Joystream's JOY Token Makes Debut on MEXC Exchange Offering Rewards for Users
Joystream's JOY token has made its debut on the MEXC exchange, marking an important milestone for the video blockchain platform. To celebrate this listing, Joystream's Decentralized Autonomous Organization (DAO) has announced a giveaway of 200,000 $JOY tokens, with a total value of $12,000, to be distributed among participants who complete various tasks.
Participants can sign up for the giveaway on Gleam and earn entries by completing simple tasks. Moreover, they have the opportunity to earn additional entries for each referral they make. The top 25 participants with the highest number of entries will receive a generous reward of 2,000 JOY tokens each, while 200 more participants will be randomly selected to win 750 JOY tokens each.
Joystream distinguishes itself as a decentralized platform designed for streaming and sharing video content, governed by its DAO. Unlike traditional centralized solutions, Joystream prioritizes content creators, videomakers, creatives, and, importantly, consumers. The platform aims to achieve fairer reward distribution, resistance to censorship, and immunity from interference by global entities.
Launched on mainnet in 2022 after an extensive 13-stage testnet phase, Joystream's objective is to establish an ecosystem where content-creating and media platforms are accountable to their users rather than solely to their owners. Gleev and Pioneer are two of Joystream's landmark applications that cater to content consumption and governance activities.
Gleev, a consumer-facing video dApp, empowers creators by allowing them to upload videos to their channels, build subscriber counts, sell videos as NFTs, and even tokenize their channels. This functionality enables engagement and revenue sharing among creators and their consumers. By minting NFTs for their videos and utilizing individual native tokens for each channel, creators can provide alternative monetization options beyond traditional advertising. Consumers who invest in a creator's product can enjoy the profits from NFT sales and participate in the creator's financial success.
On the other hand, Pioneer is a cutting-edge governance app within Joystream's ecosystem, granting users full access to the functions of a decentralized autonomous organization. Pioneer's features include an on-chain forum, a comprehensive proposal system, and a structured working group setup.
Joystream's blockchain offers developers the opportunity to build other applications on top of it, unlocking possibilities for decentralized versions of existing video applications and the creation of entirely new ones. The native $JOY token plays a vital role in governing and securing the network, as well as facilitating access to network services and block space.
Joystream raised $13 million in funding, valuing the company at $60 million. Thr fundraising involved more than 30 investors, including prominent names like Digital Currency Group (seed round), Hypersphere, DefiAlliance, and D1 Ventures.
