Please note! This essay has been submitted by a student.
Have you ever wondered what it would be like to be offered financial incentive for your content engagement and preference data you generate? How about fantasizing on having an opportunity to tip your favourite publisher on a job well done; plus not having to bother ever again about how to raise money to renew your subscription to watch your favourite movie on YouTube?
The present terrain of media engagement doesn’t afford consumers the privileges they deserve—even when you are spending money and time to subscribe to your favourite channel so that you can interact with contents that are churned in by your favourite publisher.
However, in the near future, there will be a change in the status quo as your engagements with movies, books, music etc—any media dealings that involve your time will be compensated for; if you so much as integrate media protocol into any app you intend to use to read, watch content, share content or record your references. Sounds like something you would love to know more about? Then, you definitely should read on.
Media protocol is an open architecture—a foundational ecosystem that initiates a multi-directional platform in which content creators, publishers, and consumers thrive through direct exchange of contents, data, and incentives—including monetary incentives thereby eradicating the barrier and unnecessary rigors imposed by the concept of middlemen or intermediaries in the media sphere.
With the abolishment of intermediaries which are in form of social media evaluations; content creators, publishers, and brands alike are privy to first-hand information as to the performance of their content—making it super easy to improve or dish out contents that the consumers are in dire need of. This way, the stakes towards building a transparent, efficient and mind-blowing online experience are at an all-time high.
Intermediaries in the media space have over time dished out false information or inadequate data to brands they work for which have no doubt plunged some brands into developing contents that were eventually busted by consumers—with time and money gone down the drain.
Now, media protocol intends t+F125o use media tokens as a mode of rewards in its ecosystem such that consumers and publishers are compensated for their involvements. However, to accomplish this feat media protocol would create its own token.
True, it could have tried to fit into existent cryptocurrency token, but in order to define their own economic guidelines which are stirred around projecting the highest value for content publishers, distributors, promoters, and consumers, a proprietary token is important. Additionally, creative features can be exploited thereby achieving its goal.
The blockchain technology comes in handy for eliminating the excesses of middlemen due its decentralized model, frauds and manipulations of the system is inhibited since the blockchain employs a transparent mechanism, fast micropayments are enhanced—since transaction costs are minimal. Plus the blockchain technology promotes anonymosity.
Initiating the use of tokens and smart contracts is a giant stride in actualizing a token economy. However, creating an ecosystem that will cater to every stakeholder will require the following:
The propositions of the media protocol over our present-day approach to media are enormous. We envisage a future that is a win-win for everyone, where the time invested in promoting or engaging any media content pays off handsomely. That’s definitely a future everyone should look forward to. With media protocol, it isn’t just in the future anymore; it’s going to be our present.