Blockchain’s application is expanding its penetration to wider areas. After employed in banking, health sector and global supply chain, it is finally contributing to an area everyone cares about. This new industry is creative sphere of music, art, video games and e-books.
A new company called Qravity is planning on utilizing decentralized content platform along with the distribution platform. The company is aiming at introducing fair compensation to the content creators for their hard work.
The company is trying to create a space where the artists and other creators can collaborate more efficiently and accrue more profits. The content producers are chiefly related to the digital media platforms.
The platform will serve as a place where the consumers can directly go to purchase the services of the artists. The premium original content is going to benefit the artists directly without any intermediary.
Qravity is built on the Blockchain of Ethereum. It uses the tokens to record every projects progress and gives stake to every team member in the project. When the finished content is monetized. The profits are distributed among all the creators and collaborators according to the stakes they offered.
The profits are distributed every time a transaction is made. Even a single buy, and the content creators (where many people collaborate to finish something) will get their fair share. The token wich is used internally and is not for sale is called QPT. A fixed amount of QPT are allocated by project leaders in the beginning.
The cryptocurrency employed by the Qravity is called QCO. This currency can be used by the customers and the distributors to license or purchase the content directly. The royalties from the sales are distributed according to the QPT held by every creator and collaborator.
The method is remarkable use of decentralization in order to ensure the fair pricing of the content creation industry. The expansion of these services into wider market can change the music industry in coming days.
At the very least, it can guarantee some remarkable content compared to the regular content which are unbearable most of the times.