Introducing MEDIA Protocol
Paradigm shifts don’t happen often.
It’s a rare occasion indeed when something — an idea, a concept, an invention — positively changes the long-established, socially-accepted, way of thinking or behaving.
The printing press. Automation. The Internet.
These are a few key examples of pioneering concepts that pushed the limits of what was believed possible. They enhanced commercial productivity and output, greatly improving quality of life, and gave people the ability to create, access and record information on a scale never-before-seen.
And yet, as rare as these moments are, we are about to witness a new paradigm shift in the digital content ecosystem.
Brands Care About Consumers
It may not seem this way sometimes, but brands care deeply about consumers. They have to. Consumers are potential customers and potential customers are a source of income. This source of income, if nurtured and cared for, could potentially become a repeated source of income.
Of course, this is a rather mercenary, capitalist analogy. There are a myriad of other reasons why brands have a vested interest in looking after consumers. Crowdsourcing.
This isn’t a new concept. It’s simply a new term to describe a practice that has been going on since the dawn of humanity: sharing.
Brands crowdsource constantly. They gather data and information on their customers. They listen to their opinions, ideas and criticisms. They share in each other’s successes. And all with the simple goal of driving improvements, innovation and securing longevity.
Consumers Care About Good Brand Relationships
The relationship between brands and consumers favours the consumer. And brands know this. It may be cliché, but the old idiom “the customer is always right” serves to remind brands of the need to win consumers over.
Everyone likes to feel valued. That’s why brands offer loyalty schemes and discounts to their “valued customers”. Consumers care about maintaining a good relationship with the brands they love. They are always on the lookout for a brand they can trust; somebody that will value them and treat them well, and that they can rely on, time and again. Because, after all, they are going to be parting with their hard-earned cash, so they better gain and enjoy a quality experience out of the transaction, otherwise they won’t be coming back in a hurry.
Consumers Care About Content
Content: The word itself is an interesting one. On the one hand it can mean “information”, and on the other it can describe a “sense of satisfaction or happiness”. These two definitions of the word (information and satisfaction) when coupled together, summarise consumer attitudes and behaviour towards brands and advertising in the digital era.
Consumers are looking for more now. They are looking for stories. Experiences. Emotional engagement.
Consumers really do care about content. And this is becoming increasingly more apparent. Traditional methods of advertising are no longer having the impact they once had. Consumers are savvy. They’ve seen it all before. They’ve wised up to the sales-pitch and aren’t buying it.
As a result, brands have shifted their approach towards creating the content that their customers love and would like to engage with. Articles. Videos. Photos. Audio. Competitions. Branded content. This is the new model.
At any rate, it’s the current model. And although it’s working, insofar as consumers are engaging with the content being distributed, it’s inefficient. Brands are not getting the full return on the amount of time, effort, energy and money they are investing in creating and distributing their content. They get data. They are able to analyse it and identify patterns and trends in the interactions their target audience have with the content they are publishing. But they’re not getting the full picture.
Why? Because there’s a huge asymmetry in the market.
The Role Of The Intermediary
Here’s the catch. And it’s hardly a revelation. The current content distribution ecosystem is dominated by centralised platforms whose business model is to not share consumer interactions with the creators of content or brands. They want to control that information. It’s where their value lies. And ultimately, that’s what has caused the problems we’ve recently borne witness to — taking the Facebook/Cambridge Analytica scandal as a prime example.
In the past, people didn’t seem to know or understand the technologies they were using. They just jumped on the bandwagon, along with everyone else and marvelled excitedly at what they were able to do with all this new and exciting tech. Ironically, the change in consumer attitude, behaviour and understanding has occurred thanks to these behemoth content delivery platforms. People read more, watch more, listen more and they share a lot more. Things go viral. Knowledge and understanding has grown exponentially. You can’t hide in plain sight anymore.
As a result, the system these platforms created is also what is holding them back and causing people to re-evaluate what is important to them.
From a content creator’s point of view, this is troubling. As creators they rely on these centralised distribution networks. Not because they want to, but because, until now, there hasn’t been a better alternative. They have to rely on these platforms to publish and distribute their content. And, most importantly, they rely on them for the performance data used to track the success of their campaigns.
If you consider the fact that the Internet allowed these content distribution platforms to exist and grow, then blockchain is going to allow them to evolve. The natural next step in this evolutionary process is one that moves away from centralised powers who control, share and potentially distort personal information. It’s an evolutionary step towards complete transparency, security and openness that rewards true engagement with content.
That’s the paradigm shift that we are striving to create at MEDIA Protocol. We’re creating a scalable economic foundation that ensures directness, transparency, security and value for the consumer.
It’s time to hand over the reins to the creators and the publishers. It’s their content after all. Why shouldn’t they choose to reward the end user who interacts rather than a third party “middleman”.
It is clear that the current content monopoly held by centralised media owners and content distribution platforms is inefficient and unsustainable. Increasingly, creators, publishers and consumers alike desire more control and transparency. They wish to create, distribute, and consume content equitably, with no intermediary gatekeeper. MEDIA Protocol will facilitate this.
Eugene Kan, Partner at TLDR Capital and Co-Founder of MAEKAN, explains the impact MEDIA Protocol will have on the content publishing and distribution industry in a very succinct manner:
“A potential way of positioning MEDIA Protocol is asking someone, ‘Do you have a favourite content creator out there? How would you feel if they could no longer create content because they couldn’t sustain themselves?’ MEDIA Protocol is the answer. It’s pretty much as simple as that. It makes consumers’ lives better.”
Bringing Clarity To The Flow Of Data
Transparency is fundamental to trust. And when trust has been lost and relationships have been broken it can only be rebuilt through transparency and openness.
People are understandably sceptical about the way their data is handled by the online platforms they subscribe to. Users are apprehensive about engaging with content online. And no matter how many updates to privacy policies consumers receive, there will still be concerns about the safety and security of their data and personal profile ddinformation.
For us, it’s simple. There shouldn’t be clandestine algorithms, or secretive relationships conducted behind closed doors with these centralised data hoarders.
The system should be out in the open, for everyone to see and to understand. MEDIA Protocol allows smart URLs to be used for direct exchanges and interactions in a new direct economy between producer and consumer.
This new economy sees content creators reward their consumers directly with incentives, for example, creating a direct channel to promote content through consumption incentives, and in return, consumers can use their earned incentives — in the form of our native cryptocurrency, MEDIA tokens (MPT) — to directly unlock paywalled content or reward favoured content creators.
Over the years we’ve seen the massive changes in media channels and the resulting shift of advertising spend. From Newspaper to Radio, Radio to Television, Television to Online and Online to Influencers. The next step is from creators to consumers directly. It’s time to disintermediate the exchange process and the value chain.
We’re freeing creators, distributors, promoters and ultimately the consumers from the third-party intermediaries and their secretive and centralised algorithms. We offer a completely open and transparent ecosystem with unencumbered, multi-directional exchange of value, rewards and data, allowing content creators and advertisers the ability to know where their content is being served, engaged with, shared and ultimately allowing them to reward those real consumers for their interactions.
MEDIA Protocol uses blockchain to bring clarity to the flow of data around a piece of content.
The current system allows you to pay a third party to distribute your content, in the hope of getting results. You don’t really know how it works, you don’t know where it is happening, or how often it’s being served and interacted with. The truth is you know very little. And what you do know is provided by the third party that is only too happy to charge you for the pleasure.
What’s the big secret? Why can’t we see the raw data? Why can’t we analyse what actually happened and see where, who, how and when our content was consumed and engaged with?
With MEDIA Protocol you can! It’s that simple. If we can take away the secrecy, the control, the urgent need to hoard everything in one centralised and controlled environment, we can give way to a disintermediated environment. We can open up the flow of information.
Content creators and consumers both have the right to know.
What could happen in a world where real consumers were rewarded for real interaction and engagement, instead of content creators paying a “toll” to the third-party intermediary gatekeepers?
Imagine the budgets that are spent on international advertising for major brands and global content creators. Imagine taking that money and rewarding the consumers directly. Imagine how that ecosystem would look and feel.
For the content creators, the shift is monumental. No more paying for impressions or clicks. There would be real rewards for real engagement.
In return, consumers get the brand relationships they are searching for. They get the content the care about. More importantly, the consumer is suddenly rewarded for their real interaction with that content (likes, shares, reads), in the form of MEDIA tokens, which can be used to unlock paywalls, reward content creators directly based on merit or for additional content subscriptions.
Suddenly both sides of the ecosystem are incentivised to be involved with each other directly.
This is the paradigm shift. A new ecosystem where consumers are rewarded for their role in the network, and for the data they create for brands.
This is MEDIA Protocol.
Experience MEDIA Protocol In Action
MEDIA Protocol’s dApp CryptoCatnip is a live use case which demonstrates the protocol in action. A news aggregator that serves up global crypto news as well as updates and announcements from MEDIA Protocol’s partnership projects, CryptoCatnip allows users the chance to earn real MEDIA Tokens (MPT) for interacting with the crypto content they already love. The CryptoCatnip reward bounty is still ongoing. Download CryptoCatnip for iOS and Android now for the opportunity to earn real MPT up until the end of MEDIA Protocol’s TGE.
For more information regarding MEDIA Protocol find us on our social channels below:
Telegram: https://t.me/Media_Protocol_Community and https://t.me/MP_Announcements