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MEDIA PROTOCOL - The Solution for Consumer and Creator Problems

Crypto MindsJun 6, 2018, 10:03:19 PM

What is MEDIA Protocol?

Raise your hand if you know about YouTube`s content distribution problem! Pretty much every YouTuber has a video about how the YouTube algorithm is making it hard for them because their videos aren`t being sent out to each and every one of their subscribers and thus they are losing views which accumulates into them loosing popularity and money. Мaking videos is their job, which pays the bills. Of course, this is a problem to viewers (consumers) as well, not as serious one, but it can still have a devastating effect on them. Some people seek help, a way to feel better, laugh or even learn something new by watching certain YouTubers, but thanks to the broken content distribution they are deprived of their daily dose of happiness, knowledge or just plain entertainment.

Of course, this doesn’t only apply to YouTube. Many other companies have such a problem and most of them do nothing about it, because they actually gain from it. The content distribution platforms gather an astonishing amount of data. The bad part is that they don`t really offer anything in return and in the end, we end up with a broken and unfair platform that uses its creators and consumers for their own benefit.

Thankfully, there are people like the creators of MEDIA Protocol who have had enough and are trying to change things for the better.

MEDIA Protocol makes the exchange of these values much easier and with a higher mutual benefit. It is designed to help content creators, marketing advertisement to be more consumer friendly and thus help them. MEDIA Protocol is created to be adapted by all media, content and advertisement blockchain protocols by agencies, social networks, brands etc.

The team chose to create this with a blockchain system because of some key feature that the blockchain technology provides. Like the removal of the middleman, who usually gets more than he gives. The all known fact that the blockchain is basically fully transparent means that any attempt to manipulate the system is going to be publicly displayed and any fraud is going to be out in the open for all to see. I mentioned before how YouTubers rely on views to get money and logically that money need to be sent to the content creator in some way. If we use the old fashioned way, we are going to end up with a transaction with a large processing fee that will not be good for either party, but because of smart contracts and the blockchain, the transaction processing cost will eventually go down to almost zero.

Media Protocol Token Utility

Of course, the creators of MEDIA Protocol could just use another currency to use in their system, but let us be honest: that wouldn`t be convenient for them because if they use some other tokens they have to abide by the owner of this token`s rules and they will be limited as to how many features they can add in the future. That is why they have created their own token that is to be used but I`ll tell you more about it down below.

At its core, MEDIA Protocol, consists of a smart contract that implements a reward based economic model for handling the rewards for the consumer actions like sharing and viewing content and, of course, the charging for the content behind paywalls. It provides an easy token exchange within the economy and using ERC20 and some third party exchanges, it has the ability to exchange tokens with other tokens or fiat money.

Main Features

To prove how things are going to work and to show how their system works, the team behind MEDIA Protocol has created a dApp that provides an architecture that can serve as an example for the people who choose to build dApps using the platform. It is called CryptoCatnip. The name itself might be a little misguiding if we overlook the name, CryptoCatnip also serves as a bootstrapped engagement inside the ecosystem, gathering users and promoting the adoption of the system.

For all of this to work though, MEDIA Protocol needs to encourage the creation of dApps in some way. Of course the fact that they do not limit the apps to be similar to CryptoCatnip is something simple yet really important. Their system can be used in so many different ways that if they had placed such a devastating limitation, they would have buried themselves here and now, but thankfully they didn`t. The system can be implemented into apps with features that are completely different that CryptoCatnip like, different ways of sorting, two-way conversations ort just be about an entirely different app that still uses the same platform as a base. There is hardly any limit here.

They are also creating publisher and analytics tools that have the sole purpose of managing proportions and getting analytics from the blockchain without one being a blockchain guru. Honestly, these are great ideas which I fully support because not everyone that is going to use the platform is going to be a specialist in the blockchain technology.

While they were designing MEDIA Protocol, they had some key criteria in mind such as creating a user experience that isn`t bothered with unnecessary features. With leverage existing web standards they are going to challenge themselves to be as useful to the users as possible. Most importantly the team had security in mind and is working hard against fraud and bad actors.

The Project

According to their not-so-easy-to-find roadmap the team have begun researching and creating the idea of the project in the early 2017. The published Roadmap consists of 5 milestones which are all crammed in the short period of a year and a half. Something that is worth to mention is that they have taken almost a year (from Q1 of 2017 to Q4 of the same year) for research and development of the base elements which means that the team certainly knows what they are doing and have thought carefully about every single detail before launching themselves to the second milestone that is publishing valuable documents and making the first steps. The last Milestone on the roadmap is planned to be around Q3 of 2018 and it consists of publishing the advanced SKD and API and integrating them which logically thinking should mean that the project is done. Right now we are near the end of Q2 of 2018 which means that by the end of the month we should see the main net launching as well as the Publisher Platform being finished. Honestly, compared to other ICO`s, MEDIA Protocol have set themselves quite the short deadline. Usually the roadmap is two to three years long but here it`s (as mentioned) just a year and a half. But that doesn`t stop us from expecting a great product in the end now, does it?

Two men are responsible for all of the hype and their names are Martin Adams and Tom Graham. About Martin Adams, I already mentioned that he is the co-founder of MEDIA Protocol but he is also the co-founder of Codec.ai. In short, it is an artificial intelligence company. Martin graduated Law School in Harvard and this is where he got his experience in the digital economy sphere as an attorney in New York. Something that I am sure that many of you will find interesting, is that he is recognized as a Maserati Top 100 UK Entrepreneur.

The second person, Tom Graham, has a similar history as Martin Adams. He is a managing partner at TLDR which is a crypto advisory form and a hedge fund and a co-founder of Digital Future Council. Obviously, the experience he gets from both of these positions is of great value for MEDIA Protocol. Tom and Martin work together as co-founders in the before-mentioned Codec.ai. Tom Graham has had an interesting past as the co-founder of the world`s fastest database and GPU in-memory analytics engine backed by NEA, NVIDIA and the world`s most popular search engine: Google.

Of course, it is not just them in the MEDIA Protocol team. James Tabor, their CEO as well as their CTO-Mark White are there to help the founders to keep the rest of the team in check. The team itself is very well balanced. It consists of multiple developers, testers and architects who have more than enough experience in their fields to get our hopes up about the project.

Personal Opinion

A creator relies heavily on the algorithm of the platform they are using. Whenever this algorithm does something to not display their content, the creator has a small problem on his hands. As long as this problem doesn`t happen too regularly, they can compensate by creating more content, but problems tend to grow if not treated on time and soon this small problem can grow to be too large for a single creator to handle. If this happens the creator looses a lot and faces bankruptcy. With MEDIA Protocol such a thing cannot happen. They have thought of everything to make sure that the system is as perfect as it can be.

Perfection comes with a couple of types of freedom: Freedom for the creators and freedom for the consumers. For a consumer: the platform needs to present everything the viewer has subscribed to. It has to reward the consumer for the time they have dedicated and most importantly for the feedback they give. In the case of MEDIA Protocol this reward comes in the form of tokens. Depending on the creators decisions the rewards are going to be distributed in a fair way.

For ease of use, the team has created an accessible documentation of the protocol and smart contracts that is to be of assistance for the publishers and the creators of dApps. As well as this handy tool they have created handy ready-made iOS and Android software development kits that are for the creators to embed into their apps so that they can inherit the benefits of the CryptoCatnip ecosystem. Imagine the headaches that the manual integration would have caused, thanks to these two tools, the creators can easily integrate the ecosystem into their own apps.

Overall I can easily state that Tom Graham and Martin Adams have something astonishing in their hands. They are going to give freedom to the creators thanks to the tools they are providing, they are going to let them control their communities and be able to stay calm that their content is going to reach the consumers. Of course they are going to give consumers access to a steady flow of content to their favorite creators giving them happiness. Which is something that is often overlooked, but not by the Media Protocol team. That’s why we should not overlook this project, too.

More information:

Website: https://www.mediaprotocol.org/

Telegram Group: https://t.me/Media_Protocol_Community

Ann Thread: https://bitcointalk.org/index.php?topic=3396313.0