DIY Tube Coin - video sharing cryptocurrency

Get paid for video views, comments, and interactions in the DIY Tube community

About DIY Tube Coin

The video sharing rewards system backed by a growing community.

There are two types of DIY Tube Coins. One is a virtual DIYT Coin (vDIYT)which is used to reward members of the DIY Tube Video Community for activities on the site. The other is a real DIY Tube Coin (DIYT) running on the Ethereum Network. The need for both virtual and real DIY Tube Coins will become clear as you read on.

 

Virtual DIY Tube Coins (vDIYT)

 

Members of DIY Tube Video Community are rewarded in virtual DIY Tube Coins (vDIYT). Virtual DIYT Coins are like a token at a car wash or a fair. You can use them inside our site for perks and upgrades or you can cash them out later for real DIY Tube Coins (see below) and use them to pay your bills.

 

Video creators are rewarded in virtual DIY Tube Coins (vDIYT) for minutes played and interaction with their videos. Commentors are rewarded based on the popularity of their comments. Everyone earns virtual DIY Tube Coins in the DIY Tube Video Community. Payments are made every 24 hours. Make a comment today and see your earnings grow tomorrow.

 

As mentioned above, virtual DIY Tube Coins (vDIYT) can be used inside the DIY Tube Video Community for perks and upgrades on the site. vDIYT Coins can be used to promote your video or channel onto the homepage. vDIYT can be traded or given to other members as a tip or as a thank you for a shout out video. One day it will be possible to trade virtual DIYT Coins for merchandise inside the DIY Tube Video Community. Also planned is the ability to purchase virtual DIYT Coins for use inside the community. This will allow members to either earn their vDIYT through activities on the site or, if they prefer not to wait, purchase coins to be used for perks and upgrades inside DIY Tube.

 

Virtual DIY Tube Coins open up an entire economy inside DIY Tube. Advertisers can use vDIYT Coins to promote their products with a few simple mouse clicks. Musicians and artists can use virtual DIY Tube Coins to promote their work onto the top of the homepage to gain more exposure and earn even more vDIYT Coins in the process. Viewers can suport their favorite channels by donating virtual DIY Tube Coins just like on Patreon, but with the convenience of not even leaving the site.

 

The possibilities are limited only by your imagination inside DIY Tube Video Community.

 

Soon, virtual DIY Tube Coins will be able to be traded out of the DIY Tube Video Community for real DIY Tube Coins (DIYT) on the Ethereum Blockchain. Once the blockchain integration is completed members will be able to buy/sell/trade DIYT Coins on coin exchanges.

 

DIY Tube Coins (DIYT)

 

DIY Tube Coins will be an ERC20 Contract running on the Ethereum Network. This makes them compatible with all existing Ethereum software and hardware wallets. This also allows DIYT Coins to be traded on most exchanges that accept ERC20 Coins. There are many advantages when using cryptocurrency over fiat currency when paying people around the World. For more info, please continue reading.

 

DIY Tube Coin is necessary in order to allow for a borderless payments system to content creators around the World, without the need for the expense of bank transfer fees, bank exchange fees and the accounting nightmare associated with paying members in fiat currency.

 

Originally DIY Tube Video Community was going to use a revenue sharing plan like YouTube, with a 50/50 split of all ad revenue generated on the site. But this would require a huge accounting team along with added expenses, which would reduce the amount that we could share with our content creators. There are other reasons as well.

 

To pay content creators in their various countries, DIY Tube would have to first find a bank which would allow millions of transactions a month. Then DIY Tube would have to pay the millions of direct deposit or wire fees. There would be exchange fees on top of this to trade USD into the home currency of the content creator. Then there would be the accounting nightmare of sending out tax forms at the end of the year in each country's language and official tax forms. All of this would require a huge office complex with hundreds, or even thousands, of employees just to send out payments each month.

 

DIY Tube Coin removes all of these barriers and allows us to pay members for their activies on DIY Tube Video Community platform with no cost to DIY Tube or the content creators.

 

But Why Virtual DIY Tube Coins?

 

Virtual DIY Tube Coins will always have their use inside the DIY Tube Video Community even with DIY Tube Coins on the blockchain. Virtual DIY Tube Coins create an internal economy inside the DIY Tube Website without generating transaction fees or taxable events.

 

Once on the Ethereum Network, the DIY Tube Video Communuty LLC will have to pay for transaction fees (called gas) for every single payment or transaction that we send out to our members. By using vDIYT inside DIY Tube for daily payments, member to member trades, donations and advertising, we eliminate many of these costs.

 

Virtual DIYT Coins were also originally modelled on many online role playing games where someone can earn in game rewards without generating any real world costs or taxable events. Later, these in game earnings can be sold outside the game for real fiat currency or traded to other gamers. Virtual DIYT Coins can be earned, traded, used and donated inside DIY Tube websites without incurring any costs to the members or DIY Tube Video Community itself. Once a member trades vDIYT for DIYT Coins on the blockchain, the first taxable events and fees are generated. Everyone saves when using vDIYT Coins.

 

It is also for this reason that a small minimum earnings level (likely $10) will be set before a member is allowed to transfer out their vDIYT earnings for DIY Tube Coins on the blockchain.

 

Join DIY Tube Video and start earning today: DIY Tube Video

 

 

Can I make money with DIY Tube?

DIY Tube Coin will be pegged at $0.10 US in value upon release to the public. This is to ensure that content creators on DIY Tube receive enough of a reward to pay their bills. The values were based on YouTube's original 50/50 revenue sharing plan, which is long in the past. This will make DIY Tube one of the highest paying video sharing sites in the World, if not the number one.

  • Save DIY Tube Coins & watch your rewards grow.
  • Spend DIY Tube Coins in the community.
  • Trade DIY Tube Coins with friends or on exchanges.
  • Use for perks and upgrades in DIY Tube.
  • See our Whitepaper for details

DIY Tube Revenue Sharing

 

In the future, DIY Tube Video Community hopes to invest a portion of our ad revenue into purchasing DIYT Coins from the open market to use in paying members of the DIY Tube Video Community for video views and writing comments. This is necessary in order to preserve the cycle of coins and also because DIYT Coins are distributed fairly to members of DIY Tube Video Community and not the DIY Tube team.

 

Once video ads are running inside DIY Tube Video, the value of DIYT Coins will increase as we buy up the coins on the market for use inside our site.

 

All of this is necessary because the total amount of DIY Tube Coins in circulation will be capped at a set amount. After that, more DIY Tube Coins cannot be minted. In order for DIY Tube Video Community to continue running, it will be necessary for us to purchase DIYT Coins in order to pay members for their activities.

 

DIY Tube Video Origins

DIY Tube Video Community formed back in November 2017 when Troy, the founder, had a feeling that YouTube was going to take a major negative turn. Payments from YT were slowly diminishing over the previous two years already so people felt that something was in the air. Some lawsuits against YT were going on and many content creators were seeking somewhere else to host their work.

Troy owns The Do It Yourself World LLC, plus a website and YT channel with the same name. The Do It Yourself World channel has over 100,000 subscribers even now (May 2018). But with constantly reduced payments for the same work, it was soon not going to be enough to live on. So the idea of DIY Tube Video Community was formed. The original idea was to have ads playing on the videos and share 50% of all ad revenue with content creators. But getting ads requires a lot of traffic and some time behind you. Time was not on our side since YT was making even more major changes in the way they paid people. The accounting would also be a nightmare for a startup company to pay people in different countries around the world.

From these issues the idea of DIY Tube Coin and our own cryptocurrency was born. With our own DIYT Coins, there is some more flexibility and the idea came up to reward all members for activity on the site. Since cryptocurrency has no borders, people around the globe can be paid with much less accounting to deal with. The idea of a virtual wallet inside the website further reduces accounting issues. Virtual transactions can occur every day with no costs or fees. Only when the coins are taken out onto a blockchain is a transaction fee and a taxable event taking place (Depending on the tax laws on cryptocurrency in your own local government).

Members are rewarded in vDIYT Coins every 24 hours for activities on the site. Content creators are rewarded for video views and thumbs up. Members who leave comments are rewarded for their comments and thumbs up. Now, if you make a comment today, you will see your earnings increase tomorrow.

Since the founding of DIY Tube Video Community, the team has grown to include a developer, beta tester and computer tech, blockchain developer and more.

The DIY Tube Community team is constantly improving the site and adding functionality and perks to the community pages. Some plans are for live streaming, live chat and possibly a newsletter.

So join DIY Tube today and lets grow together.

Join DIY Tube

DIY Tube Timeline

Timeline of events and future plans for DIY Tube Video Community.

Plans Timeline Success Links
Form DIY Tube Video Site 3rd quarter 2017 DIY Tube Video site successWent live November 2017 diytube.video
Get cloud storage 1st quarter 2018 DIY Tube Videos in the cloudIn the cloud Mar 2018 ...
Internal rewards system 2nd quarter 2018 Set up rewards systemMay 2018 ----
Finish DIY Tube Development 2nd quarter 2019 Finished development of DIY TubeMay 2019 ----
Set up blog platform Early 2020 Finished development of DIY TubeMay 2020 Articles Pages Live
Set up live chat pages Coming Soon... in development ----
Set up live streaming Coming Soon... in testing phase ----
Mint DIY Tube Coin Coming Soon... in planning stages ----
Distributed Computing On Blockchain Future ---- ----
Distributed Storage On Blockchain Future ---- ----

Future plans for DIY Tube community

We are planning to have live chat, newsletters and live video streaming integrated with the DIY Tube Video Community
website to make DIY Tube your all-in-one social media platform.

Live chat is currently being tested at the time of this update.

Soon testing on live video streaming will be completed and open to the public.

We also plan to connect to the Ethereum Blockchain and mint DIY Tube Coins.

Eventually we hope to move our entire database and video storage onto a blockchain.

DIY Tube Coin Details

 

Coin Name: DIY Tube Coin

Coin Symbol: DIYT

Coin Logo:

Coin Decimals: 18

Coin Supply: Max 500 Million DIYT

 

When DIY Tube Coins are minted on the Ethereum Blockchain, a number of DIYT Coins will be needed in order to match what has already been earned by members of the DIY Tube Video Community. There will always be a 1 to 1 ratio of virtual DIY Tube Coins (vDIYT) to real DIY Tube Coins (DIYT) on the blockchain.

 

DIYT Coins will be mineable. Miners will be the members of the DIY Tube Video Community. The action of mining is performed by members through video views, writing comments and other activities on DIY Tube Video Community. Every day, mining rewards will be minted on the blockchain to pay for those activities. An equal number of virtual DIYT coins will be minted inside DIY Tube at the same time.

 

A cap will be set on the total maximum amount of DIY Tube Coins that can be minted or mined. Eventually that cap will be reached and mining on the blockchain will end. Members inside DIY Tube will continue to earn rewards in vDIYT for their activities as always. DIY Tube Video Community LLC will have to purchase DIYT Coins from the open market in order to maintain a balance equal to vDIYT daily earnings. A portion of ad revenue will be used to make these purchases. This is needed in order to ensure the DIYT wallet has enough coins for payments since mined DIYT Tokens are distributed to miners and not the DIY Tube team during the mining stage.

 

This will ensure DIYT Coin growth and stability for the long term.

 

DIY Tube Video Community LLC Docs

 

Originally, in 2017, DIY Tube Video Community was run under The Do It Yourself World LLC but later we founded DIY Tube Video Community LLC

Both The Do It Yourself World LLC and DIY Tube Video Community LLC are filed in the State of Michigan.

The Do It Yourself World LLC was founded on 11/21/2017

DIY Tube Video Community LLC was founded on 07/25/2019

Contact us

Still have questions? Want to learn more about DIY Tube Coin or DIY Tube Video community?

Send messages to admin@diytube.video