It won’t be long until every possible problem has a blockchain solution. Consider Cryptoflix, a brand new ICO that is unveiling plans to take on Netflix and other heavyweight streaming services.
They’re using a blockchain-based approach to disrupt the entertainment business forever. The Cryptoflix team is taking an inclusive approach to their ecosystem which may change how movies and television programming is financed. The ecosystem cryptocurrency FLIX will enable producers to seek financing from token holders, who are users of the service.
The Cryptoflix ecosystem will also have a rating system (somewhat like an IMDB entry), which will evaluate the worthiness for investment of various entertainment projects. For independent producers, this form or relatively easy financing could help spur development of the types of projects that don’t currently appeal to traditional Hollywood executives.
Cryptoflix Solves a Significant Problem for Underfinanced Producers
One advantage to this type of financing is that it will be helpful for producers in the developing world who lack access to capital. FLIX token holders will be able to earn returns on entertainment by making investments in the projects.
One particularly interesting part of the technology is that films will be attached to the blockchain to prevent piracy. The team plans on patenting technology that will link each video to a payment on the blockchain, for compete transparency.
At first, the service will not take on Hollywood heavyweights, instead focusing on high-population areas with little access to traditional capital. There are many talented entertainers in this area, and a huge potential audience, but without capital their work will go unnoticed. Leave it to a blockchain solution to level the playing field, giving everyone with potential a chance to create their art for the world.
The ICO happens from April 15th, 2018 to May 15th, 2018. The team is seeking to raise around $22 million during the ICO period. This is certainly an interesting application and the potential to change the current entertainment financing system in many countries is real. We’ll be keeping an eye on the project for further progress.