“The Future is Now Project ‘Netflix NFT’, Presenting Oracle DeFi Demo”
‘The real economy contents payment pool that this generation needs, demonstrated through CenterPrime’s NETFLIX NFT.’
Having created the new Oracle Perceptron Protocol, a project to become a pioneer in the new era of ‘Oracle DeFi’, CenterPrime participated in ‘Binance Hackathon: The Future Is Now’ in order to demonstrate our DeFi payment platform.
Binance Hackathon: The Future Is Now is a 3-week hackathon event hosted by Binance X and Gitcoin. It is held in order to establish the next generation of projects for an EVM-compatible Binance smart chain which can be compatible with cross-chain and Binance Chain. For five days starting from February 1st, 2021, Chainlink Co-founder Sergey Nazarov, Binance CEO CZ, Chamber of Digital Commerce Founder Perianne Boring, MicroStrategy.Inc CEO Michael Saylor, and other world-renowned people presented as a part of the ‘Binance Blockchain Week: The Future Is Now’ event, which drew world-wide attention.
The main challenge for this hackathon is to generate ideas for DeFi and asset management. Binance, the world’s largest cryptocurrency exchange, is working to create a new future that is effective and applicable to the real economy. The DeFi market is expanding, but there are still no platforms or projects which can apply the technology to the real world. However, Center Prime has already proposed a synthetic asset payment pool that connects the traditional finance and DeFi industry in order to allow various assets to be transparent and reliable for transactions in the real economy. Through this hackathon, Center Prime presented a demo of a pool that allows content payments to be paid through virtual assets by converting and dividing content used in the real economy into NFT.
We have set six challenges for the revolution of the new blockchain content industry.
1. Distribution of contents issued per each NFT token
2. Data re-code for each NFT token
3. Purchase NFT tokens by exchanging it with FT tokens
4. NFT token pricing and fundraising using liquidity pool
5. Streaming pool to which NFT token content can be streamed
6. NFT token streaming service that be spent on Netflix content
Taking on these 6 challenges, we were able to develop NFT conversion and payment pool and presented the demo. The reason we developed this technology is to promote the content industry, which plays a big role in the real economy, and realize our goal of connecting the real economy with the DeFi industry. Until now, the blockchain industry has been represented by financial services. However, in the real economy, content services are also important. To date, content services using NFT tokens have been stored on or linked to other chain networks, making it difficult to assess their actual value. Therefore, we have created a technology that can easily make content usable with the blockchain network. Rather than simply storing or exchanging FT and NFT tokens, we tried technology that can be utilize through a blockchain wallet by converting the actual content into NFT tokens.
The technology will provide the following benefits in the future.
1. Expansion of the blockchain content industry
2. Transparent content value calculation through NFT tokens
3. Expansion of the fundraising market for content development
4. Consumer management systems for content platforms
5. Profit diversification through NFT token liquidity
6. Providing a variety of payment services
By connecting the real economy and the DeFi industry, CenterPrime continues to take steps to become the leader of the new era of Oracle DeFi and an economically unrestricted lifestyle.
The CenterPrime project uses a Hyperledger private chain to share an open banking API to apps, connecting centralized finance to decentralized finance. Also making smart pairing data for loan, remittance, exchange, payment, and exchange rate information possible to be included in fintech oracle networks.