What is Petals?

Petals (PTS) is a Web3.0 short video creation and social platform that is built entirely on blockchain technology. It aims to facilitate value transfer and fair distribution for all users of the protocol. Petals strives to rebuild the platform in a way that benefits all stakeholders, including content consumers, content producers, backend service providers, and advertisers. The platform's innate incentive mechanism is designed to support the upcoming Web3.0 era. Through the redistribution of value, all participants in the Petals ecosystem can create value.

How does Petals work?

Petals operates on a unique model that allows all users to benefit from participation. Content consumers may receive compensation by watching ads and interacting with videos, while content producers can publish NFT video works and are compensated for delivering content and verifying storage files. Server node providers contribute to distributed content storage. Algorithm providers can design open-source algorithms for various purposes and are compensated for their contributions if their algorithm is selected and adopted. Advertising agents or advertisers can purchase Petals and make bids for ad display opportunities. All participants can also contribute to the DAO by holding Petals and voting on various aspects of the ecosystem.

What are the potential use cases for Petals?

Petals aims to create a new economic ecology of Web3.0 short videos driven by value. It allows users to upload short videos recording their daily life, happiness, sadness, and hold the private key to hold the full ownership. It also provides an opportunity for algorithm providers to design open-source algorithms for various purposes, including credit evaluation systems, video auditing algorithms, video recommendation algorithms, and advertising strategies. Furthermore, Petals can be used by advertising agents or advertisers to purchase and make bids for ad display opportunities. The platform also allows all participants to contribute to the DAO by holding Petals and voting on various aspects of the ecosystem.

What is the history of Petals?

The Petals project was born out of a desire to rebuild the platform in a way that benefits all stakeholders. It was designed to be a Web3.0 short video creation and social platform built entirely on blockchain technology. The platform has gone through several phases of development, starting with the launch of the Petals App product, which allowed content consumers to receive tokens by viewing videos. This was followed by the introduction of a system that allowed content providers to upload videos freely and receive tokens based on video views and shares. The platform then introduced an ads auction system and open-sourced the default algorithm to improve data transparency and user privacy. The final phase involved building Petals' own App chain to improve user experiences and fees.