Cupertino, CA based Lino has raised $20 million to build a blockchain driven YouTube competitor. Many analysts believe that the delivery, tracking, transparency and micro-payments enabled by blockchain offers the perfect platform to build a more open and egalitarian YouTube alternative.
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Lino today announced a $20 million investment led by China’s top seed investor Zhenfund. Other investors include the crypto-currency focused investment vehicles, FBG Capital, DFund, and INBlockchain.
“We’re trying to create a decentralized autonomous video content community,” says Lino chief executive Wilson Wei.” The problems of YouTube and twitch were that those companies are profit driven and in order to maximize that content they have to squeeze more content out of creators and users. We are trying to create a DAO for the content economy, so we can cut out the middle man so we don’t have the conflict of interest between the users and the content creators.”
Lino decentralizes video content by providing five key infrastructure components:
- Free Transactions: Users can use LINO tokens (LINO) to pay content creators.
- Incentivised Currency System: Lino’s incentivised model creates a sustainable digital content economy by incentivizing all community contributions including content creation, content redistribution, and infrastructure services.
- Proof of Human Engagement: Lino prevents bots from manipulating the reward distribution and prevents potential attacks.
- Proof of Content Value: Lino measures the revenue generated from content as its value reflected in the market, taking several measures to prevent the system from being flooded with fraud.
- Auctioning Content Delivery Network (CDN) and Storage: Lino offers a peer-to-peer, auction-based CDN. Lino also stores video and live stream playback in a decentralized manner by using an auction approach to achieve decentralization.