Contentos Live AMA Session with Crypto.com Community
On Oct 10, our Co-Founder & CEO Mick and Sean, CMO of Crypto.com had an AMA session with the Crypto.com community in their Telegram group. Let’s take a look at some of the questions (Q) and what Mick (M) and Sean (S) had to share with Crypto.com Community members.
Read the full AMA text below. (This AMA has been edited for clarity.)
S: Welcome, Mick! Got some great questions for you. But to start, can you briefly introduce the COS project?
M: Contentos is a decentralized global content ecosystem. It is supported by Cheetah Mobile (600M+MAU) and various content-related services including Live.me (live streaming), Cheez (short video), PhotoGrid (image) and COS.TV with over 60M overseas MAU combined. Contentos has attracted global investors in blockchain, internet, and venture capital community in its early-sales rounds including Binance Lab, DHVC and IDG.
Compared to any other similar content blockchain, Contentos has real content products that support photo, live streaming and video, millions of content creators and a large number of potential users worldwide, these three unique advantages provide Contentos with the chance to stand out among any similar projects.
Currently, Contentos mainnet has launched on Sept./25 and COS.TV is now fully integrated to the mainnet, we have reached almost 2K daily on-chain users and 30K daily TX. You can find out more by clicking these links:
Contentos block explorer: https://explorer.contentos.io
Binance research: https://info.binance.com/en/research/COS-2019-08-02.html
S: Thanks for the introduction, Mick. Now, let’s jump into the Q&A session.
Q1: What would be the number one benefit of joining the COS platform?
A fair, transparent decentralized content distribution platform that rewards your content based on true audience engagement.
I believe it’s the most fundamental value proposition from any content blockchain project, even for any content platforms. This is the vision of Contentos since day one.
Contentos mainnet has launched on Sept./25, so now everyone can experience it on COS.TV.
Q2: Can you explain to a young person, in a simple way, why should they use Contentos and not youtube? Thanks
First, you can still use YouTube, but after you create the content, why not upload it to COS.TV at the same time and see how much ADDITIONAL revenue and followers you can earn besides YouTube?
Second, do you think it’s easy to be a top tier YouTuber now? If you want to get popular, COS.TV perhaps is a much easier new content platform you can explore! Furthermore, you will be part of it, the earlier you join, the more privileges you have.
Q3: How different is Contentos compared to BAT as both are providing rewards to content creators?
BAT focuses on rewarding the audience “attention”, as its main product is the Brave browser. We just need to make a simple comparison — the user base, you can see Contentos’ potential: on GooglePlay, Brave has 10M+ downloads, but PhotoGrid has over 100M+ downloads on its own, which it’s 10X bigger than Brave. Not to mention we still have LiveMe, Cheez, and COS.TV. so user number is one of the most obvious advantages of Contentos.
Second, Because we have a mainnet and the way to distribute COS is based on the content engagement and contribution, so it’s relatively more transparent and fair compared to BAT token distribution.
Certainly, I respect BAT since they are also a pioneer in this industry, it’s possible that BAT and Contentos can work together in the future. After all, we all aim to help global content creators!
Q4: How do you think you will differentiate Contentos from a regular video sharing platform beside the token infrastructure? How will the people with know-how get attracted to the platform?
Interaction feature. Nowadays, video content sharing products such as YouTube or TikTok provides weak interaction between creators and audience. Most of the time they can only interact via “Like, Share, Comment, or Follow/Subscribe”.
Unlike live-streaming apps, take LiveMe for instance, there are more ways to allow creators and audiences to interact live.
Soon we will release some cool interaction features on COS.TV which diversifies the way creators and audiences can interact with each other. We believe this can significantly improve the engagement, and at the end of the day, improve the monetization potential in the content. Unlike centralized platforms, blockchain can build a limited supply and time-limited offering platform which is based on a trust mechanism.
Q5: At present, it seems that the currencies that earn the most are utilitarian tokens. In this sense, how is the COS team working to make it a more useful currency in everyday life?
The key problem is how to help creators pay their bills after receiving COS as a reward. Today, the path will be the following:
(1) upload content(2) get COS reward(3) move COS to binance.com or other crypto exchanges and convert to BTC or USDT(4) move BTC to a regional exchange that has a fiat channel to sell and get fiat money. For instance, move to Coinbase.(5) use fiat to pay.
The path is long and the conversion is hard for regular users. With the Crypto.com credit card feature, in the future, the path can be significantly shortened!
(1) upload content(2) get COS reward(3) store COS to Crypto.com then uses a credit card to pay!
Each small step of improvement can eventually increase the chances of mass adoption. That’s why the Contentos team is so thrilled to work with crypto.com.
Q6: Considering the fact that we are looking at blockchain as a solution for the long term, do you have any plans to partner with large game streaming platforms like mixer or twitch to try to cater to the younger generation and get them to understand and adopt crypto, thus effectively creating a generation of early adopters all by yourself?
Certainly, just like the partnership we did with Photogrid and LiveMe, the next step of COS adaption definitely can be the more partnership with mainstream content platforms, so Twitch is one of the good options for Contentos.
Meanwhile, we will also leverage our own product line such as COS.TV to attract more creators and audiences. The COS.TV main-net integration can be the best case-study to partner’s products. I believe if we can work in both directions, it can accelerate the mass adoption process.
Q7: What differentiates Contentos (COS) from other similar platforms that operate on blockchain like LBRY? Also, where are the videos stored: on a centralized server or servers like YouTube or decentralized on the Contentos network and using peer to peer protocols to recover the videos?
1. We are leveraging existing content products for years and acquire tens of millions of daily active users such as Photogrid. It’s hard to find any similar content blockchain projects that have this number of the user base.
2. Today’s decentralized technology still cannot guarantee the best watching experience for video/live streaming distribution. Maybe in 5 to 10 years, we will have something that can perform better than today’s AWS service. We are talking about how to guarantee 95%-99% of real-life connection rates, not just a “proof of concept” peer-to-peer video distribution technology.
I was working on LiveMe — one of the most popular mobile live-streaming apps before, this apps serves over 10 million “monthly active users” worldwide, so we were very experienced in terms of video/live streaming content distribution. That’s why in the current phase, Contentos still relies on AWS to store and distribute video content, but in the future, we will keep a close eye on decentralized technology and see if we can adopt it.
Q8: Is there any running DApp of Contentos?
After the Sept./25 mainnet launch, we have COS.TV — a decentralized video website fully integrated with Contentos.
It now has 2K daily active on-chain users and over 30K daily TX on mainnet. In the middle of this month, PhotoGrid will also integrate into Contentos mainnet, so global PhotoGrid users — that’s 40M monthly active users, will be able to join Contentos. We expect this will further increase the mainnet daily active on-chain users and daily TX
Q9: What is the role between Contentos (COS) & Popcorn (POP) tokens?
COS is the only utility tokens circulated in Contentos ecosystem, which means COS can be used in any DApp that is integrated with Contentos blockchain, and it can be circulated among these DApps. When you earn COS from one DApp, you can spend it on another DApp.
COS also is the only token can be traded in crypto exchanges such as Crypto.com or binance.com.
POP is the centralized rewarding point in COS.TV and POP can only be used in COS.TV. You cannot trade POP in any exchanges. We reward POP to the users who conduct desired behaviors on COS.TV. but POP cannot be used in any other Contentos DApp such as Photogrid or LiveMe, cause these Apps to have their centralized rewarding system.
Q10: For Contentos to succeed, direct transactions between content creators and content users need to increase without intermediaries, and the number of the content registered on content platforms will have to be high, but so far, most of the Contentos users are based in China and Asia.
There are huge barriers in the content market that are difficult to spread easily by country, continent, and culture. Then how Contentos plan to do spread with global markets such as the United States and Europe?
And I think the quantity of coin is also very important to maintain price. Contentos has 10 billion coins. This large quantity is likely to raise the value of the coin and make it difficult to spread the ecosystem. What do you think about this?
First, the key remains to be how Contentos can leverage our partner’s existing products and user base. Starting from next week, over 1 million Brazil photo creators and the audience will be able to join Contentos mainnet via new Photogrid daily.
In fact, the beta version has already launched yesterday, but this is just the beginning. We expect to see the global rollout in early Nov. Photogrid has over 200K daily active users in the US and another 300K daily active users in Europe. These are all “Daily Active Users”, not downloads or total users. So it gives Contentos a great chance to grab mainstream users’ and creators’ attention.
Second, as long as enough users demand the token, the value of the token will rise. That’s also why I mentioned a large user base is the key strength of Contentos compared to other similar projects.
Q11. How are you going to make it possible to track every copyright transaction? Will you support the creators when other people make fake copyright claims, unlike other platforms?
We will leverage the community to help us filter copyright issues. Nowadays, even on YouTube and Facebook, they also leverage community power, not just A.I technology to cope with copyright issues.
The problem is
(1) they never share value back with community moderators.(2) when it comes to controversial content, centralized content platforms make the final call in a black box. Often this ruins trust. We expect blockchain technology to be more transparent in terms of controversial content judgment.
Q12. How will Contentos attract content consumers — not just content producers — to the platform? What incentives are in place so that viewers of material will want to come to Contentos more than established sources like Youtube, Instagram, etc.
Good question! I would say only great content attracts the audience. Any other type of incentive won’t last long. This is the conclusion we got after years of experience in building a live stream app. So the key is to attract good content creators. To have good content creators, good products and a fair content distribution environment becomes necessary. That’s why we believe Contentos stands its chance.
Q13: Why did you choose to collaborate with Crypto.com?
We believe it’s a way to help the mass to start using crypto! I love the credit card approach. One of my team members has a Crypto.com credit card, and the convenience is that we’ve always looked for. Especially when you need to talk with lots of content creators who have zero knowledge of crypto.
Q14: Will Contentos implement different ways of supporting content creators such as paid subscriptions with CRO or even similar to Patreon but may be paid in crypto?
Definitely yes, in fact, my ultimate goal is to achieve diversified monetization for content creators to create as a living.
Patreon.com’s membership subscription is a good example, but there can be much more. Imagine in the future, creators can issue their own very unique, limited offered tokens, whoever holds it represents a chance to have closer interactions with the creators. Fans will love this.
These tokens can be used to trace the holding time and can also be traded. It can be the token to get “membership” privilege, as well as the tool to calculate the contribution to a creator’s work.
This can NOT be easily done by today’s centralized membership platforms due to a lack of trust. But blockchain technology naturally can be used to solve the trust issue, which makes it possible! You will see some testing on Contentos soon.
***A little hint, COS has the potential to become the next BNB if we do this right***
Q15. How are you going to make sure to grow your rate of adoption amidst the well known and established platforms? Especially considering that your token is being used for speculative purposes on exchanges as opposed to being bought for a fixed price and used for one main purpose; driving your platform and rewarding it’s contributors/content creators.
#1: I can’t deny that YouTube and Facebook have already become too big to compete. But I also want to point out most of the creators today cannot easily monetize their content because of more and more restricting “ad revenue sharing program” in these centralized content platforms. Content creators desperately need more ways to monetize content. So it gives us a chance.
#2: Indeed a good question, for me, I believe token is more like ownership in the system, we are exploring many different usages of COS in the Contentos ecosystem. COS can be the replacement of fiat money in the ecosystem, so simple business models such as membership subscriptions can use COS instead of fiat. In this case, since it’s not a stable coin, it will cause some issues for sure. That’s why we are also contemplating new solutions. Perhaps we’ll even have a stable coin in the Contentos ecosystem in the future.
Q16: What is the business model for Contentos?
As a non-profit foundation, Contentos blockchain itself and our team cannot make profits, but we do have several major cases for COS:
1. Peer-to-peer transaction — such as fans direct donation/subscription to influencers/ creators, which is the main business model on Twitch and Patreon.com. COS will be the token you use to purchase virtual giftings or make direct donations/subscriptions.
2. COS will be the “fuel” to run the smart contract system in Contentos. We have WASM virtual machine built in Contentos and we will have many pre-created smart contracts for advertisers to make business deals like ads with creators on-chain. COS consumption is essential in this case.
3. COS will also be the vote to elect block producers, similar to EOS design. We expect to see a huge COS “staking” need from here.
4. Any DApp developer who wants to build DApp on Contentos also needs to make a COS security deposit into Smart Contract — this makes sure that DApp developers won’t build something that hurts the entire ecosystem.
On top of Contentos blockchain. COS.TV will also have its business model and collect COS as the payment, we leave this to each DApp team to design the usage of COS. For instance, COS.TV will accept DApp developers’ COS payments for the promotional spot on COS.TV website, today we already have Harmony and MixMarvel partnered with us to promote their DApp games.
Q17: Will a mobile app of Contentos be launched soon?
I got this question all the time, yes, we are planning to have an Android version in late Q4. Stay tuned!
Q18: Can you explain how scalable the Contentos network is? Are you going to establish or make use of a Content Delivery Network or edge servers for low latency and high throughput?
Our public chains adopt sabft consensus mechanism, which can achieve high transaction throughput and up to 5000 TPS during the test network.
Dapps in our public chain, such as COS.TV and PhotoGrid will put the file content of video pictures into CDN, and write the content hash or URL to the chain, which should offer a very good user experience.
Q19: Which plans of marketing are in place, so more users/influencers start spreading the word?
1. Via content creation and creator to spread the words.
We are launching a new singing contest with the largest radio in the US, iHeart radio, Contentos will host both Korea and Vietnam contest, and winners from these two countries will enter the finals at L.A, the US in mid-Nov.
In Korea, we’ve partnered with the most popular local karaoke App called “Somesing” . In Vietnam, we started the early round of the contest and have hundreds of musicians joining! (You can check out their performance on COS.TV)
2. Via developer hackathon. We’ve worked with Binance, Matic, Celer Network, COCOS, and several other top tier blockchain projects to run a joint developer hackathon around the world. They were previously held in Shanghai and Seoul. On Oct./25, we will have the next round at San Francisco.
3. Via large user base existing content app such as PhotoGrid. PhotoGrid has over 100M+ downloads, this month the new version will be fully integrated with Contentos mainnet, which means we will have a chance to introduce COS to millions of users.
Q20: How would COS continue to work together with Crypto.com in the future?
1. User education. We will have content creators to make tutorial content in the future for Crypto.com. We believe this can educate more regular users to understand crypto and how to use it.
2. We would love to have more community engagement with Crypto.com community for sure!
Q21: As the use of the Contentos blockchain grows, if it reaches the maximum limit of total transactions, would there be an adjustment for “stamina” and “energy” to cap total transactions? For example, more stamina or energy is needed, or it refills slower
It can be an option if the need arises. Now you can pledge “VEST” to obtain more “stamina” and “energy”. That’s one way we create a strong need for COS since VEST is the pledged form of COS. In the future, if the community truly needs to adjust these system-wise parameters, it can be achieved after all block producers reach the consensus.
Q22: There are 4 Billion COS for rewards. What happens when those COS are distributed? Will there be no more rewards necessary at this point, or will there be a new reward scheme?
From a price point of view, it’s actually good if the tokens are limited supply.
Meanwhile, I believe token is not only a “fiat money replacement”, it also represents ownership, that’s why we’ve designed a limited supply model.
To answer your question, after 12 years when all COS are distributed, the business model will be:
1. Content peer-to-peer model such as donation or content membership subscription.
By the time Contentos/COS is adopted by billions of people (yes! billions!), people will start used to trade with COS as a way to calculate content value, which means existing circulated COS can help facilitate this purpose.
2. After 12 years later, we believe the audience will be used to sending GiftingVote to creators, in this case, the revenue from selling GiftingVote will be shared among creators and BP.
3. If the GiftingVote revenue to BPs is declined (since part of it needs to be shared with creators), how to help the BPs? The answer is the revenue from using COS as the fuel to run Smart Contract. By the time Contentos has billions of users, the needs of doing business must be huge, like advertisements running on YouTube and Facebook these days, but this time there will be no middle man, just Smart Contract, so the revenue from running Smart Contract to power all these content businesses will be a new, super-strong revenue stream to all BPs, they are the platform operator just like YouTube or Facebook. The only difference is, they are transparent and can be voted by anyone who holds COS!
Q23: What are the bottlenecks when scaling applications on the COS blockchain? E.g. how many transactions per second are possible?
We actually have some real-life references. Take LiveMe as an example, 2 years ago, when a top tier YouTuber “Roman Atwood” (15.3M subs) went live stream on LiveMe, the peak time we’ve recorded is 700+ virtual gifting sent per second from over 100K concurrent viewers. This can be a good reference for us. If we have 10 Roman type influencers onboard and all do live streaming content at the same time, it will require over 7000 TPS.
At this moment, the highest TPS Contentos test-net has achieved is around 25K, which is enough to cope with this need. However, we also foresee the future need must be evermore, that’s why we already started researching the expansion design. Luckily, we are not alone, there are many great blockchain projects teams such as Harmony.one out there can help. We will announce a more detailed tech roadmap soon in late Q4, stay tuned!
Q24: Would it be possible that instead of moving to your own blockchain you would move to another one in the future?
At the current stage, we will focus on Contentos mainnet and make sure it can achieve our goal — to be the world’s largest decentralized content ecosystem.
We are very open to any type of partnership, no matter it’s from another mainnet, another domain such as game or ToB projects, even with another content blockchain project. Inter-blockchain communication will also be the next major research point to Contentos v1.1.
But we will focus on Contentos mainnet development, so I don’t see any possibility to completely move Contentos to another blockchain main-net at this moment.
Q25: Hello! As a content ecosystem, you would wish to have a global reach. Where do you source your traffic foundations in search of active users globally?
We got three major content partners apps, in total, they can cover around 60M “monthly active users” (not downloads, if we talk about downloads, it will be over 150M worldwide). Take PhotoGrid for example, it has over 40M “monthly active users”. 20% from Brazil, 20% from Indonesia, 15% from the US. These give Contentos a large and diversified user/creator base.
Second, COS.TV is also a new initiative from the Contentos team, we now have over 50K daily active users, 40% from Vietnam and 30% from Brazil, these will be a new user source to Contentos.
Q26: How will Contentos try to surpass, or at least convince the majority current content makers (eg. from youtube, twitch) to actually put their content in your platform. I understand that there are already users but we still see the dominance of the current traditional media streams.
The key issue here is still about making money. I have been in content creation business for years, most YouTubers you see never make any money. Now they just do their best to produce content and hope someday they can go from Amateur to Pro.
So our strategy will be convincing long tier creators to give it a try first, later we will also partner with few selective top tier YouTubers. The other way is leveraging our existing content products such as Photogrid or LiveMe to reach creators, plus some incentive programs. We believe finding early adopters will not be too hard for Contentos.
Q27: What are the minimum requirements to run a complete node of Contentos?
We welcome anyone who wants to run the Block Producer! Here are the requirements:
(1) An AWS m5.2xlarge or equivalent spec. machine. (8 cores/32G RAM/1GMb network bandwidth/1T or more SSD), it’s about $3363 a year.
(2) Linux operating system.
(3) At least one Dev-Op engineer.
(4) Must closely work with Contentos core developers.
(5) 30,000 VEST in the Contentos account.
We have a detailed article about this: https://medium.com/contentos-io/what-is-the-benefit-to-become-contentos-block-producer-f8751c3ca401
Q28: Are there any plans of launching Contentos tokens on other blockchains other than ETH? (e.g. EOS)
COS currently is in BEP-2 format (on Binance chain). And it’s the trading format on binance.com, DEX, Crypto.com, Gate.io and Bithumb global.
COS used to have ERC-20 but we didn’t use it anymore after converting to BEP-2. Our next step is converting from BEP-2 to our mainnet native token format. We’re not considering issuing COS token on any other blockchain at this moment.
Q29: What is the next step for Contentos? There is very little information on the next steps in your white paper.
Mick: Next, Contentos has three major roadmaps:
#1 We will help creators issue their own token on top of Contentos mainnet, imagine any creator can have their own content token, perhaps limited supply to their fans, and these creator tokens can be traded as well, everything will be pegged to COS. We believe this will significantly increase the demand for COS.
#2 More product adaption. The more peer-to-peer cases will be created to increase the demand for COS, such as content donation/membership subscription.
#3 2020 Contentos v1.1 tech roadmap. We expect to have a major upgrade in scalability, inter-blockchain communication, and more decentralized consensus mechanism, stay tuned, we will release the new v1.1 tech. roadmap in late Q4 this year.
Q30: What’s next for Contentos platform? What does the future look like with COS?
By the end of this year, our goal is to have over 50,000 daily active users on-chain. These users will come from Photogrid and COS.TV, meaning Contentos mainnet will have large amount of real users and real TX every day.
We now already have over 1K daily active on-chain users, just after 2 weeks mainnet launched. We expect to see Photogrid new version released in the middle of this month and a large number of global photo creators/audiences will join.
Next year, 2020, Contentos has three major roadmaps.
#1 We will help creators issue their own token on top of Contentos mainnet.
#2 more product adaption. The more peer-to-peer use cases will be created to increase the demand for COS, such as content donation/subscription.
#3 2020 Contentos v1.1 tech roadmap which covers the previous major research points in the previous answer.
S: Now it’s the Live Q&A Session, please submit your questions here and Mick will address it. Please note that only 3 questions will be selected.
Live Q1: Most content creators use Youtube for videos or Amazons twitch for streaming. Can gaming streamers still use the standard tools and services like streamlabs, streamelements, Open Broadcaster Software, etc. to manage, design and moderate their streams or are there even partnerships planned with these tools and services?
Yes, that’s our goal, we don’t want to change the creator’s behavior, for instance, you should still use OBS to do gaming live stream and leave the rest to Contentos/COS.TV. We believe this will maximize the adaption of content creators. Today, you can actually use OBS and live stream from LiveMe then the content will be shared on COS.TV!
Live Q2: As we all now that YouTube is the biggest Giant in terms of contents. But How Contentos Platform is better and improved than YouTube?
One major issue happened to YouTube today is they focus on too much to the top tier content creators and media house; for those long tier content creators, they can’t offer much help. That’s why we’d like to see if Contentos can help with long tier content creators and audiences to find the true content value.
Live Q3: Contentos has a lot of achievements in TestNet and will release mainnet. After launching mainnet, what strategies do Contentos have to make COS more valuable in terms of increasing the number of players and what apps are you integrating to expand your ecosystem?
At this moment, mainnet BP election has started to attract lots of attention on staking COS to mainnet, meanwhile, the content rewarding system also requires users to stake COS to “VEST”, later, the peer-to-peer content model such as content subscription or membership can further enhance the demand of COS, which eventually will increase the market value of COS due to strong product side demand.
Thanks for all the questions! Much appreciation for your insightful responses Mick. Today’s Contentos X Crypto.com Community AMA is completed. We appreciate everyone who stayed all the way.
Pre-collected questions that were addressed during the AMA will share a pool of $3,000 USD worth of COS. Congratulations to the winners! COS rewards will be issued within 14 days after the campaign ends. You can log in and see your Crypto.com App’s COS wallet section.
See you next time!
Thank you, everyone! I love to chat with you. Stay strong, stay safe and stay with Contentos!
-Mick, Co-Founder & CEO of Contentos