Livestreaming Platform Partners with Storj Labs
Global video platform YouNow, which enables live video and mobile streaming, recently announced the PROPS Ecosystem, a group of media applications powered by a new cryptocurrency, PROPS. Now, the company has announced a partnership with decentralized cloud storage provider Storj Labs in order to further align the PROPS by YouNow ecosystem with the decentralized community. Storj will provide decentralized cloud storage services for terabytes of video files generated from YouNow’s 40 million registered users.
Storj, a solution that encrypts, shreds, and distributes data shards across a global network of nodes, will provide an additional layer of security for PROPS content. Storj’s decentralized network deters security breaches, ensuring PROPS and YouNow users are able to safely engage in livestreaming and content sharing experience.
John Quinn, Storj Labs co-founder and chief revenue officer, explained: “One of the biggest benefits to decentralization is it empowers users by giving them control of the content and data they create, which is at the heart of YouNow’s mission. YouNow is a true innovator and breakthrough pioneer in the livestreaming revolution; their unique technology will take the mobile video experience to another level and we look forward to supporting them in their adoption of blockchain technology.”
The PROPS Ecosystem, governed by a non-profit foundation, is built to create a decentralized model for digital media that uses blockchain technology to fairly reward the contributors that power the network. PROPS will be hosted on the Ethereum blockchain and serve as the base utility token for applications within the ecosystem, granting users access to features and content, ability to promote content and signal status within the community, among other uses. Third party application developers, content creators, publishers and end-users will be incentivized to participate in the Ecosystem by earning PROPS.
CEO of YouNow, Adi Sideman said: “Our partnership with Storj marks the commencement of our path to decentralize as much of the PROPS technology stack as practically makes sense, provided good performance, scalability needs and costs efficiencies are superior. We expect a long term partnership between our mass market blockchain-powered platforms, PROPS and Storj.”
Developers, including Storj’s own community, will be able to participate in the launch and population of the PROPS ecosystem by building apps on PROPS. This partnership is a step towards providing a secure and decentralized canvas for custom use cases by leveraging the Storj network’s inherent security benefits over legacy solutions. The first application hosted on the PROPS Ecosystem, Rize, will elevate the mobile video experience and will be available for download upon Token Distribution to the public.