Despite the boom brought in by the increased use of smart devices, digital distribution at present doesn’t make filmmakers a lot of money. With media-content priced much higher than what many consumers are willing to pay, a majority of fans resort to consuming pirated versions of their favorite film or TV-Series.
White Rabbit is set to revolutionize the media-content ecosystem by providing a one-stop solution to the logjam that currently is. It caters to the consumers, content-right holders and third parties, thereby making it a seamless experience for all and converting pirates to fans while allowing developers the benefit of higher monetization.
What is White Rabbit?
White Rabbit uses a peer-to-peer token-based system that makes use of blockchain technology and enables users to access any content globally. The revenue earned gets distributed between all parties involved, while providing them with much more transparent and instant monetization than was available hitherto.
How Does It Work?
This is made possible by a personalized content library named Rabbit Hole and a browser plugin. To put it succinctly, the plug-in recognizes the content being streamed and corresponding White Rabbit Tokens (WRT) are paid to the Content Rights Holder (CRH) based on a smart contract entered into with White Rabbit.
The browser plugin can recognize content being streamed online regardless of where it is being streamed. Once recognized, a smart contract is sent to the CRH offering WRT in lieu of the legal ability to stream the content by the user. If the CRH accepts WRT, it opens up access to the high-quality content of the CRH for the fans (also including all the extras, behind-the-scenes, fan and filmmaker interactions).
The Initial Coin Offering (ICO)
The pre-sale is set for May 7-May 14 or until the limit of USD 5 million is reached. While the actual ICO (public sale) is scheduled to run from May 15 through June 10, with the hard cap set at USD 10 million. The team has locked the conversion rate of the WRT token to Ethereum and the initial token price has been set to USD 0.13 = 1 WRT. The total number of tokens being traded during this ICO are 190,000,000. USA and Canada have been barred from participating in the sale.
While it appears to be a project with immense potential, the sheer magnitude of the problem that they are trying to solve inevitably poses an interesting challenge to the success of the venture.
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