Integration of DIY Tube Coins with DIY Tube Video community is entering its final stages. The DIY Tube Coin wallet is working on the community pages now. And the promoted videos are working as well.
Now, when you log into your account, you will notice something new on the top menu bar. You will see “My Wallet” and some numbers. This is your online DIY Tube Coin wallet. This is an internal wallet where all your coin earnings will be stored for later use or sale outside DIY Tube Community. More on the internal wallet later in this article.
DIYT Coins can now be used to promote your videos on DIY Tube Video site. When you log in and go to “my videos” you can now select a video to promote. A pop up window will appear and allow you to pick a date, time and price limit. There is a promotion start and end time and date. And the total price in DIY Tube Coins that you are willing to pay to promote your video. The price per hour is also shown here.
The highest bidder for video promotion will show up first on the homepage under the promoted videos list. This is followed by the next highest bidder and so on to the last. There will be a page where you can see all the promoted videos if you are interested.
Soon there will also be a promoted channel page as well where you can choose to get your channel in front of more people for a period.
The very top video on the homepage where we display our welcome and intro videos will be a selective advertising slot. These will be a sort of promoted video space for the top payers. There will be a very limited number of spaces here and the price will be at a premium. The idea here is to allow advertisers to come in to DIY Tube Video Community pages and create their own channel. Advertisers can then upload their own advertisements and select them for the premium slots. Advertisers can then purchase DIY Tube Coins to pay for their ad time. This will further increase the value of DIY Tube coins for all community members.
Advertisers, having their own channel, will also be earning DIYT Coins for all interaction on their channels and video views. This will give them DIYT Coins which they can then reinvest into the system.
Anyone with a channel and willing to pay the premium price can get their video into the top advertising video space.
For now, there will be no in steam ads playing on videos. The only advertising space at this time will be the promoted videos, channels and premium ad space on the top of the homepage. We reserve the right to change this at a later date but currently no in stream ads are planned.
The internal wallet is a very cool feature. The DIY Tube Coins used in the community pages are a sort of virtual coin based on a virtual coin so to say. Real DIY Tube Coins were minted and are hosted on the Ethereum network. The actual DIY Tube Coins are fully Ethereum wallet compatible. These coins can be bought and sold for Ethereum or fiat currency in the real world.
Inside DIY Tube Video Community is a virtual wallet containing virtual DIYT coins. There will be a central wallet for the community with a certain amount of virtual DIYT Coins to be used, traded or shared with one another. Outside, on the Ethereum blockchain, there will be an equal amount of DIY Tube Coins in a wallet. This is like the US Dollar being backed by gold.
The processing and handling of the virtual coins inside the community will be fully automated by software in order to prevent abuse and to gain trust from the community. Once the initial coins are set up, there will be no more interaction with the coins from outside sources. The same will go for the coins in the Ethereum wallet which are set to back the value of the virtual coins in the community pages.
Inside the community you will be able to spend the coins on perks like promoting your channel or video. You will be able to donate coins to someone you appreciate or for a really awesome video. You can give someone some coins for a shout out. Or you may choose to pay someone to do a video promotion for your channel, product or service.
This will open up an entire commerce system inside the DIY Tube Community. The possibilities are endless here.
When the payment processor is fully functioning, we will be celebrating because at this time everyone will be getting paid in DIYT Coins on a daily basis for activities on the site. You will be able to see the results of each day’s activities in your wallet the next day in the form of DIY Tube Coins.
There will be software in place to prevent abuse of the system such as up or down voting abuse and making a bunch of channels in order to cheat the system and get more DIYT Coins.
To further prevent abuse, there will be limits placed on how many coins can be given or traded at any given time between members. Again, this is necessary to prevent cheating of the system.
At some point in time everyone will likely want to cash out on some of their DIY Tube Coin earnings. This will be made possible through an online market on the DIY Tube Video site. Here you will be able to purchase virtual DIYT Coins for use on the community pages. And you will also be able to sell your virtual DIYT Coins for real Ethereum based DIYT Coins on the Ethereum blockchain.
There will be a limit to how many virtual DIYT Coins you can trade each day for real DIYT Coins. This will be necessary in order to prevent a total sell off of all coins in case the real DIYT Coin suddenly goes way up in value. If this were to happen and a total sell off would occur then the entire system would collapse and the coin would have no value. This would also leave the community void and empty of coins, therefore bringing the entire system to a grinding halt.
Computer software will be in place to prevent cheating of the system by creating a bunch of channels in order to defeat the daily limit.
Thumbs up and down will be limited on a daily basis as well. Since thumbs up will have real value, there will be a limit to the daily amount of thumbs up a person can give out in a day. And since thumbs down reduces the pay of another person, this will be restricted as well. We do not want to fully remove thumbs down because there are going to be some videos out there that you honestly do not like. We want you to be able to present your opinion in the form of a thumbs down. But we do not want people to gang up on others in order to cause harm.
Thumbs up can be abused when a person creates a bunch of channels in order to give themselves pay. This will be prevented by software which will search for patterns and remove them. This will be further reduced by limiting the number of thumbs up a person can have in a day.
The community members will also have a say in what should be allowed or not. Spam, abuse of any sort, plagiarism, harassment and the like can be reported by community members. Members who turn in confirmed reports will be rewarded in DIYT Coins.
As time goes on we will be adding more features to the DIY Tube Community pages.
One more advantage of a virtual coin inside the DIY Tube Video Community that was not yet mentioned is that, until the virtual coin is traded for a real DIYT Coin, there is no “real” world value and therefore no tax reporting necessary. Consider the internal DIY Tube Video Community to be something like a video game. Inside game play you can do what you want with the virtual items in the game. It is not until you bring those items out into the real world in the form of some sort of currency that you must consider it to have value.
The DIY Tube Video Community will do its best to comply with the ever changing tax laws as they are formed so this may change at some future date.