As a writer and frequent contributor, I often see firsthand how important, yet difficult, it can be for digital content creators to make a fair living off of their work. For videomakers, this is even tougher as consolidation has increased and monetization on YouTube has been limited to creators with a minimum number of subscribers. This new action has been described as “painful” and “controversial” by outlets such as The Verge.
Thankfully, there are companies out there trying to change this and give both power and rewards back to content creators. One such platform, BuzzShow, is doing just this by incorporating blockchain technology and a rewards-driven platform.
We had the chance to learn more with BuzzShow’s Founder, Offer Kohen, on how exactly he was inspired to create BuzzShow and the implications the company will have on both the blockchain and media industries.
1. Tell us a little bit about yourself. How did you get started in blockchain?:
I have been an entrepreneur all of my life. I studied film and communications at Tel Aviv University. My first company was a production company called ArtiShock Production, where we were conceptualizing, producing and directing many broadcast advertising for Israeli brands. This expanded into a full suite advertising agency that grew very quickly to a stable size. As I felt the internet was the place for real democracy and possible real change, where anyone could come with fresh ideas and make an impact, I sold my part and launched my first startup, EyeScene. With EyeScene, aimed to be the central place for all video environment, a few years before YouTube was created.
I came across Bitcoin in early 2010 while I was busy implementing a virtual currency mechanism into a video platform. I discussed with my team if it would be the right way to go to integrate the BTC that was in its early stage on our site and replace it with our own virtual currency. We decided to stay with our own currency, something I, of course, regret to date.
2. What was your inspiration behind BuzzShow? How did it all start?
My main inspiration behind this project, is the deep drive to make a change in an environment that promised to deliver a fair and democratic space, but quickly became a centralized space where winners take all. Mainstream platforms such as YouTube and Facebook deliberately give incommensurate rewards (when compared to inputs) and for the most part, do not reward the 3 main pillars (content creators, curators and viewers) who are crucial to their existence in the first place.
I understood years ago, that content is a precious commodity and an extremely accurate commodity as we can measure its value in real time. By placing all content into a big marketplace, we can create a space where all involved parties will benefit from it. This is how I came up with the BuzzShow network idea of a real-time marketplace of video content and the Proof of Contribution mechanism that is reward-based with a full economic cycle.
3. What is your competitive advantage?
BuzzShow Network is not just a concept on white paper; it has a developed platform with an appreciable base of registered users that tested the platform and created the user matrix for us, prior to launching a token sale. Since our platform is alpha-tested already, we can focus on other aspects of the product in order to scale up at a faster pace. This is one of our greatest strengths which will boost our chances of attaining success in the industry.
One of the more unique features of BuzzShow Network is the real-time value marketplace and the Proof of Contribution, which the platform employs to ensure commensurate reward accrues to all users in a full economic cycle. We are trying to create a better experience for online video users, especially on the economic side. The Proof of Contribution is what we are doing differently to ensure this. Looking into the space we are in at the moment, it’s hard to see anyone with a full social media platform in place, and I can’t see any other project that is rewarding the entire food chain, but for the most addressing the creators of the contents only.
Finally, another major advantage we have is a soon to be announced exclusive agreement with one of the biggest content aggregator players in the market. This will give BuzzShow access to big premium and user-generated content (UGC) libraries that will be integrated during the coming year into Buzzshow Network official future releases.
4. What is the biggest problem currently in the market?
At the moment, the online video industry is facing a lot of challenges. However, there are two major ones. The first is a bias regulatory structure by mainstream corporations which limits the creativity of content creators. For instance, the requirement of a certain number of followers or viewing hours to join in monetization could discourage new entrants who are still trying to find their feet. The second biggest problem is the revenue sharing formula which tilts in favor of platform owners. Most content creators don’t receive rewards that are commensurate with their efforts and a majority of them do not get rewarded at all.
5. What does 2018 have in store for you guys?
2018 will be a defining year for us. So far, we have launched our growing community in the various channels such as Twitter and Telegram and the first phase of our TokenSale launch is currently ongoing. Moving forward to the rest of the year, the BuzzShow platform will be launched with new user interfaces which will create a unique experience. Basically, the platform alpha and the open beta launches will take place in 2018. We are also working hard to ensure the release of BuzzShow network on mobile and implement in the platform the full incentivization with the BuzzShow Goldies.
6. Is there anything else you would like to add?
Although the Crypto environment is evolving extremely fast, it is still in its infancy. The growth of the blockchain industry is still a mystery to a significant percentage of the world’s population, and even the ones exposed to it, are mainly only aware of the mainstream cryptocurrencies like Bitcoin and Ethereum at the most. Many do not clearly understand the underlying potentials of this technology and the impacts it can create in our lives.
We have now for the first time in many years, a real opportunity to create a change and truly democratize and decentralize almost every centralized sector affecting and controlling our lives. We can now bring back the responsibility and rewards to the users.
I see the ICO environment as one of the first major areas within the cryptospace, which creates a change. Currently, anyone can hold tokens or coins in the next major projects that will be substantial in the near future and not only the same centralized Venture Capitalists (VCs) and Banks that have the permission to get in with their big money and get the majority of the value and profit as early investors.
I am happy to see that now, people from emerging economies can have a potentially life-changing financial experience and the Crypto environment has the potential to re-define wealth distribution. The next 5-10 years will be amazing to be part of as we are entering a space of real potential revolution by the people for the people.
For further study about the Buzzshow Network project and vision visit: www.tokensale.buzzshow.comOpinions expressed here by Contributors are their own.