MTonomy is a Netflix, Google Play, or Amazon Prime occurrence for Ethereum users. Based in Cambridge, MTonomy went live this week. Part of their team, includes famed bitcoin developers such as Gavin Andresen and others come from the MIT Media lab’s Digital Currency Initiative.
Arjun Mendhi stated:
“MTonomy isn’t decentralized. It shouldn’t be. We’re the only system out there that I’m familiar which is able to provide enterprise-grade content delivery and security. It’s essentially the same technology that Netflix uses to secure its content. This is the first time that’s ever been available on the blockchain.”
Ethereum is utilized to process payments. Metadata is stored in smart contracts. To convey a good experience, it puts the same enterprise-level servers in use which is used by others. It has incorporated encryption and Digital Rights Management protections. Content creators experience the same level of protection as they would get elsewhere.
Global availability is the real power of it. So people across 170 countries can acquire content. Each transaction is completed within 14 seconds worldwide. Additionally, people who are either unbanked or have issues with using a credit card can avail content too.
Netflix, Amazon Prime, and Google Play accounts are frequently hacked and trafficked on the dark web. This is not an issue with the MTonomy system. Thieves would also have to compromise the Ethereum wallets of the associated accounts.
Challenging Piracy
At the issue of piracy, Mendhi opened up.
“Regions, where piracy is rampant, are a target market for his service. I grew up in India. I saw a lot of piracy out there. DVDs being sold on the streets and what not. Essentially, what people don’t realize is that there is a good deal of demand there. People are willing to purchase that content. But what really ends up happening is they don’t have access to the content.”
Admittance to Global Markets
When studios make agreements, they make a contract for an entire region. Services like Netflix, Google Play, or Amazon have restrictions in this particular section. The expenditure of collecting and processing funds are extreme. Operating in many places is a losing scheme.
“I was sitting with executives at a major studio last month. We were talking to the international executives. They live in a very, very fragmented world. So in the US, when they do a deal, they do like a few hundred million dollars. Outside, even for such a big studio, a country like China, the entire country could be just like $5 million in revenue. And then it gets worse when you go to places like Thailand, Vietnam. It’s extremely granular, extremely fragmented, different languages, different currencies. It becomes so much of an overhead with such little return that eventually all these major studios end up losing money.”
Mendhi believes that his company can remove this friction. It’ll facilitate people to get access to quality content in areas as such. Using Ethereum, it removes the barriers and pinch points that increases the costs. It removes the prerequisite of the banking system or credit cards.
Content Creators Will Have Transparency
According to Mendhi, another aspect that his company is superior compared to others is in terms of transparency. Streaming services are an opaque system. They trust that the service is being sincere with them. By using smart contracts enables creators to get aware when their content is bought.
“Every piece of content has a smart contract. It’s best integrated with MetaMask. MetaMask is a popular browser wallet for Chrome/Firefox. The site doesn’t require much personal information beyond an e-mail address. They use accounts so it can recommend content like Netflix does.”
The revenue share depends on the deal made with MTonomy. It’s different to what happens on YouTube. People can’t just upload and trade content.
A Probable Industry Reformer
MTonomy won’t be a particular service, either. They plan to license their technology. Others may require it. Mendhi mentions that people will likely being using MTonomy without having any idea they are.
As MTonomy goes forward, it is also likely that other services and platforms will be created where the consumer will not even be aware they’re using the blockchain.
“They’ll use some XYZ website but licensing technology, money movement technology, could very likely be powered by MTonomy.”
On the issue of using native Ether instead of launching their own token, Mendhi said:
“Our goal is essentially to provide intellectual property licensing with the blockchain. It does not need a new token whatsoever.”
He did say, however, that they eventually intend to “support all forms of cryptocurrency.”
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