SingularDTV Raises $7.5M to Incentivize Creative Output

A project called SingularDTV aims to be the first decentralized blockchain-powered TV and film platform. The team behind SingularDTV has just wrapped up its ICO, raising over 7.5 million USD in Ether in less than half an hour.

Also read: A Decentralized Money Needs A Distributed Web for Maximum Freedom

SingularDTV Targets Centralized Giants Like YouTube and Netflix

SingularDTV is a ConsenSys venture and an Ethereum-based, “Netflix-like” platform. The network aims to reward producers and filmmakers who create its content. To do this, it also uses a native token called SNGLS which acts as the incentive for artists and shows.

The project will operate semi-autonomously, relying on a governance model called Centrally Organized Distributed Entity (CODE).

Similar to The DAO, CODE will facilitate key aspects of SingularDTV’s governance. The project will also have dedicated developers and a management team. In contrast to The DAO, however, SingularDTV features an auditing system by The Guard. This tests the system for bugs that could potentially cause issues with the smart contracts (or even snatch that $7.5 million in ether).

“The Smart Contract System and all Terms with regard to the creation of the S-DTV CODE Smart Project will, on a reasonable effort basis, be audited and approved by legal and technical experts (The Guard) with regard to the conformity of their content. The Guard will further confirm that the Smart Contract System has, with regard to both accuracy and security, been programmed according to the current state of the art,” says SingularDTV’s website.

‘Empowering Creators by Giving Them Back Control Over Their Creative Output’

SingularDTV’s foundations are very similar to many many projects aiming to disintermediate the entertainment industry. In other words, content creators get full ownership of their offerings via the TVOD portal.

This allows protection for music, film, and television-based work through smart contracts. However the project aims to be much different to other third-party intermediaries such as YouTube, Vimeo, and Netflix. Most of these platforms reap significant fees off of creators and deploy advertising in vast amounts.

The project’s four founders: Zach LeBeau, Kim Jackson, Joseph Lubin and Arie Levy-Cohen, represent the team core. Additionally, it has nine advisors who help manage the project’s CODE, Singular TV series, and film divisions. SingularDTV believes its architecture is the first of its kind, and is about to transform current media models. The company explains:

SingularDTV will address today’s lack of transparency and fundamentally change the prominence of creative accounting in the entertainment industry, with a particular focus on benefiting independent productions. Our rights management platform will empower creators by giving them back control over their creative output.

Taking Over The Entertainment Industry Has Been Said Before and Won’t Be That Easy

As well as SingularDTV, several other initiatives seek to reward content providers. Projects like Synereo, Maidsafe and LBRY all aim to put wealth back in the hands of content creators.

Additionally, Singular TV is one of many Ethereum ICOs hitting the public these days. These projects have raised millions of dollars in ether so far, but many fear some of them will meet a similar fate to The DAO.

All ICO skepticism aside, the general public is gravitating towards decentralized and incentivized content creation over the web. Success will be a matter of which project has the most robust architecture over time, gains mainstream adoption, and remains sustainable.

The traditional entertainment industry, however, tends to resist technological change. SingularDTV is an ambitious project, and any platform that tries to disrupt that industry had better have some new tricks up its sleeve.

What do you think about SingularDTV? Let us know in the comments below.

Source: SingularDTV

Images via Shutterstock, and SingularDTV

Did you know Bitcoin.com is throwing a blockchain conference in London this year? Our premiere event, Blockchain: Money, features the biggest innovators and executives in the industry. The event also takes place in the beautiful surroundings of 155 Bishopsgate, London on November 6-7, 2016. Reserve your tickets today!