BY Team CNA - August 1, 2018
Special Features 0
ContentBox: Empowering content creation through blockchain
ContentBox is seeking to shift power away from the few centralised platforms in the digital content industry.
Using blockchain technology, ContentBox is creating an ecosystem which is aimed at re-allocating incentives in a fairer way.
“We are delivering a consolidated solution through a prominent, decentralised ecosystem in an attempt to empower the entire digital content industry as a whole,” explains Calvin Jiang, partner at Content Box.
He was speaking to CryptoNewsAsia at the sidelines of the Blockchain Global Summit in Hong Kong in July.
ContentBox is the creation of award-winning global podcast platform Castbox. ContentBox’s team is made up of people who have come from the content industry. US trained Jiang for example had worked for Tencent Music Entertainment as its head of investor relations.
Renee Wang, the founder and CEO of CastBox and now co-founder of ContentBox, hails from Google.
ContentBox’s Blockchain Scientist Xiaohui Liu, had worked as a research scientist at Facebook in the US.
But first what is the problem they are addressing? ContentBox’s white paper addresses this clearly.
Firstly, content creators struggle to profit from their own creations. This is already a well established fact and needs little explanation.
While we live in an era of explosive growth of digital content led by web and mobile content platforms such as Reddit, Youtube and Spotify, incentive allocations are unfair.
ContentBox explains further: “It is not surprising that platforms take most of the revenue and creators only collect a small piece of the pie. For instance, when a song is streamed, only about 15% of the sales income goes to its creators, the bulk goes to streaming service providers and record label owners.”
Secondly, content consumers receive no compensation for their contributions such as their likes, shares and comments.
And thirdly, aggressive competition between content platforms is resulting in enormous bids for the copyrights of popular content.
“This drives up the cost of the bid winner and at the same time, leaving the small and medium-sized platforms no choice but to turn to low quality or pirated content. And usually these surging cost will be transferred to end-users through longer ad times or higher subscription fees, eventually degrading the user experience,” the white paper states.
So how does ContentBox seek to address all this?
ContentBox will help various web and mobile applications share digital content and user bases in more efficient ways than before, and process payments swiftly without ceding control to a third party, its white paper states.
For content creators, ContentBox’s payout system will allow them to get rewards every time their content is consumed.
In addition, ContentBox will connect creators directly with their consumers by streamlining and automating business transactions without intermediaries. For consumers, they will be rewarded with tokens according to their contributions. Meanwhile advertisers can tap into a shared advertisement statistics ledger and pay by actual advertisement viewership automated by smart contracts.
For distribution platforms and social networks, they can together build a shared content and user ledger which benefits everyone by lowering the traffic acquisition cost and IP purchase cost. They can focus on improving user experience instead of competing with each other.
ContentBox’ Jiang explains the current issues in relation to IP. “The IP system is in a mess,” he says.
He explains that a famous singer today may have released his first singles with a different recording label. Now if he wants to compile an album that includes those older songs, he would have to deal with the myriad of IP rights claims from various parties.
“If you could use blockchain (technology) to streamline all of this, it would make things so much more clearer,” he says.
For application developers, they can leverage ContentBox’s blockchain-enabled token, the decentralized payment infrastructure and the identity services to build applications.
In a recent press release, it was revealed that ContentBox listed its base asset BOX exclusively on leading global digital asset exchange Huobi Pro. The listing marks a major milestone for ContentBox and signals a strong vote in confidence in the project, as only .0001% of the more than 287,000 crypto projects make it onto Huobi Pro, it said.
BOX is available for trading on Huobi Pro and there are currently 750 million BOX tokens in circulation out of a total supply of 3 billion BOX.
For More Information Please Visit https://contentbox.one/