July 1, 2023
On August 20th, we had an AMA session with a decentralized global content ecosystem Contentos in our Telegram Chat. The team members present on the discussion with our community were Mick, Contentos CEO, Zac, VP of Product and Jackie, Sr BDD of Contentos. Here are the essential points of the session:
Please, welcome Mick (M), Zac (Z), Jackie (J) and the questions from our Telegram chat members (Q).
Q: First question, why to use Contentos, and how Contentos can attract creators?
M: Great question! My team and I came from the background of content creation, and we worked with many top tier YouTuber in the past few years, ie: Roman Atwood, David Dobrik, etc. We also worked with many top tiers global MCN companies such as FullScreen or Studio 71,
which give us a unique understanding of the content creation business. We know their current issue, which is the control of the centralized content platform. The control came from Algorithm, which is the thing that controls everyone’s watching experience (the “recommended” section on YouTube, for instance). This part is the thing that why most creators get less revenue. We believe contentos and blockchain are the way to fix it since the content data will be transparently recorded on-chain.
Q: What advantages do you have over your competitor projects, who are working on the same model?
M: I will say any content ecosystem, regardless of centralized or decentralized, needs to create a good product and have real content creators to work with it. So, Contentos has its very unique advantages: 1. We’ve already worked with 3 major content apps, Photogrid (photo), Liveme (live streaming), and Cheez (video). 2. These apps came with a large amount of content and creators worldwide. 3. These apps have a large user base. These advantages are something you cannot see in most content blockchain projects.
Q: What is the business revenue model of Contentos?
M: 1. COS will be used to buy something we call “GiftingVote” in an ecosystem, the more gifting vote you’ve received from others, the more ecosystem reward you will get from your content. The revenue from selling GiftingVote will be distributed to all block producers as the shared profit. 2. Selling website traffic. On cos.tv, we are already selling top spot for DApp developer to promote their DApps, this spot required COS. 3. COS will be the fuel of getting Smart Contract running on Contentos virtual machine, which will be the core of powering content business such as making the content purchasing with creators or doing business between content creators and advertisers.
Q: Do you have any partnerships with other Projects to focus in the near future? If yes, can you please tell us.
J: Contentos has achieved strategic partnerships with many projects (Harmony, MixMarvel TomoChain, and etc.) There will definitely be more to come as we expand our global reach. Stay tuned for more!
Q: What solution does COS propose to verify the copyright of the content creators who use the platform?
M: Copyright issue can be fixed with the content hash, but this just one of the issues, the core issue is how to help the creator to get value back from pirating. We have the design to resend the reward to the content owner.
Q: Can you explain in a simple way the immutable credit system that COS uses?
M: Everyone needs to be responsible for the action, in today’s centralized content platform, you can report content, and platform will review then perhaps ban the content if it’s inappropriate. In a decentralized world, we need to have a community to take a look and make the final call, these decisions should also be recorded on-chain.
Q: Why you named your testnet roadmap versions like Pangu, Mercury, Venus, Mars, Jupiter. Is there any reason behind that & In testnet V.0.3 you mentioned CET creation enabling tokens. what is the use of those tokens on contentos platform?
M: like the way to travel in the solar system :). CET is Creation Enabling Token, which allows content creators to issue their own token on Contentos. We’ve used a testing DApp called “Walkcoin” to issue its own token and confirm it works. Later we will build a product that allows creators to issue their own token.
Q: What is the main Role of Contentos Tokens?
M: COS is the only utility token circulated in the Contentos content ecosystem. The main usage of COS will be the following: 1. Governance. Similar to EOS, Contentos is using BFT consensus mechanism, which requires 21 block producers. You need to hold enough COS, then can join the election as the BP, so does anyone who wants to cast the vote. 2. P2P creator supporting such as subscription, donating via virtual gifting. 3. The “Fuel” to acquire extra computing power in a virtual machine. Contentos has WASM virtual machine and can execute a smart contract, by default, everyone has a smart amount of free points (we call it “stamina”) to run smart contract, but if you run out of stamina, you can use COS to get more.
Q: Why are four levels of support so important? Viewing Light engagement Heavy engagement P2P support.
M: Engagement, I see this as a way that an audience wants to engage with a content/creator. from the lowest to highest. and the value will happen when the engagement happened. An example is an advertisement. If a creator makes a video which promotes a product, only those audience show high engagement can have a better chance to be converted into product buyer, which creates value to advertisers who paid to creators.
Q: Do you have any plans to expand your project in the International market or globally? Especially in India? What is the consensus algorithm used by the project and how was it picked?
Z: We are building our community step by step. So far we are doing good in Vietnam, China, Japan. We’re also exploring Brazil with our Dapp partner PhotoGrid. We made a pilot run of creation reward for Brazil creators using PhotoGrid and achieved a promising outcome.
Q: What about Chinese regulations, does that affect the way companies have to buy tickets to use the platform? If a company is based in a regulated country, can they still use the platform?
M: I think not just Chinese regulation, many countries have their own regulation in terms of tokens, and we will respect these regulations. For instance, we never have done ICO.
Q: What would motivate large companies to adopt Contentos instead of using their gigantic resources to develop in-house technology (or copy some of the existing blockchain projects, it’s “open source” after all)? Would smaller IoT companies have the foresight and resources to adopt the Contentos platform?
J: Large companies can definitely build their own products and we gladly welcome them to do so. It promotes the usage of blockchain technology in general and will benefit the entire ecosystem. It’s just like you have Apple, Samsung, and many companies all building smartphones and everyone having their own uniqueness. That is required in a healthy competitive market. Companies that do not have the resources / do not want to manage that high a risk to create a new blockchain component can definitely partner up with us to explore opportunities.
Q: Would you be able to tell us what your plans are beyond the release of new platforms? What can we expect in the next 5 years?
M: As for the next 5 years, we have a large number of potential users and creators already, which means once our mainnet launched, we need to focus on user conversion instead of finding DApp developers or users. We are very few projects has this advantage.
Q: What critical problems do you see occurring in the blockchain industry nowadays?
How does Contentos aim to solve these problems?
M: User acquisition or getting massive adoption. That’s why our team believes we need to educate and convert global users about blockchain, that’s why we started with a product such as Photogrid. We believe the more people who try COS, the more people will start using it, then it will help the whole blockchain industry to solve the most critical issue.
We were glad to host Contentos on our Telegram. Thanks to the team and all the members of the session!
On Saturday, June 3, 2023, our support team started receiving reports from users claiming unauthorized transactions from their wallets. The whole team was alarmed. We alerted users via our social media channels about a possible attack. Out of precaution we immediately halted all app downloads and updates, reached out to major exchanges and leading blockchain analysis companies and started an investigation. Since June 3rd, all members of the team have worked non-stop without days off, and we can say that no new cases have been confirmed since the initial reports.
In this guide, we are going to explore the 3 different methods you can use to prepare your crypto taxes, ranging from difficult to almost completely hands-off. Anyone considering not filing at all should reconsider, as tax authorities worldwide are increasingly pledging resources to catching those evading taxes on crypto gains. Mass audit tools are near, and the immutable blockchain means your transactions can be tracked back to your KYC'd exchange with ease.