Video Sharing Platform PopChest Wants To Be “YouTube On The Blockchain”br>
Valerian Bennett is the founder and CEO of PopChest, a blockchain-based media distribution platform. Bennett is a veteran television producer/editor having worked on hit TV shows for E!, MTV, A&E, and many more. Valerian is a Silicon Valley native and graduated from the University of Southern California film school.
PopChest’s POP Network allows content creators to get paid directly, in real-time, for every video view. It aims to address issues surrounding time spent watching ads, money spent on subscriptions, and independent content creators in need of better distribution
PopChest gives content creators the tools to monetize their audience in a way that is truly disruptive, cut out layers of middlemen, and build a revenue stream that was previously impossible to tap.
BLOCK TRIBUNE: How can blockchain alter online video distribution and consumption?
VALERIAN BENNETT: There are a number of issues in the current online video distribution ecosystem that could benefit from blockchain technology. First, content creators are not getting rewarded fairly for their work. Blockchain-based smart contracts enable peer-to-peer micropayments, thereby forming the foundation for a new ecosystem that is driven by the creators and eliminates the need for advertisers entirely. There are also rampant issues of attribution. When a video is shared, edited, and disseminated across the web, often the origin of the video is lost and the creator receives no credit, let alone compensation, for their work. Using blockchain technology, ownership can be recorded, tracked, and verified.
BLOCK TRIBUNE: Can blockchain technology challenge online video content giant Youtube?
VALERIAN BENNETT: Yes. YouTube is powered by dollars generated from advertisers. This means that viewers are interrupted by unwanted ads while content creators are more beholden to YouTube and the brands backing the platform than to their own fanbase. POP Network is developing a new platform that aims to be better for creators and viewers (just not advertisers).
BLOCK TRIBUNE: YouTube restricts a lot of content that it deems offensive. Do you make any decisions on what you will support?
VALERIAN BENNETT: POP Network will be completely decentralized and run by the community. The content that is enjoyed most by viewers will earn the most rewards and rise in prominence. POPChest is a curated content platform that will exist on the POP Network. Because we own and run POPChest, our team will have a say in which type of content is featured.
BLOCK TRIBUNE: What in your opinion are the biggest challenges that the online video distribution industry is facing currently?
VALERIAN BENNETT: The entire business model for online content distribution and consumption is backward. Right now the power is held by advertisers instead of creators and viewers. We aim to flip that imbalance on its head by providing the platform for creators to distribute and earn rewards for their content and fans to pay only for what they watch without enduring constant interruptions (and unwanted influence) from advertisers.
BLOCK TRIBUNE: How does the POP Network differentiate itself from its competitors?
VALERIAN BENNETT: POP Network sees competitors as validation that decentralized video is in demand. Some of the other blockchain-based media projects may share goals with POP Network, but the mechanisms are entirely different; it’s like comparing Jeep to Tesla. In comparison to other projects, POP Network operates completely outside of the advertisement model, does not use chrome extensions, and will be completely decentralized. Additionally, unlike many blockchain projects, the POP token will be fully functional on the platform upon the launch of the token sale in June.
BLOCK TRIBUNE: How will the tokens be used within the POP Network?
VALERIAN BENNETT: POP Tokens will, first and foremost, be used to watch content. They will also be distributed as rewards to those who contribute to the network by curating content or hosting videos.
BLOCK TRIBUNE: How much are you planning to raise? What is the minimum sum for the project’s implementation?
VALERIAN BENNETT: We’ve taken a much different approach than most token offerings. After the sale is concluded and all audits are complete, the token will be distributed and immediately usable as a method of micropayments on the network. Our team has already done the hard work of building the core and we think, moving forward, token projects need to be more than a WordPress site and a whitepaper. The max cap for the raise is $40M. This will be used to expand development and build out the network.
BLOCK TRIBUNE: What will the POP Network look like 5 years from now?
VALERIAN BENNETT: It’s important to note that PopChest.com is simply the first video distribution site built atop POP Network. Hopefully by then there will be hundreds if not thousands of independent entities creating their own video networks using the underlying open-source project that POP Network will ultimately become.
BLOCK TRIBUNE: Anything else you would like our readers to know about the POP Network?
VALERIAN BENNETT: I think many, if not most, people are frustrated with the state of online video. Viewers are tired of ads and the junk that comes with them. Creators are even more frustrated dealing with declining revenue and lack of creative freedom. Hopefully, POP Network can be the place where both sides meet and create something entirely free of restraints placed by centralized middlemen. Together we can build something new. We can build a movement!
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