SingularDTV’s Ambition to Decentralize the Entertainment Industry
SingularDTV, a blockchain entertainment studio and Ethereum-based management platform, is trying to rebuild the entertainment industry by deploying and distributing digital content on a decentralized blockchain network.
Since its introduction in 2009, blockchain technology has been exploited by the world’s leading researchers, banks, and financial institutions for its ability to decentralize and secure data including transactions and assets on a distributed network of ledgers.
As the blockchain technology began to attract the interest of venture capital firms and major research firms around the world, multinational corporations and startups started to recognize the potential of blockchain technology outside the realm of finance, especially in industries including real estate, industry, and entertainment.
SingularDTV is an Ethereum-built platform which is envisioning a complete overhaul of the entertainment industry and how content is being distributed in the market. From the development to the deployment of digital content, SingularDTV is trying to morph itself into a complete digital online studio for producers and content creators.
Leveraging the blockchain technology’s ability to settle both transactions and assets, the SingularDTV platform enables TV producers, filmmakers, and artists to deploy their content on a distributed network, and receive funding through decentralized crowdfunding campaigns like startups and projects did on the DAO network.
The Structure of the Platform
The company behind the SingularDTV platform describes the following components of the platform: CODE, Smart Contracts, Vault, Workshop, and Projects.
To begin with, the entire concept of the Singular DTV platform is based on CODE, which stands for Centrally Organized Distributed Entity. The CO part of its slogan represents the Ethereum foundation based in Switzerland while the DE section represents the Ethereum blockchain itself, which enables the network to settle various assets on a decentralized network through the utilization of smart contracts.
With this structure, the platform runs its complicated operations, from distributing revenue amongst content creators and sustaining projects on the network itself.
The platform is unique in a way that it runs on a native cryptocurrency called SNGLS, which represent the actual revenue the content on the network drives. SNGLS are also used to fund the projects deployed and sustained on the network.
Ultimately, the SingularDTV platform incorporates centralized assets on a decentralized network, allowing digital content creators to be funded and to raise income in the most transparent method out of all of the industry’s content distributors.
“CODE is SingularDTV’s structure to decentralize itself — all its Intellectual Property in the form of film, television and software projects, represented on the blockchain as SNGLS tokens,” explains the SingularDTV team.
“When functioning at its potential, the CODE acts as a decentralization generator that perpetually places centralized assets onto the blockchain, growing the Ethereum ecosystem. In the coming years, when trillions of dollars of assets are placed on the blockchain, it’s structures like the CODE that will have helped make it possible,” the team added.
Considering the basis of the network that is the SNGLS tokens, the network itself will be able to sustain a tokenized ecosystem in which all of the settlement of transactions and assets usually settled in a centralized and physical manner will be handled with a greater level of transparency and fairness.
It provides the content providers a way to actually track down their income, while actively raising funds for their projects using a native currency.
Ultimately, SingularDTV will offer a user interface, in which participants will be able to watch content and have the chance to upload content of their own to compete against other content creators on the network.
“Within the SingularDTV interface will reside all the tools participants will need in order to have a connected and meaningful interaction with the decentralized world; from access to their wallets, identities and reputations, to utilization of the rights management system and so much more,” said the team.
Considering Imogen Heap’s successful implementation of the blockchain technology and other music distributors’ projects on the blockchain technology, SingularDTV’s platform could potentially spur a disruptive move in the entertainment industry if the audience and content creators both participate in the network to decentralize the industry.