Contentos AMA Session with Contentos Global Community
On October 14th, our Co-Founder and CEO Mick Tsai had an AMA session with our Contentos Global community and introduced our new Mainnet 2.0 with NFT and DAO functions and our future goals.
Read the AMA text below.
Hello! my name is Mick, co-founder of Contentos (Contentos.io)
It is great to be speaking with everyone in the Contentos global community!
Please first allow me to introduce Contentos and our competitive advantage against other content related blockchain projects.
For those who are hearing about Contentos and COS for the first time, here are some basic info:
Contentos is a decentralized global content ecosystem, and the V1.0 mainnet was launched in September 2019 and has been fully operational for more than 2 years. Over 1.2 million active addresses have been created, 64 million blocks have been produced and over 5.2 million videos have been posted on the Contentos mainnet. (Contentos block explorer: https://explorer.Contentos.io)
A decentralized video platform, COS.TV is built on top of the Contentos mainnet, which now serves over 1 million global users monthly around the world. Creators can earn not just block rewards with their videos but also can receive direct support from fans via watching ads or sending Gifting Votes. These revenue models generate profit for creators and the COS.TV platform just like ads on YouTube today. With this revenue, the Contentos team recently announced a token burning plan, which aims to use all the profits collected from products and services to burn circulating COS tokens at the end of each quarter. Ultimately, 50% of the total token supply (5 billion COS tokens) will be burned through this plan.
COS officially launched on Binance.com on August 3rd, 2019, and went on to get listed on Gate.io, Bithumb Global, Crypto.com, and Bitrue. We are also listed on major Korean exchanges such as Bithumb and Coinone today.
Yesterday, we announced the launch of our Mainnet 2.0 integrating NFT and DAO functions on the Contentos mainnet!
The highly anticipated NaaS (NFT as a Service), which allows NFT contracts on the Contentos mainnet, will allow anyone to issue NFT assets on the Contentos mainnet, and significantly decrease the difficulty of issuing NFTs while improving security and making NFT maintenance easier. Stay tuned as we develop and launch use cases for our mainnet NaaS function on COS.TV soon!
We are also very happy to launch our Contentos DAO (Decentralized Autonomous Organization) on Contentos Mainnet 2.0. You can now participate in our DAO and decide whether reported videos violate our terms and need to be removed. We encourage users to actively participate in the operation of the DAO, but please note that rewards are subject to change. After 10/31, the COS.TV DAO will be fully integrated onto COS.TV.
That’s my brief introduction of Contentos!
Q1 : $COS has great potential and extremely undervalued as compared to its competitors such as Theta and Audious.what is your future plans to increase $COS use cases and attract more Users?
After the NaaS (NFT as a Service) and the content DAO launched on main-net, the Contentos team is ready to explore many new opportunities.
- Gamification content. This will be one of our new attempts to integrate YouTube and TikTok content into the Contentos ecosystem. In the past 2 years, we understand that many top tier influencers cannot fully dedicate their content to COS.TV due to the majority of their fans still being on YouTube, TikTok or Instagram. We also understand that it won’t create enough impact if we simply just repost whatever an influencer already posted on their YouTube to COS.TV, so a new idea started forming — what if we gamify the content from their major platform? More details will be revealed in November, but this new product will significantly increase the consumption of COS and attract more regular users from other platforms to join.
- COS.TV is still expanding its user base, we are seeing more activities on Main-net these days, with average daily on-chain users already exceeding 10K, which is a very positive sign to a blockchain. COS.TV is ready to take advantage of the recent bitcoin adoption trend in many Latin American countries such as El Salvador, especially when COS.TV has a large user base from Brazil currently, we believe this will be a good opportunity!
Q2 : Rewards for DAO | Where does controversial content come from? and what is the payment method for the creators who participate in the vote?
In today’s centralized content platforms such as Facebook or YouTube, the definition of “controversial” is very subjective, e.g. “blockchain” related content may be treated as content violation so YouTube can ban it anytime. What we would like to do is return this power back to the community, let the community have the right to vote and decide which content should be removed since it does not fit into the majority votes in the community. Imagine a user posts a video related to a certain culture, and an audience reports this content, this content will be sent to the community moderators so moderators can vote based on their opinion. Any type of content can be reported with a proper reason, but only those content that are confirmed by the moderators will be removed from public access. Meanwhile, the reward will be COS, but only for the voters who make the majority decision.
Q3 : #NFT market is booming and $COS as one of pioneers in streaming contents industry in blockchain,i wanted to ask does $COS have plan to Release its own exclusive #NFTs and join the #Metaverse ?
From early this year, COS.TV rolled out the feature which allows creators to mint NFT for a particular video, it’s a ERC721 NFT token which means it can be traded on OpenSea right after minting. This helped the creator take advantage of the trending NFT market early this year. Later, BSC support was also built. Now, we include the NFT support from Contentos main-net, the latest upgrade rolled out yesterday, giving Contentos main-net the capability to mint and trade NFT. After this update, we will soon enable creators to mint Video NFT on Contentos main-net, and by doing so, more benefits will be granted such as more chances to be featured.
NFT is just the beginning. Currently, most NFT relies on OpenSea or similar NFT marketplace to provide liquidity, and most of NFT has low or no liquidity after issuance. EIP-1155 provides a new way to increase the liquidity by further fragmenting the NFT, however, there needs to be a good reason as to why people want to possess a particular NFT, even just a fragment of it. So our goal after releasing the NFT update on Contentos main-net will be how to build a rare NFT model that people want to collect, not just trade, and by holding it, more benefits will be granted in the product ecosystem. (Imagining holding a NFT can help you stand out from the other fans’ comments or even having the privilege to create / play the game with the influencer?
We are still at the infancy stage for the NFT era, more exciting things will be built and released!
Q4 : NFT is considered the next trend of the crypto industry after DeFi. Could you share your opinion about NFT? Where do you see the future evolution of NFT features and capabilities in the next few years?
NFT has great potential, but still has a long way to go. Early this year, NFT created a huge impact on the general public and received much mainstream media coverage. More regular users and artists joined the NFT domain and more collectables have been produced. COS.TV and video NFT also benefited from this new trend, as we’ve seen more video creators ask for video NFT features recently and expressed interest in leveraging this cos.tv feature.
However, the poor liquidity of NFT is the biggest problem. Due to the nature of collectable items, chance is either you own (bid) a complete item or you get nothing. With the soaring price, most users cannot afford to make the bid on the popular NFT, and it becomes a whale’s game. I think if NFT only goes in this direction, eventually it cannot benefit the majority of the community. With the Contentos main-net NaaS upgrade, we’d like to explore fragmentation and lowering the entry barrier of having NFT (or just a piece of it), to increase the liquidity and help more creators. We see this as one of the current major improvements on many other main-net such as EIP-1155 on Ethereum.
In the next few years, I believe the NFT fragmentation will create more exciting ways to the current NFT market, perhaps more gamification, and more regular users can join and own a popular NFT, at least part of it!
Q5 : Any updates on the IOS app? What do you expect from the worldwide adoption of COS.TV on Apple products?
Currently, iOS app is under closed Beta phase and we’ve invited dozens of users to install and give it a try via iOS test-flight mechanism. Meanwhile, we are also working with AppStore to speed up the process. There are a few more items we need to adjust based on the latest feedback from Apple last week. Since COS.TV is not just a content consuming app like TikTok or YouTube, it’s also a blockchain app which has a wallet built-in, Apple has more requirements and restrictions on this type of app development, and all issues are required to be resolved before we can launch it officially on the AppStore. The progress is positive and we should be able to see it within the next few weeks.
By the way, perhaps some wallet features will be disabled in order to comply with the Apple rule, just letting you know first.
Q6 : What is your plan for global expansion? At present, which market does Contentos focus on, or is it focused on building and growing to gain customers, users and partners?
Today, COS.TV users come from over 100 countries worldwide, major users from Brazil, Vietnam, Russia, Korea and US. Due to the recent Latin American developments such as El Salvador’s new monetary policy, we are expanding more to these countries since it will be easier to educate regular users and creators to give it a try.
Meanwhile, we are also expanding more to the US since it is still a very attractive market not just from a content creator, but also from an investment point of view. How to comply with US regulation will be our next major goal.
Q7 : The DAO mechanism is a great mechanism but I would like to ask if there is a large enough group of people who hate someone, will the results from the DAO mechanism still be fair?
To be honest, testing is required. Community behavior is dynamic and constantly changing, but one thing is certain — there is always “controversial” content in any content community. Sometimes you don’t need to hate someone, simply just because a content may not align with someone’s belief or core value, it can be reported as a “controversial” content, however, it will be the call to the rest of the community to decide whether this report is valid or not. Meanwhile, it’s also one of the major needs of all major content platforms, Facebook each year spends millions of dollars to hire out-sourcing content moderators but still much controversial content is exposed to the public. The model we’ve decided here is very unique and will be needed by many top tier content platforms, this will fundamentally change the way how a content platform manages the controversial content and make the community have more involvement.
Q8 : What does your goal look like in one, two or three years from now, in terms of COS tokens as a circulating supply?
First, the ultimate goal never changed, Contentos aims to help global content creators to have a new way to fairly produce and distribute content, then gain the fair rewards based on their work. We’ve done this with many product features such as Ad integration, GiftingVote, Pay-per-View system and video NFT. With the main-net NaaS and DAO support upgrade, our next year goal will be to further increase the way to help creators to monetize their content. Two new product designs are ongoing currently, both will take advantage of new NaaS features and we aim to gamify the content, not just on COS.TV, but more from the mainstream content platforms such as YouTube and TikTok. We expect much higher consumption and need for COS.
In terms of a three year plan, we will still keep the ultimate goal, meanwhile, since the NFT and future creator tokens requires a marketplace to provide liquidity, a new content marketplace product is in the product pipeline, it will be a completely new way to trade the content and creator’s NFT (or a fragmentation of the NFT). This new marketplace can still be considered as an alternative way to help creators and fans to monetize their content.
Lastly, based on our medium article released in the middle of March this year (https://medium.com/contentos-io/long-term-burning-plan-for-cos-tokens-63d13b252bf2) , as long as cos.tv makes the profit from these product features such as Ad revenue sharing, selling GiftingVote, etc… we use the profit to buy back circulated COS and in each quarter end we burn these COS. We’ve completed three burnings this year and ultimately 50% of total tokens will be burned based on the profit we’ve made. So the more our creators can make, the more revenue share we can have, then the more buy-back COS we can burn! In this case, the value eventually goes back to the COS holders.
(last burning on Q3 announcement is here: https://medium.com/contentos-io/cos-token-burning-5-announcement-c6ec20bc9483)
Q9 : I think at this point costv has received a lot of attention from content creators. Can you tell me your future marketing plan so that more people know about costv?
Video NFT gives a new possibility to educate the top tier content creators about COS.TV and the contentos ecosystem, it’s a direction we are heading to in order to attract more top tier content creators from mainstream media. Take Brazil as an example, recently, we’ve seen more politicians join COS.TV and express their ideas and vision to their supporters. In Vietnam, we also see many Block Producers take the role to recruit users to COS.TV, which helps a lot to Contentos core team. Moving forward, we will recruit more creators from the US and other high potential countries.
The other new direction is how to make a connection to the top tier content platform such as YouTube or TikTok, by leveraging their API and massive popular contents. Our new gamification design may open a whole new way to associate these content with Contentos main-net. Meanwhile, we will let more regular people access the gamify content with COS tokens. I am looking forward to introducing this new product in the very near future.
Q10 : $COS has great potential and extremely undervalued. Do you have any plans to add some features like minting, creating, and selling of NFTs to your website in the future?
Video NFT feature has been launched earlier this year, and you can mint NFT for any video you’ve published on COS.TV and it can be traded on OpenSea right away. Any user can access this feature and so far we have close to 100 video NFT minted by creators. You can give it a try anytime on COS.TV now.
After the Contentos main-net NaaS feature, the next step is allowing creators to choose different main-net to mint their video NFT, and if it’s on Contentos main-net, it will have lower transaction fee compared to ERC-721 on Ethereum, and also have some exclusive new features provided only on the Contentos main-net.