Wednesday, February 19, 2020

Crypto Projects like Tron to Revolutionise the Digital Entertainment Industry

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Adedamola Bada
I'm Damola, a computer engineer from Obafemi Awolowo University. A crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and positive contribution to the organization that aspires for excellence. Contact me on damolabada@gmail.com

The presence of a middleman to arrange contracts, receive payments, finalize agreements, amongst a list of other things is an idea the world has comfortably gotten used to. But definitely, one that it can do without now; especially in the aspect of digital content creation.

In the new world of decentralization where it doesn’t matter all matter, it wouldn’t matter if you are a Grammy Award-winning musician or a small-scale video producer with less than a hundred followers. Once you publish your work or art, you start getting the attention and incentive you rightly deserve.

Parties who continue to serve as intermediaries continue to make more profits than the content creators themselves, especially in the entertainment and industry where upcoming artists find it challenging to receive pay and gain a steady fan base.

For singers/musicians, intermediaries could be online stores, distributors, publishers, performance rights organizations, and similar; While online intermediaries for content such as text and videos are majorly popular social media websites.

Tron and Others Setting the Pace

The Tron Foundation, based in Singapore is arguably the leading firm in the actualization of a mainstream decentralized internet. The company employs the blockchain technology to advance decentralized content sharing on its platform, which is also called Tron. According to Nasdaq, the company believes it can decentralize the web completely by rewarding participants and providing incentives for sharing of content, redistribution and also upvoting.

Tron, which has already launched its digital token, TRX, has recently made its intent known by acquiring BitTorrent and partnering with Paiwo as they seek to exploit the former’s excellent peer-to-peer distribution network.

Interestingly, decentralization is the best solution to the digital entertainment economy, and it currently has a host of ambitious technologists in the world of cryptocurrency already working to make it happen.

A decentralized internet facilitating a decentralize digital economy would not need an intermediary or governor, as creators can continue to create contents and make a hundred percent profit using peer-to-peer channels without any middleman. This is the future that projects like Tron, Ethereum and Opus are trying to make.

While Tron’s project dubbed “Project Atlas” is more ambitious and covers a lot more fields, Ethereum also has a similar project named Opus. Opus, however, is not concerned with the entire web but is focused explicitly on decentralizing the music industry so musicians can earn 100 percent from their income.

The world of digital entertainment is about to see a major ‘decentralizing’ revolution, and as PwC predicts, the decentralized entertainment economy would be worth more than $330 billion by 2025.

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