We are currently working on our own blockchain for DIY Tube Video Community and we would love to hear your input before we finish the programming stages.
We put the community and website first. This means that DIY Tube has a function first and foremost. Two years ago DIY Tube was born and has been up and running ever since. We have been constantly improving the functionality of our video sharing community during this time.
About a year ago we set up our automated payment processor with an internal virtual wallet inside the DIY Tube website. Every 24 hours members have received a reward for video views, comments and thumbs up on both. This is in virtual DIYT Coins, which have been a sort of IOU until our blockchain is done.
We were going to use ERC20 tokens but we prefer to have our own blockchain for stability. Nothing against other blockchains but having your own means you are not relying on the success of someone else.
The reason for DIY Tube Video Community is because I, the founder, am a full time YouTube for 7 years now. About three years ago YT cut pay to everyone from the highest to the lowest. This hurt some families and destroyed others. Since then YT has been reducing pay to channel owners constantly with no transparency at all. Also channels get removed suddenly, often without prior warning. DIY Tube is a great backup for your videos.
Also YT opened up to trolls and harassment, actually giving trolls power over channel owners for a while. A person was allowed to comment on someone's channel and then block them from answering - on their own channel.
DIY Tube Video Community protects content owner's from plagiarism, harassment and spam as well as freedom of speech.
The starting value of DIYT is set at $0.10 in order to offer a competitive payment to DIY Tube members for their work. The value and internal payment processor was based on YouTube payments of three years ago. Since YT has drastically cut pay since then, DIY Tube will be the highest paying video sharing site in the World once our coins hit the exchanges.
The need for a cryptocurrency instead of revenue sharing is due to the complications of paying people around the World. The nightmare of accounting and taxes would be near impossible to overcome in fiat currency. Imagine paying content creators in their various countries and currencies every month. Then sending them tax forms in their own language and legal speak each year. Cryptocurrency removes those walls and allows for ease of payment to content creators World-wide.
Ok, that was the background.
The reason for the background was to tell the community in advance the reason for some of our numbers.
We have to premine a certain number of coins in order to pay existing members of DIY Tube for their earnings of the past years. I am also a miner. I hate premine so I had to fight through this in my mind for a while now.
We are also going to have masternodes. In order to have a masternode you will have to hold 25,000 DIYT. This will raise funds for further development costs of DIY Tube Video Community moving forward. Part of the premine will be to raise coins for the sale of masternodes. DIY Tube has cost tens of thousands of dollars so far and we have some exciting updates planned for the future.
We will have no developer fees so the masternodes will be our only source of funding.
There will be a maximum supply of 249 million DIYT.
We will premine 2 million DIYT to cover the above mentioned needs.
The block reward is 50 DIYT with a 2 minute block.
This will provide us with about a million coins per month.
Now the main point of DIYT Coins is for payment to content creators for video views as well as for writing comments. Therefore a large amount of DIYT Coins mined each day must go into a hot wallet to be used for internal payments. Members can trade their virtual coins out onto the blockchain and buy/sell/trade them at will. The idea is for people who have been hurt by YT to be able to pay their bills again.
Having masternodes, we must have a way to limit the amount of coins rewarded to miners in the first month until enough miners are on board. Otherwise miners can get enough coins to hold a masternode just by mining.
We have come up with the following tentative numbers. We would love to hear your feedback on anything here today.
1st month - miners get 10%, masternodes 20% and DIY Tube hot wallet 70%.
1st year - miners 45%, masternodes 5%, DIY Tube hot wallet 50%.
After four years mining ends and we will move into POS.
Until the blockchain is up and running, these numbers are tentative.
Please let us know your thoughts.
Thank you.
DIY Tube Video Community
https://www.diytube.video
