The 21st century has been met by a lot of economic challenges with increasing population and resources dwindling at a high rate, nearly everyone has felt the pinch. Innovation has however not ceased, in fact, it has increased greatly to try and provide alternatives to the way things are run. One such alternative that has been provided is blockchain technology which allows systems to be decentralized thereby spreading the fortune in various markets to more people which enables them economically instead of increasing the value of a few people or corporations. Media Protocol is going with the Ethereum blockchain to decentralize the content market and provide a frictionless system.

The potential of Media Protocol

Weekends are usually days you would like to relax and probably catch up with the latest in topics you are interested in, maybe sports or technology. Lately, in many sites that host these contents, the numbers of pop up ads or ‘premium’ services where you pay not to receive ads have been increasing. In as much as economic times may be harsh, consumer satisfaction should be among the top if not the top most priority of any content publishers or producers.

Media Protocol would bring the relaxation in content consumption that is eagerly desired by content consumers while still meeting the demands of publishers and creators in a manner that satisfies both parties. The goal Media Protocol has is to shake up the content market causing the flow of cash to be dictated by every player in this sector and not the concentrated few at the top. Through Media Protocol, content consumers would consume the content that they want, when they want and even have an influence in the type of content and ads that they receive. Furthermore, Media Protocol plans to rewards consumers through its platform such that any content consumed through decentralized applications integrated with the Media Protocol platform has a consumption reward attached to it in the form of Media tokens.

Media Protocol, through its token, has the potential to give users of their platform a way of getting some extra income in the form of cryptocurrency when they trade these tokens in the available exchanges.

The Ecosystem

Driving this disruption are the following features in Media Protocol’s ecosystem:

➡️Cryptocatnip. This is a decentralized application that is to act as a standard or guide to future decentralized apps that will be built to integrate with the Media Protocol system. It also acts as the proof of concept for Media Protocol which gives potential users of the platform a glimpse of what they expect in other decentralized applications using Media Protocol for content delivery.

➡️Media Protocol. At the heart of this ecosystem is the smart contract that runs the reward system set to decentralize the content space. The ERC-20 complaint media token will be tradeable tin various exchanges with Ethereum, fiat or other cryptocurrencies as a result of the Media Protocol smart contract.

➡️Third party applications. Decentralized applications integrated with Media Protocol will be an essential part of this ecosystem. Developers have the ability to innovate and be creative with whatever they are given to work with. They can come up with other applications of Media Protocol which may attract people to use the platform and Media Protocol as a result of these decentralized applications.

➡️Tools and documentation. The ecosystem will comprise of various tools such as developer and publication tools to help those who are not as tech savvy to use the platform effectively. Documentation to assist in development of apps that can be easily integrated with Media Protocol will also be provided.

Time for change

It cannot be stressed further how much consumer satisfaction is important in any business. For a long time, especially after the digitization of most corporations and the advent of online platforms, the type of content and the reach it had when released was dictated by a select group of stakeholders within the content market space. It can be easy to claim that with social media, any type of content is reachable but even they have content restrictions. Certain content cannot be accommodated in some social media sites. Take the music app Spotify, which recently removed all of R-Kelly’s songs of their charts for crimes he allegedly committed in the past. Such moves can only be made if there is a centralized power in charge of content reach into the market. With decentralization, consumers will have the power whether to consume this content or boycott it.

Security has also been a major concern for content consumers. Reports of how their online data is being used in unclear and opaque ways have triggered some backlash from consumers. That is set to change with Media Protocol. Any app integrated to this protocol will give users their privacy and transactions within these applications will be done in a transparent fashion. This will help reduce privacy infringement cases on users.

Token use in Media Protocol

The Media Protocol ecosystem will house different decentralized applications in the future. These will act as a source of token rewards for consumers who can use these tokens to pay for subscription to certain services or to tip their preferred content producers. Content producers can in turn use these tokens to pay for the promotion of their URLs to increase the chances of their content being read by other consumers. Promotion through Media Protocol will be done in a way that maintains a good content consumption experience. The centralized system has been there for too long and it is definitely time for change.

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