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Google simply doesn't make the existence of this API public.
Yeah, I know - I've been reading reports about this thing for months. That's why I said the "cat’s finally out of the bag" - the details of how the API works haven't been public until now.
Its a good news for video site fans. While browsing I saw the similar video site which shares 50% of adsense revenue to its members. Look at it http://www.videos4traffic.com
Thankyou