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Fiction Riot, DECENT develop blockchain-based royalties payment system

Tony Zerucha

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DECENT, a global provider of blockchain technology, today announced it has partnered with Fiction Riot, a pioneer in the production and streaming of user-engaged video through its platform, Ficto, to become one of the first streaming services to pay royalties utilizing blockchain.

The resulting smart contracts are designed to deliver genuine transparency of payments in US dollars for all parties involved in the production of streaming content featured on Ficto, on par with industry standard studio rates. Ficto will run on DECENT’s proprietary blockchain platform, DCore, which can facilitate more than 2,000 transactions per second.

Through the use of smart contracts, Fiction Riot is addressing broader entertainment industry challenges related to compensation. By recording transactions over blockchain’s secure and encrypted platform, Ficto pays royalties in near real-time, directly to artists based on how often their content is viewed. Because the formula is agreed upon upfront, everyone involved in production is paid in a fair, consistent and timely manner.

“Streaming media services predominately pay a single upfront fee for the right to stream an existing or original film property, which essentially cuts the artists out of royalties on content that generates heavier viewership,” Fiction Riot CEO Mike Esola said. “Whether for economic or technological challenges, this quickly became the norm. Now that blockchain is much more pervasive and mature, we saw an opportunity to course-correct this practice with trusted, automated smart contracts that take the mystery out of artist compensation for streaming media – ensuring payment is on par with the amount of viewers they attract.”

“Fiction Riot’s bold move to embrace blockchain is ushering in a new compensation model for streaming media, bringing a fresh vision to the entertainment industry,” said Matej Michalko, founder and CEO of DECENT. “We’re excited to apply the security and efficiency of our DCore platform, removing traditional complications associated with payments, making them more transparent and trusted in Hollywood.”

Ficto enables a highly engaged user experience for its serialized fast fiction by leveraging native mobile features such as vertical video, 360 viewing, AR, chat and live streaming. The platform’s proprietary technology allows Hollywood content creators to seamlessly combine traditional video assets with mobile-first applications through a “toolbox” approach. It will be available to consumers in spring 2019 and currently has twenty series in production, representing a balance of original and licensed content. In the meantime, Fiction Riot is meeting with content creators to secure and develop its second round of series to follow shortly afterward.

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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