BitTube (TUBE)

BitTube is a blockchain project which is decentralized and aims to substitute YouTube. It uses a video platform which is fuel by cryptocurrency, and it is also free.

It attempts to provide the users with a platform which is devoid of censorship and one that is not under the control of a huge organization. BitTube was given birth to give the content creators a big say in a network which they were contributing towards.

Potential

BitTube platform and how the cryptocurrency is incorporated into it, is both BitTube’s biggest strength and its biggest weakness. 

The use case here for TUBE is extremely high, miners are helping to not only fund themselves but pay for content creator’s and viewer’s use of the platform. As more users utilize the platform, the value of BitTube will seemingly increase accordingly.

However, there is another side of this coin, if BitTube’s price doesn’t increase accordingly with users, then the weakness of the cryptocurrency then impacts the payments that content creators and viewers receive. 

Consequently, it would drive users away, plummeting the price even further. This is the fundamental flaw in BitTube’s design, also considering how BTC movements influence altcoins.

Issues

While BitTube can make it harder to find illegal items that have been uploaded to IPFS via BitTube, it is not able to permanently remove this content. 

Especially in recent times, it’s been shown via various lawsuits and raids that global law enforcement extends responsibility upon these platforms beyond their actual capability — but a better comparison point to BitTube would be The Pirate Bay.

The Pirate Bay was merely a means of accessing and uploading content to the BitTorrent protocol, once someone started to seed a song or movie, it was nearly impossible for them to remove the content — due to its P2P network. 

We fear the same would likely be the case for BitTube — regardless of their ability to remove content, they may be forced to shut down

The BitTube application exists completely inside the browser which means users don’t have to download any special application in order to access the content. Users can also access any video from the network using a hash.

There is also an additional option of sending live videos. For this, you need to download the BitTube application which shares the screen live.

This application sends live broadcast directly through the IPFS peer-to-peer network avoiding the requirement for the centralized data center.

Decentralization is one of the major highlights of the BitTube platform. Due to this feature, it is now projected to be the winner of the title “Bitcoin YouTube.” One of the major highlights of the decentralized system of the platform is that all the videos are stored by using a final interplanetary system (IPFS). IPFS is a hypermedia protocol which is also a peer-to-peer system in which there is a replacement for HTML.

It also attempts to decentralize the web. This move is highly beneficial as it is possible to remove the user data from the hands of the storage companies. This also brings back the control of the content to the content creators and the users. With the IPFS in place, there is no centralized server storing the data. All the data is handed over to a decentralized server network which is global in function. Hashing mechanism ensures the safety of the data. Furthermore, the algorithm ensures that there is very less transfer of data and it also ensures that there are no duplicate data.

The BitTube platform is designed to give video content publishers an outlet for their videos that is free from censorship. It also does away with centralized storage, and aims to remove the need for advertising to generate revenue.

Instead, content producers will receive payment simply for producing and uploading videos. Viewers can also receive payment for viewing videos. The payments will be made in the native currency of the BitTube platform, known as the BitTube Coin (TUBE).