Joystream: the video DAO platform
Joystream is a substrate-based protocol that aims to formalize a shared content platform. In comparison to known video platforms, it will be a DAO (decentralized autonomous organization) operated and governed by its users.
Web 3.0 is focused on ownership of user’s data. The most valuable data are of course the financial data. But what about other relevant things, such as movies, songs, poems, articles, games, or performances? Do they have a place in the incoming upgraded version of the web? They should have because they are forming the society and all their members. The financial and ownership part of those is still underestimated in today’s web 2.0 centralized solutions.
What is Joystream?
Joystream is a decentralized platform for streaming and sharing video content governed by DAO. The main goal of Joystream is to focus more on content creators, creatives and also consumers. With fairer reward distribution, censorship resistance and immunity to interventions by global entities.
There are various different active roles in the Joystream:
Validators
They check the validity of new blocks, propose new ones and participate in the consensus process for committing new blocks to the chain in the PoS.
Council Members
Participants in the voting process — they vote for new proposals. Council Members are voted for a limited period.
Storage Providers
Videos, images and other content media are not stored on the blockchain due to the amount of data. Storage and distribution nodes take care of those. The main role is here for Storage Lead, who is voted by Council and takes care of hiring, firing and management of Storage Providers.
Content Curators
Monitoring newly published content, verification of data validity and ownership. In their heart could be elected Content Curator Lead, who then hire other Curators.
Content Creators
Crucial position within the Joystream. Content Creators make and publish new content on the platform and monetize it.
There are some upcoming roles, such as Membership Screener, Membership Curator, Bandwith Provider, Discovery Provider, Live Streaming Provider, Builder and Communication Moderator. We will give you information about those once they will become active.
The JOY token
The native token of Joystream will be the JOY token.
The Joystream Network Token (JOY) is an oncoming fundamental component of the Joystream platform. Besides the payment function, it will have an important role in staking and governance as well.
Payment
JOY tokens will be used for payment on the platform and beyond.
Staking
For earning the rewards, users must stake some amount of JOY tokens to be able to participate on the platform. Those funds may be slashed if users misbehave.
Governance
Voting in DAO is an important role of the token holders.
Tokens allocation
When the Joystream system will start, tokens will be allocated this way. Then other tokens will be minted every block.
- 50% Team + Investors
- 30% Future Community Members
- 20% Early Community Members
Conclusion
Today's web 2.0 is broken and corrupted. Content creating platforms serve their owners and not to its users. By creating Joystream, users will have a fair chance for the monetization of their video content and at the same time, they can use the advantage of staking JOY tokens. And the most important thing from the decentralized point of view is the governance management system of Joystream, which will be fully under the control of Joystream DAO (decentralized autonomous organization). And that is, what matters in Web 3.0!
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