Information is an important tool used to run daily activities, make plans and plan ahead without which systems in place in whichever field would halt and not be able to develop. In relation to this as in this article is the aspect of consumer information of internet users who give this off through the patterns that are observed through the trends in their activities and interactions. This may be in regards to media and viewed in form of videos, pictures and music. Further interactions spread to their online friends and what they talk about and extending to articles and topics that are topics that are popular on the net.
With this opportunity comes the monetary benefits involved as a result of the findings that come from analysis of the data. The existing systems are centralized or rather monopoly of information that is on the net as well as the revenue that accrues from the data provided by online internet users. Present social sites in mainstream use provide free service to users by meanwhile in the background making much more amounts through the selling of personal data and activity to interested parties in form of marketing brands who use this to formulate their advertising campaigns. This is thus a system whereby contributing parties are not fairly compensated for their contribution mainly in the form of internet users. Thus, MEDIA Protocol is a way through which internet users are compensated through their activities on the net which provides meaningful data.
MEDIA PROTOCOL
The MEDIA Protocol is an application integrated protocol which employs the use of blockchain technology to allow for monetization through the use of MEDIA tokens. Blockchain technology creates a decentralized system thus eliminating the elements of single control as well as promoting transparency on the system. Factors such as single control of data by large companies as well as elements of fraud that may arise are minimized by such openness. It also allows for payments and money exchanges that are done through the use of MEDIA tokens which is the driver for exchange for movement of data between the involving parties. Further it allows for the self determination of the prices and value of data that is available as well and how its distribution occurs. This maintains the principle of openness and better control of distribution of data with compensation to the users who generate said data through their activities.
Cryptocatnip and developer creativity
(source White paper)
The concept is implemented through its integration into mobile application on android as well as IOS. With the benchmark application being Cryptocatnip, which provides a guideline for developers and users alike. Through this way, users can access online content while receiving compensation for their consumption activities from various players. Also, though this, other third-party affiliates applications may arise which integrate the protocol into their architecture. They may also be compensated for their contribution of hosting through payments from online content publishers and also the users who them on their devices all in the form of tokens. Action that can be done on such may include liking, showing indifference, sharing or even giving feedback back to the publishers. They would thus display a vast array of the content available on the internet such as photos, music, podcasts, blogs and even articles. The important aspect of such would be making easy the carrying out of activities at the click of buttons thus advisable for construction of user friendly interfaces. They are also encouraged to develop new features nonexistent in the first application that would open up to new uses of the MEDIA Protocol. These may include new ways in which interactions and transactions are carried out between parties on the platform, how data is sorted on them as well as development of new security features that decrease cases of fraud and malpractice that may come up at any given time of use.
Stakeholders and their importance
Different parties are involved in the distribution and control of data in the form of media with the publishers and composers playing an important part. Individual users who log into the various social networking sites are major contributors as a result of the data that is mined through analysis of their online interactions. With the existing systems, they do not receive compensation for their contributions as well as do not have enough a say over the distribution of the data. Thus, cases of leaking and hacking of centralized servers of companies may occasionally leave people egg-faced due to the presenting vulnerability of the system. They may also be subjected to unsolicited advertisements and content that they may not be interested in and in worse cases offensive material. This makes it necessary to have a more direct network with publishers to give better feedback on their personal preferences. With this, publishers more relevant content that would give better feedback. This reduces cost that would be needed by publisher to find out what the customers needed in form of payments that would be payed to data companies. All this happens while users are compensated in terms of tokens for their feedback on the articles on the internet.
The publishers are also important players in adding content on the net. They play the important role of providing articles that are consumed by users. Here, they do so by posting links to their articles on the application which can be opened and various activities such as viewing, liking and sharing done on them. For all these to happen, they need to provide incentive to the users in form of rewards as well as improvement in the quality of content they produce in order to improve interactions between them. They thus allocate budgets to different costs that they come across in the promotion of their articles for the different activities that users do on them. This is at their discretion and may change over time depending on the time it spends on the internet and their preference on activities they deem important. They thus reward users with MEDIA tokens for their actions and feedback. They may even conduct surveys in the form of questionnaires which aids in providing specifics in terms of response in a bid to improving quality and have a clearer picture of what is really needed. With this, they may have greater reach of their work when users share them and this in turn brings in more potential customers for their work.
When publishers have a clear idea on what is needed for consumption by users other than the reliance on popular thought that may reach to some communities usually neglected. With this minorities who have topics that may be important may arise and owing to their consideration prove to be vibrant consumers of some types of content and articles such as music. This interaction increases diversification of the content on the internet while bringing in new potential users and providing new opportunities that present with such tribes. They promote their work and such reach other potential marginalized parties that may be sidelined by mainstream platforms which may be especially helpful in fields such as science and even in arts. This also reduces the cost of publishers that may develop from production of content that may not be well received since there is better communication between parties.
Media Protocol a fair option
The protocol in a bid to ensure fairness and prevent fraud in operations employs various measures to protect the interests of the players in the system. Here a main concern is in the form of bots who may be in the habit of hyperactivity to create profits from payments on the network. Such shenanigans lead to loss of large amounts of money in the system and must be minimized and with much effort prevented. Such measures may include an analysis of the time taken by one between different actions paid for by publishers with payments being done in response to limits placed on activity. Greater activity may not necessarily lead to greater rewards. Publishers may also require users to do account verifications each time they are on the system in order to ensure certainty and accountability. This is through external mechanisms such as email verification and through other networks. This is enabled by use of block chain which removes the reliance on a centralized server which may be prone to manipulation at the expense of the larger community. This leads to creation of a more transparent system where anyone can view the activities of other parties as well as audit them making the system to be reputable and trusted.
In such a system, tokens play an important part in the carrying out of activities in terms of their uses at any level by any party. Users receive tokens as a result of their activities and may use them for various uses. They may give tips to the hosting application as compensation for being a medium through which the protocol is applied. They may also make payments to the publishers in terms of content subscriptions and even give tips accompanied by tokens in terms of their preferred content. The accumulated tokens may be exchanged other external cryptocurrencies. Also, on this account they may acquire them liking and giving indifference to content, sharing it, viewing it as well as participating in surveys conducted by publishers. Publishers on the other hand use their tokens either in payment to users for their activities on articles or to the hosting applications on which their content is viewed.
Conclusion
MEDIA Protocol provides a decentralized, open and compensatory way of data flow on the internet. With this, there better quality, choice and relevance to consumers on what is on the internet as well as having their due as part of being contributors. Its implementation would thus be revolutionary in the way of data handling and the revenue that accompanies it with a lasting improvement on relations between various parties involved in the process.
Resources;
More information of Media Protocol and its token economics including its advantages can be obtained from their official website or through the following links
Website
WhitePaper
BusinessPaper
Pre-Sale Application Form
ANN Thread
Telegram
ANN Telegram
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