News Headlines Now

Joystream – Governed And Operated By Video Platform Users

 Breaking News
  • No posts were found

Joystream – Governed And Operated By Video Platform Users

February 24
20:01 2022

Joystream protocol is pioneering the Decentralized autonomous organization (DAO) sector through the formalization of a video content platform owned and operated solely by its users.

$JOY is the video platform’s native token (while $tJOY remains as the testnet token) and was built on Polkadot and recently migrated to the GizaDao (GIZA) network. For increased safety and security the company holds a corresponding pool of fiat currency ($USD) linked to the total supply of the token and testnet participants can redeem their $tJOY for dollars at any time.

The three principal functions of the token are staking, governance and payment. While the mainnet is under construction users can use $tJOY tokens on the testnets in the same way to achieve the same result.

Users can stake tJOY to participate in testnet roles and to create governance proposals to submit to the council members for consideration and ultimately voting approval. Effective contributors will be awarded both $JOY allocation and $tJOY for operating in working groups, bounties, and the council.

For those looking to become involved in the project, the community Discord channel or on-chain forum will provide guidance on how to become a contributor and participate in bounties, competitions, and other events.

The founding member program will allocate $12m worth of $JOY tokens to the testnet participants as a way to kick off the process while the company evolves and grows.

Joystream is built by the team of Jsgenesis who comprise close to 30 members in their dynamic team. Coming from different countries and continents but sharing a common passion for video content and the empowerment of the creator economy, contributing to the web 3.0 development of open-source blockchain technology, distributed systems, and privacy is what brought the team together.

The vision is to entrust the entire future operation of Joystream DAO to the community. 

Anyone can participate as they please, earning tokens and influencing the development of the platform. Those who decide to follow the founding member path will receive the effective training to govern the platform on mainnet.

Joystream’s ecosystem comprises Atlas and Pioneer, the two rapidly evolving applications on the platform for consuming content and governance activities.

Atlas is the flagship content consumer and publishing application for Joystream where users can watch videos, follow creators and discover new featured content, or create a channel and build an audience.Video NFTs and social tokens will allow for content tokenization on each channel so that users can invest in their favourite creators and thereby earn a share of their NFT sales revenue, get early access to videos and more.

Pioneer is the place for members to participate in community governance and operation and vote on elections, submit proposals to fund your project, or enter a paid role to power the platform. The soon to launch Pioneer v2 will have additional forum functionalities and opens the possibility for anyone to create a bounty.

Keep up to date with the project’s development such as moving over to the Giza Network on Twitter: https://twitter.com/JoystreamDAO/status/1484464737312194563?s=20 

Visit the website for more information – https://www.joystream.org/

Media Contact
Company Name: Micky Pty Ltd
Contact Person: Michael Manlapig
Email: Send Email
Country: Australia
Website: https://micky.com.au/joystream-governed-and-operated-by-video-platform-users/

Categories