Can Blockchain-Based Content Platforms Realistically Replace YouTube?

Content creators on YouTube have always had a headache over getting hit by demonetization, which usually comes from faulty decisions by the platform’s bots. Since blockchain has been hailed as quite the problem solver for a lot of industries, can it offer a solution to this particular issue?

Some tend to think so. There are currently more than 10 blockchain-based platforms that content creators can use for them to be compensated for the creative work they’re doing. But that right there is the problem: too many platforms for content creators to house their work, as Forbes pointed out.

While the startups do somewhat offer a solution to the compensation issue, they’re also creating another problem. And that problem is added friction to the consumer's online experience.

The number of blockchain-based startups alone is a problem because it will force consumers to obtain multiple crypto tokens since it’s safe to say they aren’t supporting only one content creator; they’re supporting multiple of them. Smoother user experience has been one of the main driving factors behind a successful content platform, making consumers do less to access and enjoy an artist’s work.

And if compensation is the problem, there’s always Patreon, which creators can use so their fans can provide financial support. Of course, this particular niche in the web content industry will sort itself out in time, with users gravitating towards the platform offering the most efficient service.

But how long will that take? And who’s to say YouTube will not fix the issues plaguing it? All of these are speculations, obviously. However, in order for a blockchain-based content platform to take off, it still needs to address these glaring hurdles. Do these startups already have an army of content creators that can attract viewers?

PopChest, one of these platforms vying to knock YouTube out of its position, claimed in an email that it has 300 content creators, with their work costing “around two cents.” One might think that’s a pretty low price to pay for consuming content, but micropayments using digital tokens can even dive down to a billionth of a penny.

As it stands, most of these blockchain-based platforms need a lot of improvements in order to break through to the mainstream market. The question now becomes, which one will come out on top?