VOD platforms, especially short video apps, are in an incessant upsurge since they came into being. Although the underlying technology for video streaming has improved to some extent, It still remains heavily centralized. As soon as we heard about the release of "Theta Video API", We became exhilarated and passionate to change the current state of video streaming. Also, We fancy intertwining the power of both decentralized video streaming and NFTs. After extensive market research and applying our personal perception and understanding, We have designed and developed this application. Our ultimate goal is to introduce people to the blockchain universe without scaring them off with the complexity it brings along. More the people that use and know about blockchain and what it has to offer, The better. So, We have made decentralized video delivery through theta very user-friendly and easily accessible to everyone.
What it actually is
It is a short video content-sharing application. Users can post videos of their own and watch videos of other creators. Based on the views and likes received on their owned videos, users earn SET (SCUBR Engagement Token). Using this token users can purchase merch of other users or even trade NFTs. Yes, You heard us right. We can trade video NFTs. Users can mint NFTs out of their videos and sell them on the marketplace and buy other people's videos on the same. Imagine if people could buy videos from pewdiepie, mr.beast, drake, or any celebrity or anybody for that matter. Thus SCUBR was born. All the smart contracts for this application are intact but are not used as of now because they are under extensive test. This is because we find value in this app and we want this app to be as secure as possible. In q1 of 2022, the full functionality of the app will be released as a beta version.
What it does
- Users can create an account using their theta wallet (Metamask)
- Users can create, upload and watch short video content
- Users can like, comment, and bookmark videos. Follow favorite creators.
- The most important feature is that users can mint NFT tokens out of their short videos
- Creators can list the minted NFT videos in marketplace for their fans to buy
- Once a user purchases an NFT through the marketplace, The video is transferred from the seller's profile to the buyer's profile, and any subsequent views the video gets is credited to the buyer
- History of all the owners of the video NFT is recorded
- A platform token for SCURB is created. SCUBR Engagement Token (SET)
- At the end of each day 1 million new tokens is minted. 10% (100K SET) of that is transferred to the application's smart contract, Which will be used for the development and running of the application. The rest 90% (900K SET) is shared among the creators according to the engagement (views and likes) they acquired on their videos for that day. Let say a creator got 10% engagement of the total platform for Dec 1 2021, he will be credited with 10% of 900k SET → 90k SET for that day
- As this model enables both the users and developers of the app to be benefited, There is no need for advertisements at all, Hence users can enjoy ad-free consumption
- As more and more users join this platform, the less percentage their overall contribution to the engagement of the platform becomes, and thus less the number of tokens earned per day. This very nature makes the token deflationary
- As the difficulty increases, So does the price of the token. So the early adopters are benefited, just like in the case of any cryptocurrencies
- SET has both governance and utility power
- Governance power: A governance smart contract is deployed through which the users could determine the future of the app
- Utility power: Buying and selling of NFTs in the marketplace, Buying merch from favorite creators
- As for login, we use metamask as it is the most commonly used wallet. We used the theta's ETH RPC adapter to connect the theta network to metamask wallet.
How we built it
- Frontend: React, Web3, ChakraUI, Video.js, ThetaJS p2p SDK
- Backend: Node, Express, PostgreSQL, IPFS (Profile Picture storing), Heroku
- Blockchain: Theta Video API, Theta, Remix, Solidity
Challenges we ran into
- It was quite a struggle to authenticate the user on the server using the one-time nonce
- Both the frontend and backend for this application is quite complex as it involves decentralized streaming
- We've added optimistic updates to the DB
- Certain aspects of smart contracts were tricky and difficult
Accomplishments that we're proud of
- We personally think that the market research that we've done and the idea that we've brainstormed is a really good one
- Building and shipping this complex of an app within the deadline of the hackathon was quite a feat
What we learned
- We learned a bunch of things. For starters, We learned the power of blockchain and what all good it has to offer to this world. Decentralized video streaming is a beast all by itself.
- We learned how to use video.js library and interact with metamask wallet. This is our first time minting NFTs tokens in the theta network.
What's next for SCUBR
As this short duration of the hackathon renders it difficult to judge what the app is or will be in the future, We have provided a comprehensive road map and some of our future scopes. Other future decisions will be made through governance smart contract
- Mobile application (both android and iOS)
- VR Integration - like big-screen beta (Oculus & Valve Index)
- Provide a variety of filters and fun options to add to the video
- Slowly progress towards becoming a DAO (Decentralized Autonomous Organization)
- Partnering with SCUBR and listing of merch, which fans can buy using SET
- Direct Message (DM) feature
- Personalization in feed and recommendation
- Live feature (But SET tokens will be burned according to the time live-streamed and TFuel might be earned for stream relay)
- Why the name SCUBR?
- SCUBR is derived from the Spanish word "Descubrir" which basically means discover. Since through SCUBR people can discover all sorts of videos and NFTs, we went with this name
- Reason why do we go with the web app first approach?
- Since a wallet is a core aspect of our application, and there isn't enough support for mobile dapps, we went with a web app in order to finish the product as much as possible within the deadline. Even after the hackathon ends, the development will still continue for SCUBR