MEDIA Protocol, a blockchain enterprise bringing new economic models to digital content, has launched a developer protocol enabling content publication and distribution to be tracked via the blockchain. MEDIA Protocol provides a direct connection between content creators, publishers, and consumers, decentralizing the marketing and advertising industries to reduce inefficiency, increase transparency, and create a new economic model that rewards consumer engagement.
“Content is more important than ever,” co-founder Tom Graham said. “Consumers are consuming more, and brands and publishers rely on it for exposure.
“But the current online market is predominately operated by a few distribution platforms that control what we see and jeopardize the diversity and relevance of the content we’re exposed to. With MEDIA Protocol, we’re reshaping the digital content ecosystem and redistributing power from third-party intermediaries with an incentive-driven model that leverages the directness, transparency, and security of the blockchain.”
Publishers and platforms that implement MEDIA Protocol will be able to incentivize consumer interaction by attaching a predetermined amount of its native cryptocurrency, MEDIA Tokens, to any piece of content, represented by a URL. Content can include anything from articles, videos, audio, or images.
MEDIA Protocol allows brands and publishers to create promotions on the blockchain, paid for in MEDIA Tokens, and enables relevant consumption data to be recorded on the blockchain, increasing transparency and facilitating direct relationships with creators and consumers. MEDIA Protocol creates a content ecosystem where there is no centralized ‘hoarder’ of data, and no intermediary to dilute the two-way exchange.
Content consumers that engage with MEDIA Protocol-enabled platforms will earn MEDIA Tokens for their interactions, which can include viewing, reading, liking, commenting, or sharing a piece of content. Awarded MEDIA Tokens will accumulate in a user’s account, and can be used to access premium content or make in-app purchases within the MEDIA Protocol ecosystem.
Distribution platforms that support MEDIA Protocol will also receive a percentage of the rewarded tokens as a commission-based payment for the distribution of relevant content. This payment is allocated out of the amount transferred from the publisher to consumer, based on the number of content interactions that occur.
“The media landscape is changing,” CEO James Tabor said. “Centralized content distribution is inefficient and waters down the essential relationships between those creating and publishing content, and those consuming it. MEDIA Protocol disintermediates these relationships, providing greater transparency, security, and individual control. Brands and publishers are empowered with more accurate data, and creators and consumers are rewarded.”
MEDIA Protocol also announced CryptoCatnip, as the first app to implement the protocol. CryptoCatnip is a news aggregator that exclusively features cryptocurrency and blockchain content, and allows users to earn testnet MEDIA Tokens as they browse through the latest news. CryptoCatnip is now available for download in beta on iPhone and Android, with updated design and features released every day.
The MEDIA Protocol team is made up of industry veterans with a combined 30 years of experience in the media and advertising spaces. Its team of advisors includes blockchain figures Andy Tian, CEO of GIFTO, and Silicon Valley VC Ted Wang of Cowboy Ventures.