Contentos Live AMA Session with Contentos Global Community
On March 24th, our Co-Founder and CEO Mick Tsai had an AMA session with our Contentos Global community and introduced our NFT journey, future goals and launch plans.
Read the Live 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 one and a half years. Over 716 thousand active addresses have been created, 47 million blocks have been produced and over 3.5 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.
Two major recent initiatives from Contentos are:
- Video NFT: A new way to transfer the copyright of video creations is now available on COS.TV and OpenSea.
- Binance Smart Chain (BSC): Contentos recently issued BEP-20 compatible COS on BSC, which will later be an important part of Video NFT on BSC.
Q1 : What do you think about the boom of the NFT + DeFi association that is causing so much interest in the world? How does Your project take advantage of and exploit this reality?
Defi solve the finance freedom issue, and NFT solve the “Emtional issue of owning something”. Both are very unique and hard to cope with in current world but important. What I can see in the content creation industry these two elements can joint together and help to solve the copyright and earning transfer issue which now is hard to solve in the content industry. Contentos happends to be the best content blockchain project which has all the right things to realize it!
Q2 : If anybody thinks your project really likes a scam project, and they can’t trust this project. How do you make them believe in your project?
First, checking a blockchain project whether has fully open sourced on Github (which Contentos did), and second, see if this project has a real product delivered and right market fit. For instance, costv today has over 1 million users using it around the world. this can help
Q3 : What are the different ways in which COS can be earned in the COS tv ecosystem?
You can earn COS by simply upload videos, likes and comments on the videos you like. You can also apply for ad monetization for your videos, or apply for our new feature “video NFT”. Another good way to earn more COS is by joining our VEST bidding event, and then you can vote for our BPs and get rewards 🙂
Q4 : What is your long-term vision about the industry which you are working on? Are you afraid some day there will be another project with more innovative technology can replace your project?
Today content platform such as YouTube or TikTok or Twitter just take too much control, sometime it’s a risk to the content creation and restrict the freedom of speech. I believe decentralized technology can definitely play an important role to resolve this issue, that’s why we start contentos 3 years ago. Honestly, there were many similar projects and still more new to come, for me, as long as we are all helping global content creators, it’s a win-win situation for all of us.
Q5 : Do you have an NFT launch plan for Contentos Protocol? Recently, many projects have launched NFTs, how is your view of the NFT industry?
The current NFT industry is still very exclusive, where this technology is only introduced and used by brands/individuals with higher value IP. At
COS. TV, we are aiming to lower that barrier of entry so that every content creator will be able take advantage of this technology! Automation on COS . TV is within the pipeline to streamline the process.
At large, we need to prevent another cycle of cryptokitties, which has little to no use at the end of the day. But one thing is certain, with this much mainstream attention, NFT is here to stay and I’m excited to see what NFT will be utilized on moving on!
Q6 : The main Problem of Any Content platform like YouTube is Revenue distribution system! They give us only portion of revenue & not transparent ! So, How Contentos solves this problem ? Do you have any idea on this problem ?
Contentos solves this problem through decentralized blockchain technology that makes content distribution and rewards transparent! Views and rewards information are all recorded on the blockchain and rewards are decided by the community rather than by algorithms!
Q7 : You will have your own NFT Marketplace. But will your system be compatible also with others such as OpenSea, Rarible, etc.?
Great question! that’s why first step in Video NFT is ERC-721 compatible, not on Contentos mainnet. We do have the similar NFT standard on Contentos but it’s not compatibile with OpenSea. So in current phase, we decide to adopt with ERC-721 and let creators can send their video NFT to OpenSea for trading. Later we will introduce more other blockchain compatibiity such as the NFT standard on BSC. As long as it can help creator to expand, we are willing to give it a try
Q8 : Why You decide to develop this project based on NFT? Do You see this trend as the future of the crypto industry? Does Artists must assign rights to their art if they want to participate in Contentos?
The copyright issue is always the painpoint to the global content business. It’s hard to deal with with the copy-n-paste digital world. Even if you’d like to transfer the ownership to someone, it requires lots legal work. But NFT can make this part much easier. That’s what we see the potential of NFT design. In future, global content creator will be able to leverage NFT to easily transfer / sell the ownership of a creation. and the benefit can be transfer as well.
Q9 : Do you have any Token Burn plans?
Yes, we do have a long term plan for burning up to 5 billion COS tokens or 50% of our total circulating token supply. You can join our burning plan in different ways as below: 1) Holders: Participate in VEST loans, trading competitions, etc.2) Creators: Create COS.TV channel, upload videos, apply for Video NFT minting and trade NFTs, ad monetization, etc.3) Users: Purchase Gifting Votes and other upcoming paid features on COS.TV
Q10 : 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?
Of date, the largest market that we are in are Brazil, then Vietnam. We will continue to establish a stronger connection with these countries, as well as taking time to explore the US market sometime later this year. Our initiatives in Korea have been pretty amazing as well! Localization has been a vital key point to the growth of COSTV within all the countries that we have been to, and it takes a longer period of time to establish that relationship with local partners, who are creating the contents and attracting the local audiences.
Q12 : Binance smart Chain, Heco chain,.. are having high transaction speed and cheap gas fees, Do COS have planning to launch your mainet or switch to other blockchains in the future?
Contentos main-net v1 already launched on 2019/Sept. it has been worked flawlessly for more than 1.5 years and it has over 7000 daily active users on it. When designing and developing v2.0, we do consider leveraging other top tier blockchain project experience even work with them, that’s why recently we launch BEP-20 COS (BSC) and aim to help more creators to issue BSC compatible NFT since it has much lower gas fee
Q13 : could you please explain a little about the best NFT you have, Then what is unique about your NFT. And are you planning to add an NFT farm feature?
Now on costv, every creators can mint NFT for their video then send to OpenSea, as long as his/her fans want to buy it, it’s totally possible today. It’s a kind of ownership of a piece work from your supported creator. Moving forward, we will introduce more top tier YouTubers to share their video and mint as NFT, I am really looking forward to see this happened soon!
Q14 : Revenue is an important aspect for all projects in order to survive and keep the project / company up and running. What is CONTENTOS way of generating profit / revenue? What is the income model?
We collect COS tokens as service fees
1. NFT minting
2. On-chain transaction fees
3. Establishment and maintenance of BPs
4. Gifting Votes
In addition, we are also exploring ads for COS. TV now, which will open up the localized markets to potential advertisers moving forward.
To summarize, we have existing models of income to sustain the COS ecosystem :)
Q15 : As a parents I am worried what my child will watch on TvSo Do Contentos filter the content!
Yes we do! In fact, this filtration process is still very much a centralized action from our end. As mentioned by Mick, we are looking to implement the DAO system in the near future to reward the community in helping us filter out and get rewarded those flagged contents.