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BitTorrent, a peer-to-peer file sharing service owned by TRON, is going to start internal testing of its blockchain-based live streaming application.
Earlier in March, BitTorrent announced its plans to incorporate blockchain technology into BitTorrent Live (or BLive) – a new live streaming app which will allow consumers to create live content and connect on mobile devices to people who share common interests.
In its latest announcement, BitTorrent said that the blockchain-based platform aims to make reward distribution fairer for content creators, bring in more revenue for those in the internet industry, and to overcome the challenge of cross-border payments.
BLive has a cryptocurrency-based economic model which essentially combines the livestream industry with the token economy. Its gifting mechanism allows users to tip with BTT and other cryptocurrencies, and broadcasters can earn cryptocurrency while expanding their user base.
Other features include audio/video livestreams, a real-time instant messaging system that lets multiple users communicate and collaborate, and deposit/withdrawal services of BTT and other cryptocurrencies.
In addition, BLive will enable users to deposit and withdrawal their assets anywhere in the world with zero transaction fees, instant delivery, and enhanced security and convenience, BitTorrent said. It will also provide a safe and convenient cross-border payment channel to overcome the payment challenges in underdeveloped regions.
“All transaction history will be recorded in distributed ledgers and open to all participants so as to ensure openness and fairness. The system will also provide a user-friendly interface for users to look up their records,” BitTorrent said.
In contrast to the industry norm of 9:1 profit sharing ratio, BLive has a profit-sharing ratio of 7:3, which it believes would incentivize more people to enter the live broadcasting space.
“With the continuous growth of telecommunication technology and social media, livestreams have gained a tremendous edge and have become the dark horse of online communication,” said Justin Sun, founder of TRON and CEO of BitTorrent. “It gives rise to outstanding content creators who have thousands of followers but don’t get their fair share of advertisements and virtual gifts.”
The first official commercial version of BLive is expected to be rolled out by the end of Q1 2020. It will follow the Alpha or internal testing phase, which is expected to be completed by Q3, 2019, and a Beta phase involving public testing in the entire network.
