Project Introduction:
The commercialization of the internet since it began in the mid-90s has changed the way we humans; interact, communicate, share experiences, have fun, do work and express our emotions. This has led to an increase in internet based companies who with great ideas, offer amazing services to better the lives of the people and in turn make enormous profits.
Consumer data is the air that this Internet services breathe and is what makes them thrive but in return the consumers use the service, donate their data and don't get a share of the rewards.
Intellectual properties like music and videos are paramount in entertainment. Already consumers expend their data and sometimes money to enjoy these products with no form of monetary gain.
What if there was a way to get rewarded for doing thing we already love doing?
The blockchain has proven to be a even more revolutionary technology with which innovative solutions are provided for existing real life problems and the problems no one knew existed. I will be introducing a blockchain based project that rewards users for doing what they are already doing. The project is Current.
What is Current?
Current is an incentivized and decentralized ecosystem for streaming of audio and videos contents from the different content providing platforms (Spotify, YouTube etc.) which rewards users for streaming and also offers great options in choice of paying for subscriptions outside the platform.
The Existing Problems
- Users have no monetary gain from using the streaming and content sharing platforms available
- Payment for network subscriptions
- Content creators most times are not properly compensated
- Some good contents never get the views or recognition they deserve.
The CURRENT Solution
Monetizing Consumer Time And Data: Presently 0n YouTube, there are certain metrics to be achieved before a content creator can monetize his contents, added too this he/she only gets a fraction of the revenue generated from ads on this channel. The whole Network became a multi-million dollar company today not only because of the idea and innovation behind the network, but also because of the users who engaged the contents created by other users. With this kind of project depending largely on the community i think it's only right if the users (viewers, curators, creators) gets paid a share of the ads profits.
By integrating the existing systems onto the CURRENT platform, when ever a users views the content created by other users through the platform, he/she gets rewarded for both the time or data expended.
Payment For Network Subscriptions: On the current platform, users can choose how they get paid with CRNC tokens and may decide to use it as payment for their external subscription payments like in the case of shopify.
Transparency: In every marketplace, transparency is key as it improves trusts between the transacting parties, powered by the blockchain technology which is a decentralized public ledger that keeps tamper-proof records of every transaction in the ecosystem, this platform is governed by a smart contract which releases rewards in form of CRNC token to the entitled users. This means there is a high level of transparency on the platform.
Curators: The Curators are responsible for creating channels and playlists which helps users in finding contents that would have poised a challenging task to find. Curators therefore are rewarded by the ecosystem 20% share of tokens based on the consumption of their channels and playlists. This is a great move by Current because it not only allows the curators to help users in finding the contents they want, it also helps the minnow creators to get their contents in front of millions of eyes, and yes all the parties get a share of the reward.
Photo Credit: pixabay.com
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