It doesn’t matter if you are a Grammy Award-winning musician or a video producer with less than a hundred followers. The moment you publish your work – it starts getting segregated.
Content creators have been silently siphoning off a huge part of their earnings to several sets of hands. When an individual watches or purchases their work, only a small percentage of his contribution ends up in the bank balance of the content creator. The rest of it goes to intermediaries. In the case of musicians, these middlemen are online stores, distributors, publishers, performance rights organizations, and whatnot. And, in the illustration of online content creators – text, sound or video alike – these intermediaries are social media websites.
Technologists working in the crypto sector have got their opportunities to fix the whole structure of the digital entertainment economy. Decentralization is their solution.
A decentralized economy is a market with no intermediary or governor. An open source code written in advance provides the working backbone of its structure, mainly focusing on peer-to-peer content and finance models. That said, what an artist creates for their users can get monetized directly using P2P channels. At the same time, a consumer can receive highly customized and quality content.
Tron and Partners Aim To Decentralize Entertainment
Many of the projects claiming to offer solutions to traditional digital entertainment issues have already rolled out the first set of their software clients. The Tron Foundation, a Singapore-based firm, is utilizing blockchain technology to advance decentralized content sharing on its platform, also called Tron. The platform believes it would decentralize the web as a whole by incentivizing each participant for sharing, redistribution and upvoting the content according to a Nasdaq report.
Tron has so far launched its digital token, TRX, that handles the incentivization and other payment settlement needs of the platform. The biggest takeaway, however, is the inclusion of BitTorrent and Paiwo as critical partners. The former is the world’s leading P2P content distribution network and has become the first to deploy the Tron’s decentralized system on it. That said, users of BitTorrent receive TRX tokens to seed the files. Seeding from nodes improves content’s availability to the rest of the BitTorrent network.
Paiwo, on the other hand, is China’s largest voice content provider with over 10 million users. The company has enabled users to tip each other within its platform using TRX tokens. Another of the Tron’s partner, Game.com, a blockchain-based gaming platform, allows its content creators to receive direct payments in TRX tokens.
Another Tron-like project is Opus. The Ethereum-based project does not go for the entire web, though. It mainly focuses on decentralizing the music industry by enabling artists to earn 100 percent of profits from their earnings. Opus uses smart contracts to bring about a popularity tracking feature, meaning an even-field for all the artists, where paid marketing does not exist. Like Tron, Opus also rewards users for creating playlists and sharing them with their peers using OPT tokens.
Digital entertainment is notably turning into a breeding ground for decentralized economies. As this sector grows, people will have the power to govern their spending, as well as earnings, without needing a third party. A PwC report also predicts huge growth and that the distributed decentralized entertainment economy will be worth $335 billion by 2025.
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