The focus of Web 3.0 is on user data ownership. Financial data is, of course, the most valuable. What about other relevant items like movies, songs, poems, articles, games, or live performances? Is there a place for them in the next improved online version?
They should have because they are the ones who are shaping society and its members. In today’s web 2.0 centralized solutions, the financial and ownership aspects are still undervalued.
This is why we have Joystream - a substrate-based protocol to establish a shared content platform. Unlike other video platforms, it will be a DAO (decentralized autonomous organization) run and governed by its users.
Joystream at its core
Joystream is a DAO-controlled decentralized platform for broadcasting and sharing video content. Joystream’s primary purpose is to put a greater emphasis on content providers, creatives, and consumers. With more equitable reward distribution, censorship resistance, and immunity to global entity interference.
In the Joystream, there are a variety of active roles:
- Validators
- Members of the Council
- Providers of Storage
- Curators of content
- Creators of Content
The JOY token
JOY will be Joystream’s native token.
The Joystream Network Token (JOY) will be a vital component of the Joystream platform shortly. It will play a significant role in staking and governance and the payment function.
Payment
JOY tokens will be used to make payments on and off the network.
Staking
To engage on the network and gain incentives, users must stake a certain quantity of JOY tokens. If users misbehave, such funds may be depleted.
Governance
Token holders play a significant role in the DAO via voting.
Allocation of tokens
Tokens will be distributed in this manner when the Joystream system launches. Then, for every block, new tokens will be created.
- Investors + 50% of the team
- 30% Members of the Future Community
- Early Community Members make up 20% of the total
Conclusion
The web 2.0 of today is shattered and damaged. Platforms for creating content serve their owners rather than their users. Users will have a reasonable possibility of monetizing their video content by creating Joystream. They will be able to reap the benefit of staking JOY tokens simultaneously.
The governance management mechanism of Joystream, which will be totally under the control of Joystream DAO, is also crucial from a decentralized standpoint (decentralized autonomous organization). And that is what Web 3.0 is all about!
