Since music and film became digitized, both the RPAA and Hollywood have fallen victim to a multitude of platforms that have come into existence, making content freely available and accessible to people across the world, driving down profits and revenue streams.
But, with blockchain technology, there may finally be a means by which to harmonize the digital age with the entertainment space, ensuring that content creators are protected and that brands and companies receive a fair distribution of revenues from production and content distribution.
In the hopes of balancing the equation, Hollywood producer Andrea Iervolino is launching a new blockchain-based platform, TaTaTu, that intertwines social media activity with entertainment viewing. TaTaTu is a global and social entertainment platform through which users receive rewards for watching movies, sports, gaming, and other forms of content, as well as from their friends’ viewing.
Recognized for films like End of Watch, Apocalypto, The Merchant of Venice, and Machete, Iervolino hopes to bring Hollywood to the blockchain by integrating a 360-degree entertainment platform that ensures secure digital rights records, as well as the fair distribution of advertising revenue between users and content providers.
As the co-founder of AMBI Media Group, a multinational consortium of vertically integrated film development, production, finance and distribution companies, Iervolino’s vision is to develop a nurturing community of dedicated and engaged users who watch and create videos that can then be shared with friends and members of the community.
HARMONIZING THE SCALE
Thanks to blockchain technology, users will finally be rewarded for their social entertainment activity in an open and decentralized way – earning tokens to watch movies and other content for free, and receiving additional tokens from the movies and the content consumed by their friends.
Users can engage with their friends and be rewarded for their social media relationships by receiving digital tokens for views generated by both themselves and their friends. Token holders will also take active part in shaping the future of the platform, with the ability to vote on which content the platform should provide in a fully transparent and decentralized way.
The industry is no stranger to piracy and illegal downloading. Well, finally, content creators no longer have to worry about not being compensated fairly – or at all – for their work, because platforms like TaTaTu will monetize every piece of content based on effective user consumption and real-time views, providing for transparency and real-time financial reporting.
“Social networks and entertainment platforms are making huge profits by gathering data from their users and selling it to other corporations without rewarding their users,” says Iervolino. “There is a need for a platform that provides higher levels of transparency to their users, brands, and rights holders about the revenues generated and monetization of users. Audiences need free, legal and quality content with a simple user experience.”
Most content-based platform business models are centered around the idea that users need to pay for their content, which encourages users to find alternative, more cost-effective routes, ending up in the illegal marketplace (e.g., torrents and the dark web). “Well, no more, because TaTaTu is listening to the marketplace and adapting—giving free access to content and taking it one step further by rewarding users with an automatic monetization system,” says the Hollywood producer.
Advertisers can target specific audiences by placing their ads on a reliable platform with premium content. Brands get access to very detailed information about their audience. All user profiles are verified, and all the views and engagement metrics are accurate.
Encryption and Transparency
Thanks to its blockchain, TaTaTu can record each transaction in an open and incorruptible distributed ledger, ensuring that users and content providers get rewarded. A digital rights management platform will ensure that all talent, distributors, and studios have an accurate record of their work recorded and secured on the blockchain, reducing the percentage of piracy throughout the industry.
Germany’s central bank chief is not alarmed by Facebook Libra
- Germany’s central bank chief, Jens Weidmann, believes that Libra must answer all the questions before they go ahead.
- He feels that if Libra delivers on its purposes, then it can be “attractive to consumers.”
The president of Germany’s central bank and European Central Bank policymaker, Jens Weidmann has stated that he is in favor of Facebook’s Libra. As per Reuters, Weidmann said at a G7 meeting:
“There’s no reason to be alarmed but there’s reason to be vigilant.”
Weidmann also said that Facebook should only go ahead with Libra after answering all the questions posed to them. Facebook’s blockchain lead, David Marcus, recently revealed to U.S. senators and congressional representatives, that Libra will go ahead only after it has satisfactorily addressed all regulatory and ethical concerns. Weidmann also believes that if Libra delivers on all its promises, then it can be “attractive to consumers.”
Someone Is Trying to Trademark ‘Samsung Coin.’ It’s Not Samsung
Someone in South Korea appears to be trying to take advantage of Samsung’s blockchain efforts by nabbing the “Samsung Coin” trademark.
According to filings with the Korean Intellectual Property Office (KIPO), an application to register the trademark in both English and Korean was submitted on July 10 by an individual called Kim Nam-jin.
The filing was made under categories related to computer programs, such as “downloadable electronic money computer program,” “electronic money card,” “electronic encryption device,” and “IC card with electronic money function.”
However, when contacted, a Samsung representative told CoinDesk that the tech giant was not behind the application.
“We don’t work this way,” they said.
While the trademark application does not specifically state whether it’s related to blockchain or cryptocurrency, the filing follows CoinDesk’s previous report that Samsung is developing its own blockchain using ethereum tech, and may eventually issue its own cryptocurrency, possibly called “Samsung Coin.”
In a possible clue as to their motivation for the filing, the same individual has previously tried to lodge trademarks relating to cryptocurrency work by other major technology companies.
The KIPO database shows that Kim Nam-jin also filed an application on July 10 seeking to trademark “ThinQ Wallet.”
However, on July 2, LG Electronics, also based in South Korea, filed trademark applications both in South Korea and in the U.S. for “ThinQ Wallet.”
Based on the LG application details, the wallet would provide a variety of mobile services including “software platform for blockchain” and “mobile electronic wallet for cryptocurrency.”
The “Samsung Coin” filing was initially covered by a few news sources that incorrectly indicated Samsung is applying for the trademark.
CoinDesk Korea’s Shinjae Yoo assisted with reporting.
WATCH: A FinTech Lawyer Breaks Down Libra’s Legality
Joel Telpner, Chair of Fintech and Blockchain Practice Group at Sullivan & Worcester LLP, isn’t surprised that Facebook is getting a grilling on Capitol Hill. In fact, he’s pleased.
“These are attacks on Facebook itself that really has nothing to do with crypto has nothing to with Libra it’s just Facebook being bad boys you know [they’re] concerned about [their] privacy policies,” he said.
His point, quite simply, is that any scrutiny of crypto in DC is vital.
“Parts of the hearing so far where they’ve actually been able to get into conversations about Libra and about crypto have been interesting because on that side of it you’ve seen some Senators that have been skeptical,” he said. “But overall it’s kind of it’s been encouraging to hear some of the senators talking about ‘Hey, this is a good thing.’”
Telpner joined CoinDesk editor Pete Rizzo in a wide-ranging conversation about the legality of Libra and, in the end, what Facebook and the Government will have to do to come to terms with the future of crypto.
You can read our complete Libra coverage here and watch our CoinDesk LIVE interviews here.