How to Develop a Multi-directional Media Economy?

in #blockchain6 years ago

Browsing through Social Media like Facebook, reading articles on Wikipedia, or watching sports on ESPN, has it ever occurred to you what would life be without Media?

People today are much more aware of the world's happenings than ever before due to our technological evolution.

Years ago people had to flip through pages to read articles. Today, it's so much easier scrolling your way through the world.

Apart from entertainment, media has many other significant roles. The advertisement industry works because of the Media. Social media alone has grown into an industry of its own.

Media can also be quite informative and educative. Although, it may sometimes be difficult to separate from entertainment.

This industry still has a lot of remaining potentials yet to be discovered.

On the flipside, there are a few drawbacks in the current approach making this system inefficient and unsustainable.

MEDIA Protocol: BLOCKCHAIN BASED MEDIA PLATFORM

Media, despite being a large and growing industry still suffers from inefficiency due to various reasons. This causes the players of this industry such as content consumers, creators, and publishers, to suffer. The platforms responsible for the distribution of content are functioning insufficiently.

A large amount of valuable engagement and preference data that is generated when the user consumes a content online can be used to create more immersive and quality content. Although this data doesn't reach the content creators in sufficient amount and hence the quality of the content takes a hit.

Apart from this, the content creators are not fairly compensated for their contribution to the industry.

The absence of attractive rewards to the content consumer for spending time on reading the article affects their interest in the content leading to the reduced amount of preferential data creation.

Limitations like these are responsible for the stunted growth of Media industry. The industry needs a solution to combat all these obstructions.

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How does MEDIA Protocol plan to overcome the limitations?

MEDIA Protocol's primary aim is to create a direct relationship between the content consumers and publishers. The dismissal of the intermediate will bring about a change in how the content travels.

Use of blockchain technology decentralizes the whole process eliminating the need for any middleman. The advanced technology also facilitates lightning-fast micro-transactions at a processing cost nothing compared to the great service.

This platform enables publishers, creators and content consumers to interact and exchange data and resources. Incentives can also be offered to the users for interacting with the content to generate valuable preferential data.

CryptoCatnip is a mobile application designed to be a centralized platform which aggregates all the content made publicly-available to everyone. It provides an interactive and user-friendly experience to the users.

The content interactions will be recorded and tracked on the basis of which incentives will be offered.

The provider can use ERC20 Tokens to compensate the users. Users can use these tokens to tip their favorite publishers, do transactions online, or exchange it for other cryptocurrencies.

As the whole system is made transparent, it reduces any chances of fraudulent activities on the platform.

URLs representing different categories of media like, articles, images, video, podcasts, and music will be monetized on a platform such that when clicked, it would also reward the user with some incentive.

CryptoCatnip creates an economically feasible channel of content distribution without tangling to the likes of major social networking and distribution platforms.

THE VERDICT

It is commonly believed and quoted that - "The hand that rules the press, the radio, the screen and the far-spread magazine, rules the country".

This thought paints quite the significant picture of media. The industry with the power to affects people's thought has a big impact on the economy and the country as well.

Media has evolved in recent years only to reach a stage where it needs the upgraded tools of this generation, such as – blockchain technology, to progress further.

The legacy systems are full of drawbacks discussed earlier.

To sum it all up, MEDIA Protocol brings forth an idea that will be beneficial for all the players of the system. Apart from providing that at a lower cost, the system is also tweaked for better efficiency.

Therefore with its resources, MEDIA Protocol can upgrade this industry into something better.

Join the token sale here: https://www.mediaprotocol.org/
Join the official Telegram channel for latest notifications: https://t.me/Media_Protocol_Community
Visit the ANN Thread for more details: https://bitcointalk.org/index.php?topic=3396313.new#new

Author: Yalsik S
Profile: https://bitcointalk.org/index.php?action=profile;u=1943321

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