Abbreviated as S-DTV, SingularDTV is a decentralized TV & film platform that is powered by blockchain and designed to rely on a tokenized ecosyste
Abbreviated as S-DTV, SingularDTV is a decentralized TV & film platform that is powered by blockchain and designed to rely on a tokenized ecosystem. The ConsenSys venture is an Ethereum based one and uses a local cryptocurrency dubbed SNGLS. Similar to centralized gurus like Netflix, Vimeo and YouTube, the platform aims to reward filmmakers and producers with SNGLS tokens for their content.
The network will be operated by a semi-autonomous system called Centrally Organized Distributed Entity (CODE) which features an auditing system and smart contracts. The project will kick off with a television series, a digital rights management platform, a video-on-demand portal and a documentary division. According to entertainment experts, the project will transform the existing medial models, bring some transparency and empower producers of content.
When it comes to the cryptocurrency, the service provider has raised $7.5 million in Ethereum through ICO to help create software and original content that can be sold to other cryptocurrency enthusiasts. The holders of the SNGLS tokens have the power to claim a portion of IP and revenue to showcase content, but they do not have governance or voting rights. The tokens also give the users access to the content. Generally, the tokens are a sign of ownership.
SingularDTV created a total of 100 billion SNGLS tokens and is distributing them on a pro-rata basis. Half of the tokens were distributed in the ICO while 40% of them have been put in a storage vault. The remaining 10% has been kept for the core investors and team. The vault tokens are owned by the founders and are made to generate earnings which will be invested back into the project. The team will be storing and using only ETH, so there will no other stores of value like fiat. The working capital will be generated from the initial ICO and the storage vault, so things like dilution or issuance of future tokens will not come into play.
According to the service provider, the $7.5 million mined in the ICO will be used in the ‘Singular’ Season 1 and rights management development, with the former utilizing $3.25 million and the latter $2.00 million. The rest of the money will be used as following: Video-on-Demand portal development ($1.00M), Documentary Division ($0.50M), marketing ($0.50M) and administration, legal & contingency ($0.25M).
The SNGLS are already listed on cryptocurrency exchanges, and can be traded on leading cryptocurrency platforms like Bittrex, Gatecoin and EtherDelta. On the SingularDTV markets, people can trade these pairs- SNGLS/BTC, SNGLS/BTC and SNGLS/ETH. The cryptocurrency has remained strong since its entry on the markets.