Yooya adopts Factom blockchain for video performance verification in China
FastForward Innovations Limited Company today announced that its investee company Yooya will adopt the Factom Harmony platform as their blockchain solution delivered through Wancloud, Factom’s re-seller in China. This will deliver immutable recording and validation of the performance of online video content in China. FastForward has a current equity interest in Factom of 2.06% and an investment of USD $6 million under a SAFE Agreement. FFWD owns 15% of Yooya.
China has the world’s largest online video market, with nearly 610 million online video users on fifty competing online video platforms generating over 31.9 billion hours of video viewing per month. As such, validating actual traffic and performance data for online video is a growing problem for brands and advertisers alike.
Yooya has adopted the Factom Harmony platform for its blockchain solution delivering highly transparent and data-centric solutions without the requirement for unwieldy new tokens, wild price fluctuations, specialized cryptocurrencies, proprietary wallets, or other similar overhead. Few, if any, other blockchains offer the scale required to keep up with Chinese media demand while also creating an efficient, decentralized digital media exchange. Harmony, resold by Wancloud in China, is done with Factom in collaboration with strong economic benefits for both companies. This also allows Factom to now publish to the Factom blockchain both inside and outside China.
“Yooya’s adoption of the market-leading Factom Protocol is a powerful addition to our roster of solutions for brands and online video advertisers in China. Factom will be a critical part of our ongoing development of China’s first blockchain-based marketplace for the buying and selling of media rights in China.”
Yooya will utilize the Factom Harmony platform flexible enough to deliver either a public blockchain experience, a private blockchain that anchors into the public Factom Protocol for proof of immutability, or a completely private instance of the Factom Harmony platform hosted by Factom. Harmony pricing is SaaS-based with a monthly fee for platform-level APIs, which includes an initial number of writes for publishing to the Factom Protocol per month and purchasing optional packages for additional monthly writes to publish more proofs to the blockchain at increasing efficiencies. Yooya’s long-term growth will be accommodated by utilizing Harmony, which never requires customers to manage cryptocurrencies or wallets.
“Factom has been preparing for terrific customers such as Yooya since its first vision of the blockchain industry in 2013. We are very pleased to see another great company like Yooya take advantage of the powerful Harmony Platform. Yooya has a robust business model that now has the advantages of a distributed ledger and the power of immutable data to create huge efficiencies in building things like a digital media exchange. Factom has begun seeing a change in the blockchain industry as we prepare for 2019. Factom’s Q3 2018 revenues were up over 675% from Q3 last year as it prepares to begin 2019 busier than it has ever been.”
“It is extremely pleasing that two of our investee companies have found synergies and we look forward to further commercial news from both companies. Having worked closely with both companies, I am excited to report significant progress from both businesses. It is an incredibly exciting time for companies working in the Blockchain-as-a-service industry and it is still an area that my board and I believe offers the potential of exceptional returns.”
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