How Refine Medium will change existing Media Industry?
What is Refine Medium? And how is it different from existing video platforms?
Video creation, conveyance & consumption trends around the world are experiencing major disruption. Production houses and studios who once subjugated the Entertainment & Media landscape are now eagerly looking over their shoulders at the adamant, aggressive and ambitious online streaming service providers such as YouTube, Netflix, Prime Video, etc.
This phenomenal growth of the online video content in the last decade has triggered a notable shift in the balance of power. But is the shift of control from oligopolistic studios and production houses to like-minded video platforms a sustainable option?
Or there exists a better option which raises the expectations of the content yearning consumers and simultaneously rewards them for watching and reviewing videos. And also, maintains a robust, transparent and egalitarian relationship between the content provider and content creator. The response to this is certainly affirmative.
Entertainment & Media industry is subtly poised to experience the blockchain disruption and incorporate a pragmatic use of cryptocurrency. The existing greed drove business models of the online video industry is set to experience a major setback with the emergence of blockchain based video platforms which will place the control back in the hands of the users who feed the entertainment economy- viewers and creators.
Refine Medium is a decentralized media platform rendering authentic and high-quality video content. It is built upon blockchain technology designed to enable viewers, creators and innovators of the platform to connect via smart contracts. Refine Medium aims to be a pioneer in the online media industry with Refine token “XRM” as its most trusted cryptocurrency.
Now lets answer- How is it different from any other media platform? Refine Medium awards its viewers apart from monetary hikes for the creators. It provides a platform to surf real and original videos. Advertisement revenues which will be generated through videos uploaded will be shared with content creators and viewers.
Refine Medium has an easy-to-use “user-friendly interface. A state-of-art two level Referral system is embedded in our Smart Contract. We will deploy a group of moderators among the user base of the platform who will be elected democratically and will govern the internal mechanism of the platform.
Vikalp Shukla, Founder & CEO, Refine Medium stated,
“One can earn while enjoying and reviewing a video, One can earn while watching advertisements and rating them, One can verify news and earn incentives, One can learn and earn at the same time. The revenue generated from the services offered on the platform will be shared among all users and shareholders.”
This is an enhanced social experience that the users have never undergone before.
What are the key services we intend to offer?
- An incentivized peer-to-peer content delivery network for distributing top-notch content to the users of the platform.
- Anyone on the Refine Medium platform will be enabled to create their own video and likewise share, download or review other videos.
- A robust cryptocurrency to access the premium contents, for circulation of rewards and to perform any kind of transaction on the platform
- Creation of an incentivized ecosystem where each stakeholder- creator, innovator, viewer, and moderator are rewarded in a virtuous cycle for their efforts.
- A state of art user wallet designed to hoard XRM tokens and the details of each transaction made on the Refine Medium platform.
- Implementation of technical protocols for the secure, scalable and uninterrupted streaming experience of the consumers.
- A hassle-free advertisement platform after the first year of operation.
How are we enabling decentralized content moderation?
In today’s world of fake news, it becomes very important that content on the video platform is moderated by decentralized entities and not centralized structures. Refine Medium aims to address content suitability, plagiarism, and legality issues by deploying a group of participants, among its user base, to moderate the subject uploaded. Moderators are democratically elected super-representatives who will govern the internal mechanism of the social media platform.
As the platform gets bigger, consumers [mostly creators] will have the choice of becoming moderators, if they agree, they will have to sign up and accept the terms and conditions of the same which will be pre-decided by the platform. The respective thresholds must be attained by the community member [mostly creator] in order to become a moderator.
As the platform becomes sizeable, different mechanisms will be enforced for the election of astute moderators such as delegate voting, creator rating, etc. Also, the moderator when elected is bound to perform his task accurately and diligently as the community members will have the authority to bring them down from their positions.
Those users who are willing to be moderators or the creators who will be eligible to become moderators will have to specify the minimum number of hours they will be able to devote for the task [which should lie in-between the minimum and maximum threshold decided by the Refine Medium platform]. Thus, the moderators will not be burdened by excessive workload and will be assigned work in the time frame he/she chooses to for the specified duration.
What is the Refine Medium MVP?
A Minimum Viable Product or MVP is an initial product with minimal features to interact with the end-users and gather insights to make the final product more reliable and cater to the requirements and wishes of the Users. The minimum viable product is the first complete system of the REFINE MEDIUM project.
It enables the partners, collaborators and set of users to know about the product features, functionalities and behavior of the product. The team can gather feedback to get an idea about the market requirement and user opinion on the initial product. Knowledge gathered from the MVP will be used to improve the quality of the decisions taken for the final product.
This early user feedback also helps the developers to shape the product based on what the users want and desire as functionalities in the final product. The main aspect of this MVP is to get useful feedback from the minimal product which will help reduce the development time of the final product and will ensure it is customized to the wants of the Users.
What are our key features?
Our Goal is to build a complete decentralized media platform. As we are at an early stage, our team has deployed an MVP to earn knowledge about consumer views and market demands.
The MVP includes the 3 major functionalities-
- User Accounts
- Video Upload and Streaming onto an IPFS storage.
- Transactions of Refine BETA Tokens on the blockchain to the User’s wallet.
We are planning to expand the functionality of our MVP and fulfill some critical requirements. We are exploring new opportunities for the use of Gaia to store and stream videos in a decentralized manner. This will help us to build a decentralized Android Application too, along with the Decentralized Web Application. The technical team has already begun research and testing.
How Refine Medium intends to capture the E&M market?
The market volume of the Entertainment and Media industry was about $1.5 trillion in 2013 and is expected to surpass $2 trillion by 2019. The USA [$750 billion], China [$190 billion] and Japan [$157 billion] are the world leaders in E&M markets. The global audio and video traffic combined is expected to reach 82% of all internet traffic by 2018. In 2018, global digital revenues account for a staggering 50.8% of the E&M industry income. As of 2017, almost half of the world’s total population is watching online videos.
Refine Medium uses blockchain technology as a tool to penetrate into the Entertainment & Media Industry. Users are often perceived in two minds about the quality, performance, and scalability these platforms can provide in contrast to existing centralized video platforms. Quality of services provided by the centralized video platforms is unparalleled because of which users find it to indulge in a change.
Refine Medium intends to change this very perception by providing wide-ranging solutions to the issues faced by existing centralized and decentralized video platforms. Let’s have a look at some of these solutions:
- The model implemented by Refine Medium through blockchain technology creates a direct creator-to-consumer network, replacing intermediaries in the process.
- “Copyright Agents” of existing video platforms will be replaced by “Copyright Moderators” in the Refine Medium platform.
- The negotiation agreements and payment terms will be governed by smart contracts with no scope of manipulation. These are predefined codes that are stored on the blockchain and intend to digitally facilitate, verify or enforce the performance of a contract.
- The platform is built upon blockchain technology with control of data being distributed across various nodes all over the world. If one attempts to manipulate or exploit user data for business pursuits, they have to seek the permission of the user whose personal data is in question. Each and every maneuver is recorded on the blockchain which eliminates any data discrepancy by third parties.
- The ranking and accessibility of content videos on the Refine Medium platform, as a result of the search query feed by the user, will be a sophisticated mechanism that will enable the user to fulfill their exacting demands. The Refine Medium algorithm is more of a real-time feedback loop that follows both the content and the user, thus, tailoring the respective videos to users with varied interests.
- In order to triumph the vigorous and revealing battle of winning over the creators and viewers, Refine Medium will charitably incentivize the content creators for joining and viewers to consume the services offered by the platform. The platform believes that if the implementation of features is concrete and the rewarding mechanism is upright, customers are ought to get attracted to the quality of service provided.
How is Refine Medium different from others?
Refine Medium intends to break the shackles when it comes to initial ambivalence of users and investors in engaging with blockchain based video platforms by providing wide-ranging solutions to the existing centralized as well as decentralized video platforms. Refine Medium achieves this with complete transparency, an egalitarian belief and comprehensive use of the latest technologies. Refine Medium rewards its viewers, content creators, moderators, the revenue generated is shared among all.
It provides an easy-to-use “user-friendly” interface. Our Smart Contract provides a 2-level referral system. The platform will be administered by the democratically elected moderators through decentralized voting.
What is our ICO and IEO status?
Private Sale started on 25th May 2019 and got concluded successfully on 15th June 2019. This is the first phase of ICO, where the community, it’s supporters can reap the benefit of gaining
Refine Medium tokens at the lowest rates possible before they’re deemed “tradable” after hitting exchanges.
The second round of ICO is live now, called Pre-Sale.
IEO stands for Initial Exchange Offering, it’s another fundraising event supervised by an exchange. Fundraising here is escorted on a well-known exchange’s fundraising platform. Users can buy tokens here directly from their exchange wallet. As per the demand of the community members, we have finalized our IEO.
What’s in it for Investors?
- XRM Tokens on cheap prices: In a private sale, tokens are available at a very cheap price [1 ETH = 1550 XRM] which increases to 1 ETH = 1165 XRM in Pre-Sale, 1 ETH = 1000 XRM and 1 ETH = 333 XRM by the end of ICO. This is done through a smart contract.
- The early investors can render preferential services offered in the MVP and the DApp of our platform. For the same, we have provided a login as an investor section in our MVP.
- We are offering a 30% bonus tokens for the IEO which will be conducted on Probit Exchange from 10th July 2019.
- We are organizing an event for our IEO on Probit.
- Refine Champion: Top three buyers of Refine Tokens will be given complimentary Refine Tokens from the platform. Top buyer, 2nd biggest and 3rd biggest buyers will get 15000, 10000 and 5000 XRMs respectively. 2. Quick100: The first 100 Investors will get additional tokens from the platform. In addition to the tokens bought, the first 50 Investors will get 1200 XRM tokens while the rest 50 will get 600 XRM Tokens. 3. Refine Referral: Investors can avail the benefits of the referral system, which rewards investors a percentage of investment made by investors they refer to. The payout is smooth, instant and 100% transparency is ensured. This referral system is extended up to two levels. Let us try to understand this with an example. Say that user A refers to User B and B Refers C. If B invests 10 Ether, A will get 1 Ether as a reward [10% of the investment made] and if C invests 10 Ether, user A and B will get 1 Ether each. This provides an earning opportunity for investment pools and users with contact in the crypto industry.
What are our upcoming events?
- IEO on Probit: 10th to 12th of July 2019.
- MVP Airdrop
- Telegram Airdrop
- Video Airdrop
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