Joystream is an open-source, blockchain-based platform that enables multiple video streaming applications to operate simultaneously, allowing creators to reach a broader audience. It provides a decentralized content storage and delivery infrastructure, facilitating innovative monetization options for video creators. ^[1]

Overview

Joystream is an open-source blockchain platform that supports multiple video streaming apps, allowing videos uploaded on one app to be accessible across others. It is built on a custom Layer 1 proof-of-stake blockchain for social video platforms. Content is delivered on demand via a content delivery network (CDN), managed and paid for by the DAO, which is governed by token holders who select a council to vote on proposals. Profiles, channels, content, and metadata are publicly accessible through an open social graph. The platform supports video NFTs with creator royalties, content storage for large assets like videos and images, and fungible tokens for each channel, giving creators a claim on their revenue. ^[2][3]

Founding Members

Joystream was developed by individuals from Jsgenesis and an online distributed community, undergoing extensive development with multiple incentivized testnets from 2019 to 2022. These testnets were designed to refine the technology and engage community members who would later manage the DAO. The Founding Member Program aimed to create a dedicated and skilled community by allowing non-US participants to earn $JOY tokens through various testnet roles and activities. Upon reaching a certain level of participation, individuals received the title of Founding Member, an avatar, and recognition on the blockchain. This status may also apply to those who worked directly with Jsgenesis. ^[2]

Features

Open Social Graph

The open social graph on Joystream allows anyone to read from and write to the network's data, including people, content, relationships, and metadata, fostering permissionless innovation. Users, both consumers and creators, have public, portable profiles that are fully owned and functional across all apps. Channels and content are described by on-chain metadata, detailing display, attribution, and access controls, with new standards that independent developers can introduce. Creators own their channels, which can be traded peer-to-peer. Channels and content are linked to large data assets like images, subtitles, and audio, stored off-chain with on-chain hash commitments. Channel content can include videos, playlists, books, or other media. ^[2]

Creator Payouts

Creator rewards on Joystream are payments made by the council based on a policy they select, which can vary according to the network's goals. The council may pay creators a flat rate or base payments on app content consumption. These rewards are funded by minting new tokens, subject to the same spending limitations as other network expenses like paying validators, contributors, or other proposals. ^[2][3]

Video NFTs

Video NFTs on Joystream create a novel link between videos and user profiles, allowing creators to control scarcity and drive revenue through sales and royalties. Creators can mint these NFTs for their content and choose to give them away or auction them. Each NFT is a novel, transferable digital asset tied to content, offering benefits like access to events or exclusive materials. Owners can sell or auction the NFTs on-chain, generating a royalty stream for the creator. ^[2][4]

Verifying ownership through NFTs enables collectors and investors to support creators, own unique digital assets, and potentially profit from their investments. While existing NFT marketplaces like OpenSea and Rarible have file size limitations for video NFTs, Joystream's Atlas video platform allows for the buying and selling full-length films, documentaries, TV shows, vlogs, and more as NFTs. ^[2][4]

Video NFT sales can utilize three types of auction formats: English auctions (with a set end date), Open auctions (without a predefined end date), and "Buy now" options (where the auction concludes immediately upon meeting a predefined price). The process for creators to list their videos for sale is straightforward, enabling resales by new owners in the marketplace. ^[2][4]

Creator Tokens

Creator tokens allow creators to share the risks and rewards of their activities with their audience. Creators can issue and sell these tokens or give them away, controlling access and applying vesting constraints. Token holders can receive a share of the revenue generated by the creator's channel. Creators can also implement a bonding curve-based automated market maker for easy liquidity and use the tokens to gate access to exclusive content and benefits. ^[2][5]

Content Moderation

Joystream's content moderation is necessary due to its built-in content storage and delivery layers, ensuring content aligns with community commitments and complies with service provider rules. Unlike centralized platforms like YouTube, which must apply a global content policy, Joystream separates infrastructure from application layers. This reduces the pressure for broad content restrictions. Applications within Joystream can implement more specific content moderation policies suited to their particular user base, allowing users to choose products based on their preferences for cost, content diversity, and other values. ^[2]

Gleev

Gleev is a video streaming application developed by Jsgenesis that leverages the Joystream platform to create an open-source environment for content creators. Initially focused on crypto creators to simplify onboarding, Gleev offers features like a YouTube Sync service, enabling users to easily import videos from existing YouTube channels. It has implemented a revised YouTube Partner Program (YPP) that categorizes creators into tiers based on content quality rather than solely subscriber count, expanding its focus to various content categories beyond just crypto. The app aims to enhance the creator experience through a revamped dashboard and plans to introduce monetization features such as creator tokens and tipping in the future. ^[8][9]

Joystream DAO

The Joystream DAO has a governance structure where a small group of stakeholders, primarily the council, make day-to-day decisions. The council is comprised of three members who are responsible for major decisions through a proposal system. Council members are rewarded for their role but must compete to keep their seats. Key proposals pass through multiple councils to prevent harmful ideas. Elections for council seats occur every 16 days, with a process that includes candidacy announcements, secret voting, vote reveals, and a final idle day. Any member can run for council, and all accounts can vote, even those involved in staking or other activities. The council manages the proposal system, allowing anyone to suggest changes to the platform, which are then processed and voted on by elected council members. ^[2][3][6]

JOY

The $JOY token is used for governance, network security, and payment for services and block space within the Joystream network. JOY tokens are minted to reward validators for running nodes, to pay council members, workers, and leads as defined by the council, and to reward creators for high-quality content through council-managed reward schemes. App operators receive gateway attribution rewards to encourage user engagement. Spending proposals and bounties are financed by minting new tokens. JOY tokens are burned when creator tokens or NFTs are sold, with platform fees deducted from each sale. Application fees for running apps and transaction fees from publishing new content are also burned, reducing the token supply. ^[2]

Tokenomics

JOY has a total supply of 1B tokens and has the following allocation: ^[2]

• Investors: 32.3285352%
• Jsgenesis FM: 31.435%
• Community FM: 21.2189609%
• Reserved 1: 11.7988418%
• Strategic Partners: 3.0013001%
• Airdrop: 0.21735%
• Reserved 2: 0.000012%

Funding

On March 23rd, 2022, Joystream raised $5.85M to create a decentralized video site. Digital Currency Group (DCG), Hypersphere, DeFi Alliance, and D1 Ventures led the round. Other backers included OKX Ventures and GSR. ^[7]

Partnerships

• ChangeNOW
• OneKey
• Tangem
• Base