An AMA (Ask Me Anything) session was hosted by WeBlock community on the 14th of October 2020, around 8 AM UTC+0, hosting Youngsung Chong, the Head of Global Marketing / IR of Chainflix.
GUEST INTRODUCTION
As Head of Global Marketing / IR from Chainflix, Youngsung Chong has been helping Chainflix with global marketing strategy development as well as investor relations for over the past three years. Personally, He has also advised several different blockchain companies.
ABOUT CHAINFLIX
Chainflix is a revolutionary video streaming platform that allows viewers, content creators, and enhancers to generate income on the platform based on contribution to the platform. Chainflix is able to resolve the issues of video streaming industry through proprietary technologies.
HOST Q&A SESSION
Aina@WeBlock:
Q1: What are the three keywords you would use to summarize Chainflix’s achievements since its launch? Could you explain the three keywords one by one?
Youngsung Chong:
Innovative: Chainflix has been running a public open beta since early 2020. After years of development, providing a user-centric video streaming service runs on true P2P technology is an innovative breakthrough that our team has achieved through patented technology of distributed storage system powered by AI.
Rewarding: Users on the platform can easily earn rewards by contributing to the platform. The ease of earning rewards on Chainflix is as easy as contributing to a platform like YouTube. Simply streaming videos, uploading videos, or storing videos to earn CFX coins.
Evolving: As a service provider, we provide less emphasis on the technology but rather on the simplicity. However, I can assure that the Chainflix platform’s technology of utilizing blockchain, artificial intelligence, and decentralized storage is consistently improving and evolving day by day. We are really focused on building the largest decentralized video streaming platform.
Aina@WeBlock:
Q2: As a rewarding video sharing platform, how will Chainflix do to avoid system abuse? Will Chainflix design a reputation mechanism to guarantee the benefits of content creators, viewers, storage providers and other parties?
Youngsung Chong:
There are system measures to prevent abuse of earning rewards on the Chainflix platform. Also, the important concept about the reward system is that Chainflix’s coin rewards are mined through the video play-back based mining algorithm. This is the same method as Bitcoin mining. It is unlikely for users to question abusing the mining process of Bitcoin. However, as we are not a PoW based algorithm, there is no way for certain users to earn more rewards with special hardware.
Aina@WeBlock:
Q3: Since you mentioned YouTube. I wonder whether Chainflix platform is a decentralized version of YouTube? If yes, how does Chainflix compete with centralized video streaming platforms like YouTube?
Youngsung Chong:
We compete with centralized streaming platforms like YouTube by providing an inclusive, rewarding ecosystem for users. On platforms like YouTube, users are not rewarded when they watch videos. Chainflix is different in that perspective, thus we are able to decentralize the revenue model of the video platform. Next, the platform architecture of Chainflix does not rely on centralized systems (CDN). As Chainflix is a P2P-based video streaming platform, it is decentralized in user experience as well as platform architecture.
Aina@WeBlock:
Q4: Could you share more information with us regarding to Chainflix’s current users’ distribution and business layout?
Youngsung Chong:
Currently, Chainflix has been conducting public open beta without an intensive global marketing campaign. Therefore, the users are concentrated in Korea for now. As of the moment, we are planning to expanding our global communities for a worldwide user acquisition.
In the beginning phase of the main service launch, Chainflix will focus on user acquisition in Korea, United States, Japan, India, and Vietnam. However, this does not mean that our global campaign will be restricted to a certain region. Our user acquisition strategy is having the right launch partners in different regions for a quality content acquisition. As of the moment, Chainflix already has over 30+ launch partners worldwide to have exclusive content.
Aina@WeBlock:
Q5: Will global expansion be the main focus of Chainflix in Q4, 2020? As you just talked about launch partners, what is your future plan in context with Chainflix’s recent partnership with WeBlock?
Youngsung Chong:
Global expansion and main service launch are the main focuses of Chainflix in Q4 2020. However, we are also soon to allow users to acquire the main token of the ecosystem (CFXT) prior to our planned exchange listing. In terms of partnerships, including the context of our partnership with WeBlock, we are going with different approaches. There are partners that will provide us expansion strategies through media content. On the other hand, there are partners like WeBlock, where we increase our presence in the blockchain space.
COMMUNITY Q&A
Q1: Vast majority of Crypto projects are built just for the sole purpose of amassing wealth for themselves. So, I want to know the value you aim to add to crypto industry that will bringing significance?
Youngsung Chong:
I think the way Chainflix platform is structured shows that we are here for the public mass. While we cannot directly say that we are adding wealth to the community, I can assure that the platform is designed to reward users. Chainflix is a platform generates revenue only through advertisement revenue with a small percentage. Mining rewards are returned to the users, viewers, creators, storage providers, and enhancers. A decentralized, algorithmic reward system is embedded within our platform. This is how we are helping the blockchain industry grow and achieve mass adoption.
Q2: Most of investors just focus on the price of token in short term instead of real value of the project. Can you tell us the long-term motivation and benefits for CFX holders?
Youngsung Chong:
From the investor’s perspective, the true answer is not about the length of the investment but whether the investment will have value. While I cannot make any financial advice, the CFX tokens are designed that the circulating supply is correlated to the number of users. For instance, if there are no users, CFX is not mined. If there are users, CFX is mined. Thus, for a video streaming platform, where user base is the key for platform growth and revenue, the demand of token is also correlated to the number of users. This is what we are aiming for.
Q3: Is the Chainflix platform only for Koreans? Will the Chainflix platform be available for the global market?
Youngsung Chong:
Chainflix platform will be available for the global market. We are not a region-specific platform. Later in this quarter, we will also add further language support to the service itself. Currently, you could check out the service live.
Q4: What makes CHAINFLIX stand out and be different from similar projects?
Youngsung Chong:
Our technology makes Chainflix stand out from ‘similar-looking’ projects. There has been no platform in this space to utilize decentralized P2P storage system for live video streaming and algorithmic rewards. Most video streaming platforms onboard cryptocurrency almost as like a systematic mileage instead of as an incentive for contribution. Chainflix also stands out as we have been focusing on the development for such a long period of time to ensure that we deliver what we have promised.
Q5: How important is the community to you and how can we collaborate or help for the development of the project?
Youngsung Chong:
Chainflix will make efforts to accelerate user acquisition through high quality content, building partnerships, and intensive marketing. However, as we are a user-centric platform, community members to share, learn, and enjoy Chainflix is crucial. We are here to communicate and be together with the community as time progresses. There will soon also be a global ambassador program to further develop Chainflix’s communities.
The AMA session is available to all WeBlock community members. During the one-hour session, 5 questions were picked and answered by Youngsung Chong, the Head of Global Marketing / IR of Chainflix.
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