MTonomy: MIT Created Platform to Buy & Rent Movies with Cryptocurrency?
MTonomy is a global and efficient media industry. It powers digital stores of the future, protects content rights, distributes globally, and performs instant money settlement. The platform was built by a team from MIT, making it a state-of-the-art, scalable, and secure blockchain infrastructure for digital media.
For Ethereum users, MTonomy is Netflix, Google Play, or Amazon Prime.
The Cambridge-based project went live just this week with part of their team coming from the MIT Media lab’s Digital Currency Initiative—a renowned platform for famous Bitcoin developers such as Gavin Andresen. According to their website, MTonomy will be adding at least one new title every day for the entire year.
Utilizing The Ethereum Blockchain
MTonomy operates on the Ethereum blockchain to process transactions, and stores metadata in smart contracts. For a better experience, the platform uses just the same enterprise servers as others do. Importantly, it embraces encryptions and Digital Rights Management protections that will enable content creators to enjoy the same level of protection they would get elsewhere.
MTonomy believes that problems exist in the current online entertainment industry that needs to be addressed. For example, media sites such as Amazon Prime, Google Play, or Netflix have their accounts frequently hacked or trafficked on the dark web. Such kinds of problems do not exist on the MTonomy system.
MTonomy intends to have their technology licensed, as others might have a need of it. For instance, a particular movie studio might want to release content globally. However, that is not easily tenable, even with mainstream media such as Google Play or Amazon Prime.
MTonomy is developing the foundation for the next generation media industry—one that is transparent, instantaneous, and equally accessible to all.
The platform empowers media artists and businesses with a complete blockchain infrastructure to publish, license, and monetize their content such as text, audio, image, video, and VR directly. The platform enables self-governed creator identity, machine executable smart licensing, consensus on stakeholders/rights and transparent near-real-time settlements worldwide.
Benefits Of The Platform
- More revenue: users are able to reach global audience, create new fans, and monetize directly.
- Robust: The platform is secure and instantaneous, every transaction settled within 14 seconds averagely.
- Simple: they manage the complexity; users enjoy a simple web interface (or APIs) to manage their content.
Viewers are able to buy or rent movies, which makes it easy for them to watch awesome films with crypto. They can use Ether to watch great movies on-demand on MTonomy.com. The platform will release a new movie every day.
Besides, creators can monetize their movies by bringing content to millions of crypto users worldwide. They can also utilize the MTonomy’s secure content management, onboarding, and auditing portal to share their films to reach a new audience.
There are two types of assets in music, which require copyright protection.
- Musical work,—which is a composition of music that may or may not contain lyrics. The creators of musical works are called authors or composers. The music industry operates based on this copyright.
- Sound Recording: This is a specific audio recording of a musical work, also called a master. The creators of sound recording are called recording artists. The recording industry operates based on this copyright.