Let me start with an example. A small budget Indian movie called "The Great Indian Kitchen" in the language Malayalam, spoken in Southern India, were planning for a release of the movie in early 2021. Since there was a Lockdown of theatres in India due to Covid-19, they decided to release it via OTT ( over the top ) platform. They approached Netflix and Amazon, who outrightly rejected them.
"Amazon Prime team watched the film and said that this flick did not fit their film criteria and Netflix had rejected the movie even before watching it. Various other steaming platforms refused to release it on their platforms and most of them did not specify a proper reason for the rejection."
quotes Joe Baby, the director of the movie!
Finally it was released on a new streaming platform called "Nee Stream". It was very well received by audience as well as critics, that the Top OTT players in the market, who rejected the movie in the first place, now wants to stream the movie in theirs! Now 'The Great Indian Kitchen' is available on Amazon Prime Video too! Source
No price for guessing who earns all the revenue now!
1) The problem
So what went wrong in the above example? The movie was amazing, it might have been controversial, ( but Netflix and Amazon release controversial movies/series too ), the cast was not popular, but they were great (they are National Award winners ).
So the real problem was the question of Financial Success! If the movie had a big star, but didn't have a good script, or actors, or anything, still these top OTT platforms would have been streaming them anyway!
And if the movie was released in platforms like YouTube, where they don't need an approval for release, the producers of the movie won't even get back the money they invested for the movie!
And this problem is not just confined to Movies. It is prevalent in most forms of entertainment, such as Singers, Artists, Streamers, Influencers, basically, it affects almost all content creators, including writers like me! And finally when the Big OTT platforms release the movie, most of the revenue goes to them!
" You require 'experience' to get a job.
But you need to get a job first to get the experience"
2) The Solution
The solution is simple : Decentralization, and peer-to-peer payment system.
Let me explain: Creators release their contents on YouTube; people watch those contents through YouTube, mostly for free, and rarely paid; YouTube pays for the content creators based on their view count and duration, like a salary an Uber driver gets from Uber! So who gets benefitted here? YouTube (or Uber) for sure. But what about content creators and consumers?
For creators, it is a no brainer. They get paid less for their works than they ought to receive.
But when it comes to consumers, it gets more complicated. YouTube removed all the small players and monopolised the market. They get all the ad revenue, and money from paid Services (popularly called Pro or Plus or Premium), while the content creators only get a small bit of it! But as consumers, we get free videos most of the time, given that we must have patience with the advertisements that pop up in between. They finally push you to the limit that you take the premium paid offer! So are we really getting a free service, when this is a time when you get paid for viewing an advertisement ( Brave Browser says Hi )!
So the solution is this : Remove the Intermediate payment service.
Content creators on YouTube gets paid by the direct consumers. Uber driver gets paid directly by the Consumer, instead of an intermediary called Uber, all in cryptocurrency, and the transaction verified in a blockchain!
3) What is Gistcoin?
GISTCOIN is basically a utility token. It can cater to a wide range such as influencers, streamers, musicians, artists, brands, and content creators. Thus it helps people from all backgrounds who create content on social media communities and in other Audio Networks.
Since this is a decentralized token system and since anyone can have access to it, it allows for all creators – including creators from underrepresented and marginalized groups to have a direct access to their fans and monetization methods.
GISTCOIN is a type of electronic cash (read as cryptocurrency ) that can be exchanged for digital contents, products, and services. This can subsequently be converted into fiat currencies via exchanges, in case it is needed.
In short, the content creators get paid directly from the consumers in Gistcoin, for what they do!
Link to Gistcoin website : https://gistcoin.io/
4) Why Gistcoin?
~ No intermediaries
~ Increased security of transactions
~ Privacy and User anonymity maintained
~ One coin of exchange for content works globally
~ No boundaries or barriers
~ Decentralised
~ Ease of Payment
~ Can be used in all social media platforms globally
~ Price fluctuations limited only to demand and supply
5) Tokenomics
GIST is the the token for GISTCOIN.
Max Supply : 500,000,000 GIST
Price : 1 ETH = ~64,000 GIST or
1 GIST = Approx $0.05
Token distribution:
TOTAL EARMARKED FOR BOUNTIES/AIRDROPS: 27,750,000[5.5%]
TOTAL FOR PARTNERS AND AFFILIATES: 25,000,000 [5.0%]
TOTAL RESERVED FOR AIRDROP FOR GITHOUSE BETA LAUNCH: 100,000,000 [20%]
TOTAL RESERVED FOR FOUNDERS: 85,000,000 [17.00%]
TOTAL RESERVED FOR GISTHOUSE DEVELOPERS: 12,500,000 [2.50%]
6) The Ecosystem
Gistcoin team plans to create an ecosystem surrounding it. The GistHouse ecosystem, the project that GistCoin Crowdsale will activate, centers on a gamified and monetized Audio Conversation
Platform, with GISTCOIN as the central means of exchange. Therefore it is quite clear that the direct competitors of Gistcoin include, but not limited to Clubhouse and Green Room!
Gistcoin enables creators to unlock an economy around their community and to experience a new methods of monetization that work across multiple platforms.
Read the white paper here : Link
7) The Team behind Gistcoin
Dr Ope Banwo has several degrees in Law and has been in top Executive Positions in both USA and his native country Nigeria, for over 30 years. He has pioneered several businesses in USA and Africa.
Other business and strategy advisory board members include:
SEGUN AWOSANYA
Director Of Business Development
AKIN OLAOYE
Founder/Chairman, House of Lunettes
JOHN OSEI-BONSU
Director Of Finance & Due Diligence
and many more
Technical team members include:
NWANKWO GABRIEL
Software Engineer
DANIEL ADASHO
Software Engineer
IFIOK NKEM
Web Developer & Software Creator
8) Conclusion
GistHouse App brings innovative Solutions to one of the major problems that have limited the potential of the content creators in the Social Media Industry. It will also maximize the user experience of these Social media platforms!
Let us hope Decentralization wins over Centralised and Monopolised industries, and Gistcoin is surely a right step in that path!
PS: This is a sponsored article written for a bounty reward.
Bounty0x Username: ern21
Thanks for reading till the end!
Cheers 😊
