Telling stories through camera and creating one masterpiece after another, a job at a film production company sounds like working in a dream factory. But there always lies an incredibly troublesome hurdle that needs most of our attention but actually gets the least.
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A careful observation will lead us to the fact that there are 2 major hurdles in the current Entertainment Industry.
1. Central Authority Control
- Since its inception, most of the movies are produced either by an individual or a particular organization.
- In simpler terms, the entire mechanism of funding a movie has always been controlled as well as governed by a central authority. Truth be told, a central authority control was quite imperative back then since without it the entire process would have been a complete chaos.
- However, with the passage of time, the ugly side of a central authority control in producing a movie become quite visible to us.
- With Centralization, the power becomes confined to a few hands. As a result, the entire industry becomes dependent on a handful of people with the power vested in them.
- Enormous power in just a few hands gives them the ability to not just control but also manipulate the industry and the financial profits from a particular project.
- Most importantly, it becomes immensely difficult for artists with a new story, character or vision to receive any sort of funding.
- This is because for producers,investing in movies is more about profits than about the story.
2. Long list of Middlemen
- However, the problem is not just with the central authority control over the idustry or getting a movie produced.
- The worst part is even though a movie is funded with the required money, there still lies a long list of intermediaries (third-parties) in between the process.
- The aggregate amount used to implement a project turns out to be far less than what was actually received from the producer.This leads to guile earnings.
The problems mentioned above might not have had any solutions back then. However, with the reliable security of Blockchain as well as self executable Smart Contracts, there still lies an effective solution.
- In simpler terms, we tend to solve these with Decentralization.
- It is quite clear at the core that the problem lies with the Central Authority Control. Hence with our decentralized application we can change that completely.
- With our dapp, we transform the way movies are produced by making the entire process Decentralized.
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Our Dapp will be built on top of Ethereum Blockchain that possess Smart Contracts which will play a significant role in the management and regulation of the funds.
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First of all, a movie creator can pitch his upcoming project with every possible details that could attract more attention.
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Once the movie is ready to receive investments, it is listed on our Dapp.
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Any user willing to participate in the project can simply invest in it with some ether and will act as an investor.
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Thus, by allowing each and every user to invest in a movie, we completely decentralize the process of producing movies since it no more depends on an individual or organization now.
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Once a user invest their amount in a project, they receive equivalent tokens issued by the movie creators.
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For every project, the token created would be different.
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The token issued would be an asset backed token which eliminates the risk of fraud.
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As soon as the movie is released, the profits earned by the project will be distributed among all the investors.
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The profits earned by the user will be represented by the increase in the value of the token they have.
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The users or investors can withdraw their profits at any moment by paying back the movie tokens.
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This DApp empowers you to steer and invest in various parts of the Film Production industry.
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A user can act as :-
- An Investor
- A Movie/Series Creator
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Provides an open platform for people with budding ideas and lack of funds and resources.
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Rules out the power possessed by producers and middlemen which results in trusted, more sercure, and faster payments.
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Gives an insight on where the funds are being used as all the transaction history is stored on the blockchain itself.
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The investors (common public) can keep a check on the progress of the project and value of the token.
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Also helps in promoting solidarity among people, mutual co-operation, as well as mutual harmony.
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Investors can earn through tokens according to the profit earned by the project.
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Eliminates fraud cases.
Implementing Nested Contract for the First Time
- CineBLOCKS includes a feature that allows every Movie Creator to create his own contract with all necessary details and rules included in it.
- However, programming this feature in Solidity was initially a troublesome task for me since I never deployed any such contract before.
- The task was demanding and required some strong understanding of the Solidity Language. However, programming nested contracts gradually became understandable and I was able to do it.
Distribution of Profit among the investors
- Whenever an investor invests in a particular movie, He/She gets some token(movieNameToken) in his wallet.
- However, the value of these tokens must increase with the increase in the profit earned by the movie.
- And this was one of the major blockers that I faced while programming the Smart Contract.