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The Entertainment Industry Meets Blockchain

These days, it seems, Blockchain is making its way into most industries. Every other day, a new blockchain project is announced, usually trying to give the technology yet another novel use. While many of these enterprises are doomed to fail, others surely won’t. In a few years, many markets would have been transformed by the

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These days, it seems, Blockchain is making its way into most
industries. Every other day, a new blockchain project is announced, usually
trying to give the technology yet another novel use. While many of these
enterprises are doomed to fail, others surely won’t. In a few years, many
markets would have been transformed by the immutable ledger.

One of the markets where there are still very few blockchain
proposals, yet where it could help the most, is entertainment. Once the private
playground of a few executives who acted as gatekeepers, this industry has
slowly been opening up over the last two decades.

Blockchain, as it happens, could be the technology to finally
make it change for good. There are several so far proposed uses that are worth
looking into.

Fair
distribution of earnings

This is the biggest one. It’s also likely the reason why the
industry so far isn’t looking into blockchain. And the reason why it is likely
to fight any blockchain initiative harder than they the Netflix (which it
lost.)

In essence, with the blockchain revolution;
actors, singers, and all kinds of content creators can be sure they’re not
being robbed. In an industry known for its creative accounting, it would be
expected for those in suits to dismiss any initiatives towards transparency.

After all, the status quo in Hollywood is that it is a handful of people make lots of money with the work of many people. The excuse is that they have the money to make it happen, which is true. But this select class has the money to make it happen on the backs of fraud and cooking the books.

Did you know, for example, that according to Warner Brothers
“Harry Potter and the Order of the Phoenix” was a complete financial failure?
That didn’t keep them from making three more films in the franchise, though. It
also hasn’t made them go bankrupt for some reason.

Bringing an end to creative accounting by having immutable, public ledgers is the great idea that’s unlikely to happen. Transparency would kill the entertainment industry as we know it, for it is built upon embezzling and misreporting.

Were this to happen, though, it would affect more than just
those working in Hollywood. Plenty of websites operate in semi-open ways today,
allowing for user-created content. YouTube has made a fortune with it, for
example. Sam story with Soundcloud.

However, content creators are often faced with their earnings
being too low. While some content creators indeed expect too much, it’s often
difficult to know whether a site is misreporting sales or views. There’s no way
to audit the industry’s data.

Which leads us to another feature that will drive blockchain adoption.

Auditable,
trustworthy data

All we know about a product’s audience comes from the ones in
charge of the product. This means that, when certain data isn’t convenient,
they can withhold it or outright lie about it. And there’s no way to know if
it’s true.

For decades, the TV business depended on Nielsen to know about ratings.
This at least gave an estimate of ratings that couldn’t be manipulated by TV
stations. Just as well, cinemas depended on box office scores, and the music
industry on album sales.

That’s not the case today.

Streaming and digital media have brought amazingly convenient
ways to consume our media. We can access it when we want, where we want, and
just with one click.

We also have no way to know how many people are watching, or
listening to, what. Even content creators can’t know for sure. They receive
monthly reports, but there’s no way to audit them – which means stores can
quite easily cook the books and leave no trace.

On top of that, digital sales and distribution contracts
often shortchange the artists, even when they’re the ones who drive sales.
Taylor Swift went on a crusade against Spotify
over royalties. Jay-Z bought Tidal to try and shape it to be fairer. On the TV
front, Netflix hides viewing numbers for its shows even from its own creators.
The absurdly secretive company, it can be argued, does this so it gains more
leverage when renegotiating contracts.

In other words, it’s not a transparent industry. These are
the cases of high-profile people being hit by this, smaller content creators
could well be hit much worse. It’s also impossible to know if YouTube tells the
truth with its views count, for example.

Blockchain could put an end to all this. With an immutable
ledger, proper viewing and download counters could be a reality. Since this
info would be public (and why couldn’t it be?) content creators would have no
reasons to doubt numbers. We would know the truth about the market at all
times. It could even be used to track the cost and earnings of media, so that
creative accounting is kept at bay.

Of course, that’s precisely why it isn’t likely to happen.
Transparency is too much for an industry built in obscurity. An industry that,
also, often uses this obscurity to justify absurd or unfair decisions.

Establishing
copyright and automatically distributing royalties

This is one front where we might actually see some movement.
In an industry that somehow prides itself for ridiculous copyright length, it
can be very difficult to know who owns what in a few decades after the fact.
Companies are bought or go bankrupt, creators die, and often, genuine info on
who owns copyright is lost.

By using smart contracts on blockchain,
that could be eliminated. There would be no need to know who owns what, since
royalty fees would be automatically charged and distributed. Whenever the
rights over a product changed hands, the smart contract would be immediately
updated.

This is important, because there are lots of media in limbo
due to unknown copyright owners. In video games, for example, it’s a sadly common situation.
It’s not as common in music or media, thanks to the tight control by
corporations on the market, but it still does happen. Securing the rights to a
song can at times be extremely difficult.

By having fees for rights that are automatically awarded and
distributed, we could skip this. We’d just have to point out what we’re using,
and the blockchain would take over. Moreover, we could actively know when
copyrights expire – and once those dates arrive, the blockchain would mark such
media as free.

Great
upgrades that are unlikely

As mentioned before, most of these uses are unlikely to ever
happen. It would take a major blockchain technology investment
by a new player with money to make a change in the industry. We would require a
company with means to transform the market in the way Netflix did a decade ago.

However, not all is lost. While the chance of Netflix ever
releasing proper viewership numbers or Spotify allowing us to audit its numbers
is low, blockchain could well make a difference. And it’s quite likely we’ll
see blockchain-based media distributors, even they’re mostly independent ones.

Conclusion

The issue with Hollywood, of course, is that it’s set on its
ways. It took a long while to allow streaming. An even longer while to assure
that TV could have the same, or even better, quality than film. Many still argue those two
points.

Still, we can only hope that blockchain adoption in the entertainment industry occurs soon enough. We can only hope whenever it does, it does so in a massively disruptive way that forces the whole industry to change for the better.


About Stevan Mcgrath,

Stevan Mcgrath, is a Bitcoin and cryptocurrency enthusiast, passionate about the potential these tools and blockchain technology bring to the world and writes consistently for CoinReview. He has been following the development of blockchain for several years. To know his work and more details you can follow him on Twitter, Linkedin.

Source: https://railsonwave.it/the-entertainment-industry-meets-blockchain/

Blockchain

Dogecoin is Everywhere: from Elon Musk to Mark Cuban to John McAfee

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Dogecoin has become the center of attention of famous individuals once again. Mark Cuban said that his NBA team had become the largest DOGE merchant, Elon Musk made an electronic-god reference, while John McAfee used its growing popularity to defend his alleged pump and dump schemes.

McAfee Touted DOGE Before Musk

The love story between the CEO of Tesla and SpaceX and the popular meme coin is well-known within the cryptocurrency space. Musk has outlined his support for the asset on multiple occasions.

While some believed that the positive engagements with DOGE came from his trolling nature on social media platforms, Musk has repeatedly found different ways to promote the token. The latest one came on Saturday, as he said that “Doge spelled backwards is Egod.”

His support brought more famous individuals to the scene as well – names such as Snoop Dogg and Gene Simmons. Despite the long-term relationship between Musk and Doge, though, John McAfee recently highlighted that he touted the asset long before Tesla’s CEO.

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McAfee was indicted days ago from the US DOJ for multiple criminal offenses, including his alleged involvement in pump and dump schemes with his “Coin of the Day” campaign. Several years ago, the former antivirus tycoon promoted small-cap altcoins that he supposedly believed were undervalued, but US authorities claimed that he made more than $13 million from illicit schemes.

McAfee argued that the allegations are “overblown” and that he indeed considered those coins to have immense potential. One of them was Dogecoin, which, in his words, “has increased well over 1,000% since I chose it.” Ultimately, he concluded that this was “not a pump and dump.”

Mavs Are the Biggest DOGE Merchant

Another Doge-related engagement from high-net-worth individuals came from the owner of the Dallas Mavericks – Mark Cuban. The billionaire and his NBA team recently announced that they had started accepting Dogecoin payments for game tickets and merchandise on the online store.

A few days later, Cuban updated the community on the performance of this new initiative. He said that the Mavs had received more than 20,000 DOGE in transactions, making them “the largest Dogecoin merchant in the world.”

Furthermore, the start of the reality TV series Shark Tank predicted that DOGE will “definitely” reach $1. With a current price of $0.056, the asset would need a 1,700% increase to reach that milestone.

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Source: https://cryptopotato.com/dogecoin-is-everywhere-from-elon-musk-to-mark-cuban-to-john-mcafee/

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Brad Garlinghouse: XRP Will Continue Trading Even if Ripple Goes Away

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With the impending legal battle between the SEC and Ripple, the CEO of the payment processor said that XRP will endure even if the company doesn’t.

Simultaneously, Jesse Powell, the CEO of the veteran US exchange, Kraken, believes that offering XRP trading carries “huge asymmetrical risk.”

XRP Will Endure, Says Ripple CEO

Ever since the US Securities and Exchange Commission brought charges against Ripple for conducting an unregistered security offering, the company’s executives have tried to defend their position multiple times.

During the latest such attempt, the CEO, Brad Garlinghouse, called the lawsuit “misguided” and noted that XRP had traded in the US for eight years before the allegations emerged.

Furthermore, he laid his case on why Ripple’s native token is not a security and promised that the asset will survive even if Ripple ceases to exist.

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“If you own a security, it gives you ownership of a company. If Ripple goes away, XRP will continue trading.”

Garlinghouse explained that numerous other countries, such as Singapore, Switzerland, and Japan, all have “clarity and certainty” that XRP is not a security. In contrast, the US is “the only country on the planet that has suggested that XRP is a security.”

Consequently, the executive doubled-down on a previous narrative stating that the lawsuit against Ripple is “bad” for the entire cryptocurrency industry, not just the payment processor. This is pushing entrepreneurs to seek other options as they plan to leave the US.

It’s worth noting that Ripple is one of those companies that contemplated moving outside the US even before the SEC’s charges became official.

Trading XRP Carries Asymmetrical Risk

While Garlinghouse believes that XRP will continue trading even if Ripple is no more, Kraken’s CEO recently highlighted the potential “asymmetrical” risks for exchanges during these uncertain times for the token.

He assumed that the Commission has acted in “good faith” when bringing the charges and believes that judges ultimately “tend to side with agencies.”

As such, Powell asserted that if the SEC wins, then the watchdog would “say that exchanges should have known.”

Although Kraken took its time before making it official, the veteran US exchange joined the list of trading venues that removed XRP in January this year.

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Source: https://cryptopotato.com/brad-garlinghouse-xrp-will-continue-trading-even-if-ripple-goes-away/

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Ultra (UOS) hits a new all-time high as blockchain gaming and NFTs boom

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Video games and online gaming have become some of the largest industries on the planet over the past thirty years as digital technology and the internet have interconnected people from around the world and transformed us into a global society. 

Decentralization and blockchain technology are gathering steam as a transformative new way to operate and build an ecosystem, and Ultra (UOS) is one gaming-focused project that has been gaining momentum in recent months.

Ultra, a blockchain-based PC game distribution platform, is created for gamers and game developers and it allows users to develop multiple revenue streams, including the ability to resell games and in-game items.

Developers for the project have created a customized version of the EOSIO blockchain designed to offer free user account creation and higher transaction throughput through better resource allocation.

Data from Cointelegraph Markets and TradingView shows that UOS surged 225% over the past month as the price rallied from $0.132 on Feb. 1 to an all-time high of $0.42 on Feb. 22.

UOS/USDT 4-hour chart. Source: TradingView

As seen on the chart above, UOS trading volume hit a record $31 million on Feb. 21 and Feb. 22 following its listing on Bithumb.

NFT popularity provides a boost to Ultra

Non-fungible tokens are one of the fastest-growing trends in cryptocurrency currently and UOS has benefited from their growth. The developers at Ultra have been focused on the technology underlying NFTs as they can enable unique in-game items to be resold in multiple marketplaces and eventually on decentralized exchanges. 

Interoperability between blockchain platforms is also a major topic in the crypto ecosystem, and the team at Ultra is developing and beta testing a new mainnet that will retain the ability to operate on Ethereum.

While UOS is interoperable with the EOSIO blockchain, Ultra developers are also exploring NFT interoperability with several other blockchains including The Sandbox (SAND) and Elrond (EGLD). The project also has an evolving partnership withTheta that will enable live streaming gameplay and cross-chain NFT transfers.

Aside from its main association with the gaming giant Ubisoft, recent partnerships with globally recognized companies like semiconductor manufacturer AMD and Atari have also helped propel UOS price higher in 2021.

Big-name partnerships, cross-chain interoperability and the growth of the NFT sector have Ultra well-positioned to benefit from the bullish momentum in the cryptocurrency market.

The games sector is expected to continue its exponential growth for the foreseeable future and as blockchain gaming becomes more popular, UOS could benefit from having the first-mover advantage. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Source: https://cointelegraph.com/news/ultra-uos-hits-a-new-all-time-high-as-blockchain-gaming-and-nfts-boom

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