The Media has always been the power of the selected few. First written by hand, the printing press changed all that. With printing press came publishing houses, that had the connections and the money power to print large quantities of books.
In the digital world, the publishing of contents became much easier. Yet with the publishers now in the form of websites, the heavy intermediary fees still exist. This means that the publishers and platforms take a lot of money to give viewers access to media. This means that content creators are always striving for outreach and the readers/viewers are deprived of access to helpful contents.
MEDIA Protocol is a smart contract based platform that creates a reward based system and cuts away the middleman publishing and websites. This creates a community where the contents are free of charge and the content creators can instead, incentivize readers to view their contents.
The smart contract’s workings are very simple. A content creator or a publisher can link the URL of the media in question within a smart contract. The contract is a permanent part of the blockchain. When consumers view the content, they are rewarded by MEDIA tokens that are embedded within the smart contract.
The amount of tokens earned by consumers is based on four different factors:
- Interaction type.
- Time of interaction.
- Number of people within that time and interaction type.
- The number of articles consumed by the user in that day.
When calculated, the media tokens are then released to the consumer, who can either use the tokens for further services within the platform or exchange for other ERC20 compliant tokens or fiat.
Transparent and Secure
The MEDIA Protocol is based on blockchain technology, making the system very secure, fast and robust. The system ensures security through transparency. By making the code and smart contract (including the token codes) open source, the team allows anyone to view the coding of the platform. This gives confidence to users that there will be no foul play within the system. The platform and its token are also planned to be audited by a third party auditor, to give further security and transparency to the system.
The smart contract protocol also has built-in circuit breakers, which allow for the suspension of the contract if any anomaly is detected.
The transparent nature also means that transactions on the ecosystem are viewable by anyone, giving a further boost to users confidence that they know how their rewards are calculated and how much they should receive, making swindling them impossible.
Find out more on the Media Protocol website: https://www.mediaprotocol.org/
Download the Whitepaper here: https://www.mediaprotocol.org/papers/whitepaper.pdf
See the Github Depository: https://github.com/MediaProtocol/MediaProtocol