Lino, a blockchain-based content platform, has just raised $20 Million in funding from investors. The company plans to introduce a decentralized video sharing platform that compensates creators. This would bring it into direct competition with the world’s largest video sharing site, YouTube.
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Blockchain is the same technology behind cryptocurrencies like Bitcoin, which have been all over the news lately. The blockchain is basically a chain of computers around the world, owned by different entities, verifying information in an incorruptible way.
There are many uses for the technology beyond currencies and financial transaction, though. And now Lino hopes to use the tech to power the next generation of video sharing and monetization.
YouTube has come under fire from many creators for it’s constantly changing rules and practices. Lino, based in China, will work on the basis of micro-payments for every stream while cutting out any middleman that would normally take a cut.
According to Digital Music News:
Backers will use LINO tokens to pay artists. To generate tokens, creators will have to generate content and share their work on Lino’s platform.
In addition, users who generate nodes will earn tokens alongside artists. Blockchain technology will also prevent bots from manipulating the platform’s reward distribution system, as well as stop potential attacks.
Artists can also earn money from ads.
The company plans on using the funds to develop the platform and hunt for talent, including K-pop stars and Chinese video sensations.