Categories: EducationFAQ

What Is Flixx Cryptocurrency?

There are many ways to utilize blockchain technology in a meaningful manner. The Flixxo team is taking a unique approach in this regard, as they want to use smart contracts and BitTorrent technology to create a decentralized content distribution network. It is not the only venture trying its hand at this business model, but it’s still an interesting concept to keep an eye on.

The Idea Behind Flixxo

As most people know, content distribution usually relies on centralized service providers. While that is not exactly worrisome, there is room for competition in this area. With Flixxo, a peer-to-peer network is created where authors can distribute and monetize their creations. Anyone who helps them share their content – known as “seeders” – will receive a small kickback as well, which should incentivize a sufficient amount of people to jump on this opportunity.

The Underlying Technology

At its core, Flixxo will make use of the BitTorrent protocol for distributing content and blockchain-based smart contracts to handle its other aspects. Establishing a social video distribution platform that is fully decentralized will not be easy, and it remains to be seen if this concept will gain any traction. Users can lend their storage and bandwidth in exchange for the native Flixx token, which will be handled through the associated smart contracts.

As all videos “hosted” on Flixxo are stored in a distributed manner, they will always remain accessible. This makes it very different from platforms such as Netflix and Crunchyroll, while still providing the same degree of convenience and accessibility. Users of the Flixxo network will share all content on their devices with the rest of the world. By using the BitTorrent protocol, Flixxo aims to ensure there will always be sufficient seeders to make content accessible.

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For content producers, Flixxo can share earnings from their creations with the network supporting their distribution. It also ensures that creators receive revenue directly, as there are no intermediaries involved. It will liberate the content production and delivery industry as a whole, assuming this project works as advertised. 

Flixx Token use Cases

As is customary, Flixxo also has its own custom token, known as Flixx. This token is used to watch videos, monetize creations, and provide network incentives. Additionally, advertisers can target a specific audience by using the Flixx token. With a fixed supply of Flixx tokens, the team is confident they can create an organic token economy in the coming years.

Flixxo Roadmap and Development

Ambitious projects like this one usually have a roadmap of some sort. For Flixxo, it seems the focus now lies in setting up their LA headquarters and ensuring the platform becomes fully functional. Later this year, the platform will see its first network integration with another video content delivery solution. A marketplace and decentralized Flixx exchange are also scheduled to launch in late 2018, although these time frames may need to be pushed back if something goes awry.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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