Part 2:
Robert: [00:03:27] So that's where my friend is blogging. And one of the notable things you can see there is that the the posts have like a value on them. And I read about that. It's like a potential payout value. What does that mean?
Matt: [00:03:43] So essentially, if you if you think of the bitcoin network, it rewards the miners for running physical mining rigs. So part of the Hive ecosystem is to reward bloggers for creating useful and interesting content. So the way that works is essentially on a proof of stake type distribution model, which is called proof of brain, which effectively mean means a brain has looked at your content and the different brains within the ecosystem, the different users within the ecosystem. I've got different quantities of hive, depending on how much they've been rewarded in the past, how much they personally invested things like this. So if they have a lot of hive power, which is a lot of version of Hive, they can use that hive power to vote on content that they like. And every day there's a rewards pool of new hive that's created just like there's a reward call of new bitcoin that's created and then that's distributed in bitcoin. It's distributed to the miners in Hive. Most of it is distributed to the content creators who receive the most votes, but with the most hive power, basically.
Robert: [00:04:47] So it's really a serialized, expressed meritocracy.
Matt: [00:04:54] Correct. Yes. I mean, it's not perfect, and there's many different ways to cook the cake, you know, but this is kind. This is a fight it's been going on for five years, its distribution has and we feel like we've come to what for the whole community is the most optimum solution. And yes, effectively if you're doing something that's valuable for the community and you're blogging and making content about it to let people know, bring more people in, get more people involved in the project in the kind of mini projects that you're doing, then the community will appreciate that vote and therefore distribute some funding your way via video upvotes and the inflation pool that's come from from the Hive market cap. So it's just it's a new, innovative way to distribute currency in a very decentralized way that hasn't got like one centralized party that decides where all the money goes and things like that. And it's autonomous, decentralized effectively.
Robert: [00:05:42] Now I also found 3speak.tv, which is a video platform, think YouTube, but based on the same principles where the content creators are rewarded with Hive.
Matt: [00:05:55] Correct. Correct. Right now, they're rewarded with Hive. I'm actually one of the co-founders of 3speak, so that's my video calling my video platform. It's a project that I'm heavily involved in, and it's it's mostly we kind of saw that the free speech issue was coming along the way. The content is being guided in certain ways by centralized parties can be worrisome. If you believe that free speech is a foundation of Western civilization, at least. And so we kind of saw this. We firmly believe that everyone has the right to speak no matter how much we disagree with them. And so we put this video platform in place so we could do what PCDI is doing and hive that blog is doing with blogging content, which is text based content on video. So we've set up servers and mechanisms to run video and deliver and upload video content, attach it to the Hive blockchain, and then we use their Hive state. We use our Hive state to distribute rewards to people who post on three speak. If their videos have got lots of content, lots of views, lots of interactions and they'll receive Hive rewards.
Robert: [00:06:59] Now, that's an interesting problem because the original blockchain bitcoin had no place in its blocks for content other than the transaction information, and other blockchains have minimal place on the chain for content or for arbitrary content. That's why there's a new generation of chains being built for social media purposes because they have to store that stuff that people put up there somewhere. And text is the easiest to compress as nicely. It doesn't take up much space, but when you get into images and especially video, then the question is where is that video stored and who pays for it? Because there's never such thing as free storage or free computing. So in three speak TV's case, where is the video stored and who pays for it?
Matt: [00:07:50] Right. So right now we have a centralized system for the storage of the video. Is it stored on our servers? However, we've we've moved, we've done a progression so effectively. The solution to this, this centralized issue is that fundamentally our kind of principles of free speech. Yeah, so that's kind of we let everyone post as long as they're not breaking the law or abusing people in, you know, not even that as long as they're not breaking the law, really, we let everything else go. But basically, what we want to do and what we're able to do now is transfer these responsibilities of deciding what content gets to stay on the ecosystem to the community itself instead of us being the arbiters of these decisions. And the way this is where the Speek network comes in because Hive is a blockchain is is a very decentralized chain. It's very anarchistic and not very much collaboration going on there. So it's a really great place to free speech and it does that with text because, like you said, just text is relatively easy to store. It can go on chain. So the Hive is one of the best text based storage chains in existence, and it's scales. It's perfect. It's decentralized. We're really, really happy with that side of it in terms of being able to create content and free speech ecosystems. So that's why we use it. The problem with video is you can't store video on blockchains. It's just to info intensive. It's just not. It's just not going to work. So you need to have a sidechain system that interfaces with the original chain. And that's what that's where the three where the Speek network idea came from. And so this is effectively a side system whereby we can store video on each other's servers and each of those computers and then receive incentivized rewards for doing that and not just storage, but any type of infrastructure to do with content creation. So uploading content delivery networks, storage, like I just said, then you've got obviously the validation systems that are required to validate the transactions that are happening and validate the people are actually storing what they're saying and storing. So we can we can now incentivize all of this and then the kind of nail in the coffin, let's say, which is a good thing in this case, is that.
Matt: [00:10:00] What you do is we now have a desktop app that runs directly on your desktop. Right. So three speaker TV is a web app that runs on on various web systems, and we've tried to remove the, let's say, the corrupt centralized entities from that as much as possible. But it's just it's never going to happen on web apps, but on desktop apps, it can happen. Desktop app is run locally on your computer. And so we've open source to anyone can copy it. Anyone can take it and modify it and use it for their own purposes as well. Outside of our control, it's completely open source. And so it sounds like you. Sorry.