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Luke Cage fans on Netflix had to go without their usual daily fix for a while last week, following a massive DDoS attack on the internet. While the DDoS attacks can be considered as acceptable risks for an internet based business, a combination of Bitcoin and BitTorrent presents itself as a huge threat to services like Netflix.
Since Bitcoin gained popularity, it was considered as an ideal method for micropayments. The low transmission cost advantage which Bitcoin had in the early days gradually wore off due to increased network usage and lack of scaling. Now a solution in the form of Lightning Network is at sight. As Bitcoin Core prepares to introduce SegWit in the next update, Lightning network for micropayments may soon become a reality. With Lightning network, streaming sites can have an open payments channel for each customer allowing them to automatically pay for what they watch. A combination of Lightning and Torrent streaming services may soon give Netflix a run for their money.
Is BitTorrent Better than Netflix
The BitTorrent network has a huge customer base which goes many folds higher than that of Netflix, which makes it easy to access to a majority of internet savvy population cross the world. In addition, the use of BitTorrent network is prevalent across the world whereas the reach of Netflix is not as extensive.
With a customer base already primed and ready to use torrent streaming services, any BitTorrent based video streaming service with digital micropayments can readily capture a huge chunk of Netflix’s customers. Not to mention fresh customers who may have eventually joined Netflix. There are a couple of micropayments enabled, BitTorrent based streaming sites in the works and expected to be launched soon. It is just a matter of time before the shift in on-demand video streaming industry takes place.
Challenges Faced by BitTorrent-Based Streaming Services
So far it is clear that the right combination of Bitcoin and BitTorrent can give Netflix a tough competition. However, it may be a bit challenging for such platforms to get the required permissions and licensing from the producers of movies and TV shows right away as they still have to build a reputation in the industry. Netflix scores high in this criteria at the moment.
Ref: Medium |VentureBeat | Image: Netflix
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of NewsBTC
