DIY Tube is planning to set up a custom blockchain to run our video sharing platform. This will allow us to have distributed storage across millions of computers around the World and a reward system to pay for volunteer storage and computing power.
DIY Tube Video Community is already nearly two years old at the time of this writing. We have been rewarding members inside DIY Tube for video views, comments and thumbs up for a year already. These rewards are stored in a virtual wallet inside DIY Tube. For now, the rewards are a sort of IOU until the blockchain is completed. Using a virtual wallet gives us the ability to give out micro payments without any demand on blockchain resources, no transaction fees and no taxable events.
The blockchain will hold all of our videos distributed among volunteer hard drives and will share processing power of video uploads and video views among volunteer computers (miners). This is the actual “mining” which is rewarded with DIY Tube Coins (DIYT).
Once the blockchain is completed, members inside DIY Tube website will be able to trade out their rewards with a simple mouse click. At this time their virtual wallet will be deducted by the amount of coins chosen and their blockchain wallet will be updated to show real coins which can then be traded on coin exchanges. This now generates the first blockchain transaction fees and the first taxable event. The blockchain will hold a working wallet which contains the same number of coins inside the website virtual wallet. This enables members to trade coins in and out with ease and guarantees a 1 to 1 backup of all rewards to DIYT Coins.
The blockchain will store our video titles, descriptions, comments, views and other database information. There will be up to 10 full nodes which we will sell to help raise funding for further development of DIY Tube. These nodes will hold complete copies of our website and database and will confirm all blockchain transactions. In earlier stages these full nodes will also contain full copies of all videos which have been uploaded. This is necessary until more volunteer resources are shared on the blockchain and the videos can be distributed on volunteer hard drives. This will work something like Tor.
Volunteers can download an app into their computer and then choose if they want to share hard drive space, CPU power or a bit of both. Depending on their bandwidth, resources dedicated and how long they remain online, they will be rewarded in DIYT coins for their “mining” efforts.
When a video is uploaded, the processing power is distributed among “miners”. Once the video has been processed it will be broken up into segments and stored on volunteer hard drives. There will be multiple copies of each fragment to ensure that even if many of the volunteer computers “miners” are shut down at any given time, the video can still be pulled up in its entirety.
Rewards are paid out to full node owners, miners and video community members based on their stats inside the website itself.
Once the blockchain integration is completed and DIY Tube Coins are in circulation on coin exchanges, DIY Tube will be the highest paying video sharing website in the World. This is because the DIY Tube payment system was calculated based on YouTube payments from three years ago when they shared 50% of their ad revenue with content creators. In the past years YT has been increasing ads on videos and reducing payments to content creators, badly harming families around the World. DIY Tube is in place to pick up the millions of creators who have been harmed by YT and cheated of their pay.
We are going to break this project into two separate sections.
- Develop a blockchain with a mineable coin. Some coins go to miners and some coins go do DIY Tube content creators for their activities in the website.
- Develop the distributed computing aspect of the blockchain.
First we need to get our blockchain up and running and get coins flowing on the network. Members have been earning virtual DIYT Coins inside the website for over a year now. These members need to be paid out asap. This project needs to be started asap and completed within a month or less.
Once the blockchain is running and stable, we can develop the distributed computing software. This project can be started later and will take some time to complete.