Breaking

Thursday, June 7, 2018

Tokenizing the Web with Smart URLs: The MEDIA Protocol ICO

If you are a cryptocurrency enthusiast, chances are you don’t like censorship, centralized control, or middlemen. Bitcoin arose from the ashes of a tumbling world economy to offer safe haven to those disillusioned with the status quo. Since its inception, thousands of alternative and incarnations have followed suit. Yet the main delivery system of all this information—no doubt the method in which you are reading these very words, often goes unquestioned.

MEDIA Protocol offers a solution of internet transparency, allowing publishers, content creators and consumers a direct link. The MEDIA whitepaper refers to this link as a two-way flow from publisher to consumer and vise-versa. In theory, this protocol would be more efficient; costing both parties significantly less money and time while incentivizing both parties with their token-based approach.

So how does this work? Consumers that use apps integrating MEDIA Protocol will receive token rewards. If you read content online, share the work of your creators, record preferences, etc, you’ll get MEDIA tokens in exchange. These ERC20s can be traded on the open market, or used to tip your favorite content creators.

Publishers that use MEDIA Protocol will be given an alternative to the regular avenues of advertising and distribution. When a website publishes an article, for instance, the URL is usually shared on social media, and is boosted for a fee. With this new system, this website will have a direct link to its readers. Think of it like shortcut through the internet, using blockchain to connect those invested in the content. MEDIA refers to these new protocols as “Smart URLs”.

MEDIA Protocol is positioning itself to become the core infrastructure of a new internet communication. The system will rely on third party dApps to build diverse, eclectic online communities. According to the company’s available documentation:

“MEDIA Protocol is a tool for the proliferation of infinite and open content economies, powered by communities through relevant content. It is a remedy for the cognitive drain we each experience when we consume the content of the lowest common denominator, with little alternative, which results from economies of scale in the current content ecosystem.”

Fancy words, but you might be asking what exactly MEDIA Protocol is. Stripped down to the code, it is a smart contract using the Ethereum blockchain which provides a token as a reward for interacting with certain apps and websites.

They have created a working prototype dApp called CryptoCatnip as a proof-of-concept and an example of future applications. CryptoCatnip is their flagship app devoted to news about the world of cryptocurency and delivering the latest stories to avid readers. Finally, MEDIA is a set of analytic tools for publishers. While consumers remain anonymous, metrics will be provided through the supported apps. MEDIA Protocol will eventually have a developer toolkit for easy building on iOS and Android platforms.

While this proposal may at first seem convoluted, MEDIA’s whitepaper and roadmap are intricately detailed. Token distribution, scalability issues, off-chain service, delegation, issues of identity protection and paywalled media sources are all addressed in far greater depth than can be summarized in a review. When issues of internet censorship, net neutrality, consumer-creator rights and other relevant arguments are at stake, it’s worth taking a closer look. In the crypto space we have some fantastic new-internet solutions in projects such as Substratum, MaidSafeCoin, and many others, but so far only a few address these specific concerns.

The project boasts an impressive group of advisors. Andy Tian, CEO of Gifto, Kate Cox, CMO of GoDaddy, Mark Adams of VICE, and Richard Ma of Quanstamp make up only part of a star-studded crew you can’t go wrong with. Angel investors from Havas Group, Cowboy Ventures, and Wachsman also appear to be consulting the fundraising process.

For more info check out www.MediaProtocol.org for a slew of upcoming events as well as a glimpse at their whitepaper, smart contract, and even their marketing campaign and roll-out plans. Token sale is to-be-announced, inclined investors are encouraged to join their Telegram group.
------- 
Author: Vincent Russo
Los Angeles News Desk