-peer. It means that if you are a content creator and I’m the user, I can buy your song or video with a token. I can pay you directly because there is no platform and no intermediaries. That’s the call of imTube.”

He explained that imTube is an incentive-driven international short-video social media ecosystem that innovatively utilizes emergent blockchain technology. It offers an open community, highly marketable pricing and mechanisms for providing creative freedom and quality assurance to content creators, content consumers and advertisers.

Blockchain should reward people who deserve more

Lou explained that blockchain, as a decentralized platform that rewards people for adding value to just about anything, should reward people who deserve the reward the most.

He cited the social media platform that is very centralized that all the contents and the monetary rewards generated from the posts are controlled by a centralized authority – the owners of the social media.

He stated, “The social media is all highly centralized, with the big companies making all the rules. They have a complete say or word for the distribution of the revenues. The distribution of the revenues lacks transparency and they don’t have a unified standard too.

There is no standard for the distribution of revenues for the content creators.”

Lou was referring to popular video-sharing sites, like Facebook and Instagram where content creators are given a very minimal share of the revenues generated by their posts that go viral.

He explained that most of the times, people create short videos and post them on these social media sites just for fun or to contribute content. However, there should be more reason for content creators to create videos. Providing them with a reasonable reward should be a compelling reason for people to create more videos, he said.

“People have to be encouraged to create videos to contribute to the community. And this can be done if they are rewarded accordingly. There should be a fair incentive mechanics that will encourage you to make more video contribution for the community,” he added.

Adding blockchain into the video-sharing platforms can solve that, he said. He explained that using blockchain technology to create an open content community ecosystem would ensure the originality and free circulation of content. The roles of content creators, content consumers, and advertisers become much more flexible, he added.

“All three can freely exchange their roles; anyone can be a content creator, content consumer and/or advertiser,” he said.