JoyStream, the world’s first bitcoin-based BitTorrent client is set to have an alpha release for a limited amount of pre-signed users on the Bitcoin Testnet soon.
Founded by Dr. Bedeho Mender, JoyStream attempts to improve the levels of bandwidth contribution and the lack of incentives for content providers known as seeders in the original BitTorrent client, by rewarding JoyStream’s seeders with micropayments using multiway payment channels in bitcoin.
Users who choose to download content in the JoyStream client are known as leechers, and are required to pay the seeders directly in bitcoin, in exchange for downloading files or streaming large HD audio or video files.
The unique feature and payment system of JoyStream provides the seeders with an opportunity to charge higher prices for rare and highly demanded content, thus providing a more competitive market and a more equitable system for seeders than the original BitTorrent client.
“I think the seeding market is very close to a perfectly competitive market, which means that seeders will compete the price down to the marginal cost of supplying the content, which is quite low,” Mender told Bitcoin Magazine. “Getting to that sort of situation does, however, take some time, and