Ontology x MovieBloc AMA Recap
Following the successful launch of MBL as an OEP-4 asset and 50 million MBL bonus available for users who stake $ONT on MovieBloc nodes, MovieBloc has been the talk of different communities within the crypto sphere. In the light of this, on Feb 20th, the MovieBloc team was invited to further cement this new found love by joining an AMA in the Ontology English Telegram to share their plan and vision.
Check the chat message history of AMA here
Chris KANG, CEO of MovieBloc and Andy JI joined the AMA and answered questions from the community.
Intro Questions
Q1. What is MovieBloc? Could you please tell us in a nutshell what your project Moviebloc is about?
Chris KANG: MovieBloc is a blockchain-based film distribution platform.
The creators will get a transparent revenue share, audience data, and equal screening opportunity; the viewers will access various films & contents and get rewarded for providing curation, foreign subtitle, and marketing material to the MovieBloc ecosystem. We just launched our official service moviebloc.com at the end of 2019, and we are continuing to upgrade the platform!
Andy JI added: MovieBloc is our important eco-partner in Korea. Ontology aims to bring more real use cases to the blockchain industry. So, we helped KMplayer to co-incubate this blockchain-based project. We will continuously offer the tech support, product integration, marketing and etc. Their business had been verified and witnessed success before. 800 million downloads is an awesome achievement. To compared with Ethereum and EOS, we are much more suitable to serve enterprise-level applications. I hope MovieBloc may become the first massive adoption.
Q2. Could you briefly explain on tech/integration point?
Andy JI: The MovieBloc platform is an Ontology-based dApp with OEP-4 standard token. Referring to their roadmap, it will support ONT ID, content sharing and more Ontology features. I think our blockchain technology will enhance their user experience in the near future. In terms of community, we will see more transactions and attentions from their platform. It will strongly support our dual token economic model.
Segment 1: Prepared questions from Ontology community
Q1. MovieBloc recently acquired Cobak. So, my question is what is Cobak?
Chris KANG: Cobak is well-known in Korea, but some non-Koreans may not know much about Cobak. It is the BIGGEST ICO Platform+Crypto community in Korea. Cobak has the world’s leading mobile service that provides crypto wallet, community, real time ticker, news, airdrop, and token sale services. It has the highest number of users and wallets in the service and has introduced many popular projects through the token sales. We want to make full use of Cobak, the best and biggest crypto community and ICO platform in Korea and create great synergy with MovieBloc. For the further growth of Cobak, MovieBloc will co-work with Block72 and GBIC.”
Q2. Why does MovieBloc use USDT in its own business model along with its MBL token? After all, MBL is easily converted to the same USDT, BTC, ETH and some fiat currencies through the largest exchanges in Korea and not only. Do you fear MBL volatility or what is the reason for such a decision?
Chris KANG: Great question. We decided to share the creators’ earnings in USDT, yes. When the creator uploads the film, they put price on their work in USD, not in MBL. So users pay to watch film with the MBL token (or fiat currency) and the creator claims their revenue in stable coin, exactly 70% of the total sale. Using USDT isn’t something totally new for the blockchain projects. For example, Steem has Steem Dollar :) We just use USDT as a part of our reward mechanism, so the participants can also continue to come and contribute to the ecosystem without getting affected by the price of MBL changing.
Andy JI: “Btw, Ontology is approaching Tether to build a Ontology version USDT and gateway. I hope we can help a little to lower the barrier for our partners.”
Q3. Are you serious about continuing this project? Because I think this is a very difficult and risky project. I want you to think before answering it and I hope that the answer comes from the future.”
Chris KANG: I think our accomplishment from the beginning to here shows that the team is instensely pushing this project forward. In crypto: we partnered with many global projects including Ontology, COS, and Theta. We acquired Cobak. In film and entertainment industry: we partnered with film distributors, agency, and film festival. You hoped the answer comes from the future, so here we go. We launched our film service product and it is still developing, and you can see this on our Medium in the 2020 Roadmap. There you can see how our service will develop and expand. We are also trying to add fundraising function in this year, so token holders can fund filmmakers to create a good movie. We have our vision, and we are steadily walking toward to achieve it as a team.”
Segment 2: Live Chat Questions
Q1. You MovieBloc entered the Binance voting election, what support is provided by partners ??
Chris KANG: The support we got the moment we entered the Binance voting selection from our crypto partners was unbelievable! We had to make a one long poster to capture all the tweets from them, just to remember all the love we got. We also were able to see their support on the WeChat Moment posting as well. Our partners and key personnel in that entity stood up publicly and showed full support for us, and that includes Ontology as well!
Q2. AMA is the one of best way to advertise your project but to improve MovieBloc’ recognition in crypto and non-crypto space, what other community activities do you do other than AMAs?
Chris KANG: You are correct. AMA really was best way to advertise our project and service to the community. We did 6 AMAs for last three days, and it was amazing, we gaind many new users on our service as well. Beside AMA, one interesting community we run is a MovieBloc supporters ‘Movlies’. It is consisted of 35 Korean college students who love films, and they help us on online marketing and reviewing films. We hold monthly meeting with them, and they accomplish weekly mission as the supporter of MovieBloc. It is great opportunity for us to know how young potential users and heavy moviegoers feel about our project and the film industry from our Movies.
Q3. MovieBloc is funded by Ontology Global Capital . What made them believe in your team and the product?
Andy JI: MovieBloc was funded by Ontology Eco Fund as MovieBloc will become a potential massive adoption in this area.
Q4. What are the main benefits of Movie / Content creator by using MovieBloc platform instead of any other platforms? Which additional options you provide to creators which no-one is providing?
Chris KANG: Hmm I like your second question. We allow the uploaders to set the price of the film, and screening regions. We provide the audience data (region, device, etc) to help them on future production as well. This kind of support is not available on other platforms, so we believe we are the only one :).
Q5. CORONAVIRUSES (COVID-19) is currently a worldwide epidemic. All parties are concerned. Many blockchain industry figures contributed to this disaster. How does MovieBloc react to it? Does this case also affect the performance and future steps of the MovieBloc?
Andy JI: I guess it will be the chance for online, distributed collaboration. That’s the meaning for blockchain technology.
Q6. What are the worst things you’ve experienced with other project in the past?
Chris KANG: Luckily there weren’t any “worst” or nightmare experience we had in the past. Even if there were, we just shook it off and carried on as the team. That’s how we spent the past year.
Q7. In a decentralized network, due to the anti-censorship characteristics of blockchain technology, some harmful videos, such as violence and pornography, may appear. For these video content, is there any way MovieBloc can solve this problem? That is, how to control harmful information in a distributed network?
Chris KANG: In the early stage, the admin of the website will filter out the harmful videos that aren’t movie. In the later stage, I’m sure we will rely on the community’s decision to filter those kind of content, and do leverage the power of distributed or user-empowered environment of blockchain.
Q8. What role do you think MovieBloc will play in making blockchain highly adaptable in the worldwide stage?
Chris KANG: We hope, with Ontology and KMPlayer’s support, MovieBloc can become one of the first projects to make blockchain technology adapted to the worldwide users. Film or movie, the content we deliver, is beloved by many moviegoers around the world. PandoraTV has the streaming tech to deliver the content, and Ontology has the infrastructure that MovieBloc can utilize. It is not just a wild dream, we believe.
Q9. The total supply is 30,000,000,000 MBL. So, are there any repurchase plans to burn or block tokens to increase the MBL value?
Chris KANG: We have not announced any buy back or burn plan for our token. We are delicately planning and executing our token economy, as we develop and upgrade our service. Please stay tuned to see how we develop our token economy, synced with the development of our ecosystem.
Q10. The online movie market is growing with the presence of many names such as Netflix, Amazon Prime Video. What will help MovieBloc compete and grow compared to rivals?
Answer by Chris Kang : I can guess you are a fan of movie from your user name ‘Lalaland’ :) You are correct. There are Netflix, Amazon prime Video, Hulu, YouTube Movies, and so on. At this early stage, it wouldn’t make sense to compare MovieBloc to them. However, we are a community and participants driven project that empowers our audiences and contributors. We also have our own event and reward mechanism to draw more users who can enjoy films that weren’t available on Netflix and other big platforms. Pushing users from KMP would also help us to quickly grow our user size as well. Also, Amazon Prime and Netflix are subscription based and we are transaction based like pay per view. Our revenue share mechanism with transparency will be more attractive to the content creators once we have a significant amount of users. But we still have more steps to go for now :)
It was a pleasure having Mr Chris KANG and Andy JI on board to answer questions from the community, further bonding the project and community for future success, we hope to have more time like this.
Find Ontology elsewhere
Ontology website / Ontology GitHub / ONTO website / OWallet (GitHub)
