Startup Raises $20 Million to Build ‘YouTube on the Blockchain’

Silicon Valley startup Lino is preparing to take on YouTube with a decentralized, collectively-owned video content distribution system that purports to cut out the middleman to more fairly compensate content creators.

The company, which faces competition from Streamspace, Flixxo, Viuly and Stream, all of which are developing similar concepts, received a $20 million vote of confidence from prominent Chinese seed investor Zhenfund during a private token sale, it announced today.

Explaining the company’s mission, its website says that YouTube holds “enormous power” over creators and focuses on maximizing profit, which can bring it into conflict with its actual creators.

Source: CoinDesk