Do you know about Odyssey? have you ever heard of decentralized Youtube? Well, YouTube is an American online video sharing and social media platform owned by Google which is the second most visited website, with more than one billion monthly users who collectively watch more than one billion hours of videos each day. In youtube, creators get paid based on how many views their content receives and they can upload whatever they want without getting censored and users are suggested content based on what they’ve already viewed. Every coin has two sides, thus it has some problems including scammy comments, copyright strike issues, and recently the censorship of certain topics on their platform.
Addressing these problems, there’s a decentralized, video-sharing platform known as Odessey that is attempting to solve some of these problems using blockchain technology.
Before switching to Odyssey, one should know what odyssey is, the blockchain behind it, how it works, and how one could earn money for using an alternative to Youtube?
What is Odyssey?
Odyssey is a video-sharing platform that runs on the library decentralized blockchain which allows creators to earn tokens without being censored or controlled by a central authority. Before understanding how odyssey works, it is important to know about the blockchain that powers it. Odyssey is run by the library blockchain which is quite similar to WordPress whose framework allows one to create a website, well the library is like WordPress, and different people can use the framework to run their website. But in this case, this decentralized YouTube uses the library blockchain to create a platform that is very similar to Youtube.
The library is a blockchain that specifically was created to share almost any file type although it’s mostly used for video using technology that is similar to how BitTorrent works basically the content is uploaded to the network and then nodes or computers around the world help share the content and keep it online. Since the blockchain is decentralized. if someone uploads something to the network nobody can take it down and what’s happening behind the scenes is that the data is being sent to cloud servers and the only information on the actual library blockchain is metadata.
How does Odyssey work?
To understand let’s take an example, Suppose the content creator wants to release his/her content for which a president number is needed, then the content that was uploaded is encrypted and sliced into many pieces, these pieces are stored on other computers that are on the network. Then the creator receives a special URL that points to the content and then reserves that location and also submits metadata such as a description or a thumbnail to the content.
Finally, a user opens his/her browser searches the library network, and then decides to watch the content that the creator uploaded. Then the user issues a payment to the creator for the decryption key allowing him/her to watch the film. Creator’s library client connects the pieces around the world and then reassembles them using to decrypt them in pieces.
In reality, the user doesn’t see any of these instead the content streams within a few seconds after purchasing. Now, it should be noted that some content is fairly cheap while some are expensive but it depends on what the creator wants to charge. Along with charging for content, the user can also make it free to view the content and that’s exactly what all the videos on odyssey have done. Remember library is a protocol and blockchain, while Odyssey is just one of the few different platforms that are built using a protocol.
Odessey v/s YouTube
Odyssey is centralized that aggregates and moderates the content on a library blockchain in a way that’s similar to but let’s go over some things that differentiate odyssey from youtube. The benefits of the odyssey are the
Odessey ensures that you don’t see any not safe for work content while you are browsing for work unlike YouTube, Odessey is much much more lacking about removing the content check their guidelines big thing is that they don’t remove your video unless it is terroristic insisting violence abuse or literal torture so we really can’t complain that thing about this decentralized YouTube as a way to organize all the videos in a library blockchain in a way that that doesn’t censor your political views.
Odyssey has its suggestion algorithm which is as not as good as YouTube but will surely improve and don’t have a search engine where you can search for videos, channel. The creators who hold and stake their library tokens on the platform get their videos ranked higher which could help early creators earn early traffic.
Drawbacks of Odyssey
Now this decentralized YouTube doesn’t come without some problems, there are a few problems which includes
- Don’t automatically upscale and downscale all of the content for example if someone uploads a 4k video to YouTube, one can choose to watch it from 4k to 1080p. Down to potato mode if someone wants to save bandwidth, however, but this doesn’t automatically happen on Odyssey. Instead, only videos that get above a certain threshold of views and channels that hold over a thousand library credits receive this feature.
- Another problem is that the creators don’t get the best analytics that is Odyssey account gets the weekly number of views and the followers gained have nothing about the specific video or even daily views.
How one can earn in Odessey?
Presently, each view on a video will earn the creator a certain amount of library tokens. However, soon they will be introducing an ad program very similar to youtube’s partner program so that creators should earn even more. Also, they suggest tipping your favorite creators with library tokens yourself to reward good content. If you’re a viewer of odyssey you can earn library tokens yourself for doing certain things like watching a daily video or interacting in other ways.
One of the best parts of their monetization schedule is that they don’t collect any rent as youtube does with its creators or apple does with its iTunes program. Now you might be wondering there are library tokens for doing all kinds of things then where is all the money coming from, which can easily be answered by tokeconomics which is a part of this video library tokens or library credits, are the main coin-based on library blockchain.
During the pre-time, there were around four million library credits but eventually, there will be around one billion according to a release schedule that will stop at around 20 years. In which 10% goes to organizations and charities, 20% goes to adoption programs but these are fancy words for advertising. 10% goes to the library include which is in the charge of running the blockchain and the last 60% is earned by library miners who support the network library credits are also the main tokens of the network.
So to send your credits to someone else or to buy the content you must use library credits this means as the demand for blockchain grows so should the token price.
After gathering sufficient knowledge about Odessey, it’s time to try the new decentralized, video-sharing platform and decide for yourself which one is Better YouTube or Odessey.
You have consistently misspelled the name of the website and channel throughout this article. It’s spelled “Odysee.”