JBoxCoin
JBOX is an ambitious blockchain startup based out of San Francisco, a tech hub of the US, and Nigeria, a country that has seen major developments in the cryptocurrency space during 2017 – including a new local exchange and a Bitcoin-only eCommerce platform.
The central idea behind JBOX is to create a new incentive model around video streaming. The first phase of the project will involve the launch of Android and iOS apps in 2018, enabling users to sign up and earn JBOX’s crypto tokens (called Jboxcoin) for watching and uploading videos on their platform.
The token itself is implemented as an Ethereum Smart Contract, and will be mined in the background as videos are watched and uploaded – these are the Proof of Watch and Proof of Upload mechanisms that are central to JBOX’s design.
In later phases, JBOX plans to launch a video streaming platform (by 2018), a linked ATM card product (in 2019), followed by a hardware decoder (scheduled for 2020) that’s designed to operate much like an internet-connected set-top box. This will allow users to watch videos on the JBOX service while continuing to earn Jboxcoin.
JBOX will be opened up to advertisers, who have the benefit of an incentivized audience thanks to JBOX’s Proof of Watch system. Users are rewarded 1 Jcent for every 20 seconds of video viewing time, including time spwent watching advertisements.
Content creators will be able to earn Jboxcoin by uploading their videos to the platform, which will enable them to earn tokens for unique watches on their content. To curb spam, video uploads only become available after a coin threshold is reached.
The truly ambitious part, though, is how JBOX intends on growing their userbase. Nigeria is currently the leader on the African content in terms of mobile subscribers (150 million+) and internet penetration (97.2 million+), but the cost of mobile data is often prohibitive, forcing users to browse sparsely, and use data-saving applications when they do.
JBOX intends to revolutionize this market by letting users pay for mobile data with Jboxcoin. This would create the most attractive incentive to end-users – the ability to browse mobile services essentially for free, paid for by streaming entertainment video.
Social Impact
The potential impact of this JBOX venture should not be understated. Quality internet access is a proven driver of economic growth, and the provision of high-quality internet services in Africa and rest of the world would spur widespread social and economic change.
In addition, JBOX plans to make the coin tradeable across popular cryptocurrency exchange platforms, and anticipates the value of a single Jboxcoin (currently valued around $0.20) reaching $1000 over the next few years.
The cryptocurrency market is poised for explosive growth over the next few years, with estimates on the global market cap running as high as $2 trillion. Participants in the JBOX ecosystem – creators, advertisers and consumers – stand to benefit from this wealth creation, which is a goal explicitly called out in the whitepaper.
Overall, JBOX seeks to use cryptocurrency to achieve noble social development goals – internet access, wealth creation, and an improved quality of life for African citizens and the world.
The JBOX ICO
After the ICO closes, the mobile apps are scheduled for delivery by summer 2018, with the hardware decoder entering testing in 2019.
Timeline from JBOX whitepaper
For more information, refer to the main JBOX website at: https://jboxcoin.org
FAQ ABOUT JBOX
Ans: From a Video Uploader and Publisher standpoint, you will start by creating JBOX Account. Those accounts can be activated with either the uploader’s social media account or a with private, securely-generated private key.
Into that account the JBOX video uploaders (uploaders only) will need to further confirm and activate their JBOX account by depositing $5.00 worth of JBOX tokens into their JBOX account wallet.
Once you log onto our JBOX platform you will see videos organized by category. For example there will the broad categories of Sports, Education, Music, News, Fashion, Beauty, Automotive, Authors, Food, Drinks and Beverages, Entertainment, Documentaries, Comedy.
There also will be preset subcategories in each of those broad categories.
However if a video uploader doesn’t see the the proper sub-category for their video, they will be empowered to create and name the correct and appropriate subcategory to classify their video.
From there will be a simple blockchainUpload interface to securely upload your video from your mobile device, computer or tablet.
When our Viewers come to our site and want to earn JCoin, they also start by following the same process as a video uploader -- simply create a JBOX account using either their social media account or by requesting a private, securely-generated private key to activate their account.
They do not need to deposit anything into their wallet to start earning JCoin.
Viewers simply select videos from the categories that most interest them and begin watching. Their JBOX JCents will start to accrue automatically. Each 20 second video earns one (1) JCent.
Similarly a 60-second video is three (3) JCents. To earn one (1) JBOX token, a viewer will watch the equivalent of one hour of unique videos, meaning that the viewer cannot earn JCents by watching the same video content over and over. The JBOX viewer must watch different videos in order to accrue JCents.
2) YouTube restricts a lot of content that it deems offensive. What are your guidelines?
Ans: We will restrict content that is pirated or not unique; we are very concerned about piracy.
We at JBOX are dedicated to creating a platform for unique video content; we will only reward users for uploading and for watching unique video content. Our platform has innovative software that can proactively assess video content and determine whether it is unique or not. We call our software algorithm Dragon Bot.
We are also very concerned about privacy and offensive content; our Dragon Bot algorithm will proactively identify and remove explicit content. However, if and when our users alert us to offensive content, we will investigate immediately and if it is offensive we will take down.
3) Similarly, YouTube takes down a lot of video over copyright issues. How will you manage that?
Our software algorithm Dragon Bot can proactively identify offensive content - like content of an explicit sexual nature - and flag it for us so that it never gets posted.
4) Are there any plans to incentivize your most popular talent with additional benefits?
Every JBOX user is incentivized for watching and for uploading videos.
If a person uploads a video that becomes very popular - let’s say 25 million views worldwide - they will earn more JCents than a person whose videos attract 500 viewers.
Our goal for the first year after JBOX officially launches is to attract a user base of 1 million JBOX users worldwide.
We believe that 1 million users will signify to consumer brands that our platform is a viable platform for their advertising content.
5) What will you use the ICO proceeds to do?
We will finalizing and testing both our JBOX mobile app and the JBOX Decoder. The JBOX app for mobile devices and web will permit users to upload and view videos from their mobile device or their computer; the JBOX Decoder will permit JBOX users to upload and view content from their TV.
6) If someone is diligent and watches a lot of video, can they make a decent amount of money via your platform?
Our mission and vision at JBOX is to empower people all over the world to enjoy the experience of watching unique videos every day that inspire, inform and entertain them and to simultaneously earn money for doing so.
JBOX is the first platform in history that empowers its users to earn money for watching videos.
7) Any plans to syndicate or otherwise exploit the video content outside of your system? Or will it all be native?
No, that is not our mission nor vision. Our vision and mission at JBOX is to create a worldwide user base of loyal happy JBOX users.
8) One of the complaints about YouTube from the publisher perspective is they are quick to take down things and slow to provide feedback on the why of that. How do you plan to address that?
We plan to address videos on a case by case basis. Whenever a video is being taken down, the uploader of the video will receive an automatic rapid message stating that their video content has violated the JBOX standards in some way.
The uploader will then have the opportunity for redress by requesting that our JBOX team re-review their video content.
9) Is there a policy on sexual content?
Our policy is that we do not permit explicit sexual content in JBOX videos.
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