Creators Abandon YouTube and Facebook for Blockchain-based Platforms

Many users have recently lost access to watching all videos of popular creators because of the tougher censorship policy of YouTube. Simultaneously, given the latest data scandal with Facebook, more and more people seek alternatives, such as blockchain-powered networks.

“The less centralized platforms keep more power—and potentially, privacy—in the hands of creators and users”, says Ned Scott, who runs the Steem-based social network Steemit.

As users failed to watch the newest videos on YouTube, they had to find an alternative source, like DTube, that while looking pretty similar to YouTube, encourages video creators with donations from viewers instead of ad revenue. Besides, there is drastically less strict moderation of potentially offensive materials.

Such platforms, powered by blockchain technology, are open for anything fintech related, while YouTube, Facebook, and even Twitter try to gradually eliminate cryptocurrency advertisements. They don’t want to take responsibility for the ads that can potentially turn out to be scams or digital currencies regulated as securities.  

YouTube’s alternatives and upstart websites are empowered by the blockchain network Steem, that allows users to pay creators and commentators in crypto coins. Steemit has been working for two years and has already gained one million users. Almost 600,000 accounts have been registered on LBRY.

“If such services as DTube and Steemit are successful enough, their bigger problem may be YouTube’s or Facebook’s cash hoard”, says Lance Morginn, CEO of the Blockchain Intelligence Group, which analyzes cryptocurrency transactions.