Plagued with demonetization, data privacy breaches, and all kinds of fraudulent activity, content creators and consumers have had a tough time enjoying the internet in the past year. In a September 8 report, CNBC explored the new generation of startups that have emerged looking to tackle these issues with blockchain.
New Startups Targeting Both Consumers and Content Providers
With free and convenient content being two of the main reasons people turn to internet platforms, recent data privacy breaches and series of fraudulent activities have had a negative impact on the way people spend their time on the Internet.
However, the problems have not gone unnoticed, and a growing number of companies are creating business models that use blockchain technology and cryptocurrency to address those issues.
According to the report, the increase in the number of companies joining the movement has been spurred by Europe’s General Data Protection Regulation, as well as issues like Facebook’s Cambridge Analytica data scandal.
While some of these startups have entered the crypto space in light of recent data privacy controls scandals, others are looking to help users bypass government imposed restricted internet access.
Blockchain Revolutionizing Music
Current Media, a Chicago-based blockchain-enabled streaming ecosystem that lets you choose how to stream and pay for your media, is one of those startups.
Dan Novaes, the company’s co-founder, and CEO told CNBC that the company decided to enter the crypto space in light of recent data privacy breaches and change the way people consume music.
Current partners directly with content creators, as well as different streaming platforms such as Apple Music and Spotify, to ensure that both creators and users are rewarded for viewing and producing content. To implement fair rewards to its users, the company has created its own digital currency, the CRNC token.
Novaes also added that YouTube could take a page out of Current’s book and consider a similar payment system.
Blockchain Rooting out Fake News
Verasity, a content-sharing platform based in London, is also looking to pay both viewers and creators for content. Adam Simmons, the co-founder of Verasity, said his company originally developed the blockchain platform to weed out bogus news content.
The platform is powered by VERA Tokens, which can be purchased with both bitcoin and ethereum. Customers then use the tokens to pay their favorite creator to produce material, and in return, viewers get paid for investing as the channel gets more views. Viewers also get paid by advertisers to view advertisements, rather than having advertisers pay creators to attach ads to content.
Adam Simmons, the co-founder of Verasity, told that this has a “positive effect on the way the viewer engages” with the content and that the platform enables users to choose how much of personal data they want to share.
Blockchain Bypassing the Web
Better and safer connections seem to be the prevailing problem most of the new crypto startups are looking to solve.
This also applies to RightMesh, a Swiss company that wants to tackle internet restrictions by using blockchain to enable peer-to-peer connections. By connecting users with one another, the company can bypass the web altogether, making it extremely useful in countries where most of the internet is unreachable.
RightMesh CEO John Lyotier said that the idea for RightMesh came about when his team in Bangladesh was using dial-up speed internet. Lyotier’s company developed a decentralized mobile mesh networking platform, providing people access to the internet through Android devices.
“Blockchain is going to change the world if you have connectivity,” Lyotier said. “Without blockchain technology and communication, cryptocurrency wouldn’t reach its potential.”
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