Description of ProsenseLive VRP Token
PROSENSE.TV tokens (VRP) were created in order to fix existing flaws in the business models used to monetize video content.
PROSENSE.TV tokens (VRP) are ERC20-class tokens based on Ethereum technology that are integral part of ProsenseLiveTM platform. The Ethereum platform was selected due to its scale and staying power.
PROSENSE.TV tokens (VRP) were created in order to fix existing flaws in the business models used to monetize video content. The most widely-used advertising model does not provide appropriate monetization for content owners and can only have limited application in the case of monetizing premium content. As VR grows we predict the introduction of pay-per-view models, since VR content has always been positioned in the premium segment and makes it possible to implement more interactive engagement formats. VRP will support the future development of the VR industry though the implementation of PROSENSE.TV’s livestreaming platform, ProsenseLiveTM.
All the transactions on ProsenseLiveTM are performed via VRP. Payment for content in VRP tokens in ProsenseLiveTM platform will be possible at the same moment when tokens are distributed which is on the 30th of December, in 14 days after the end of ICO campaign. ProsenseLiveTM will charge a commission on each transaction with exceptions for specific circumstances (promo streams, for example).
The prices for events will be set by the intellectual property owners in VRP. If the customers wants to pay for the content in local currency, the local currency will be converted to VRP based on the token’s current exchange rate if there are no legal limitations implied by the local authorities for such a use case.
Another option for the user is to pay in widely accepted cryptocurrency. PROSENSE.TV is in a process of signing cooperation agreements with several exchanges to make this possible. In order to make the system easier to use, users will perform transaction in local currencies, but all transactions will be performed via VRP.
We expect that, as the platform develops, ProsenseLiveTM will add more and more services supported by the platform, all of them will use VRP as their financial mechanism. For example, in addition to the pay-per-view and donation options described above, we are planning for the following usage scenarios to be available when PROSENSE.TV launches:
- Livestreaming — In order to livestream in real time, the intellectual property holder will have to deposit a certain number of VRP that should cover the platform’s minimal costs to support the stream on a technical level. We expect that, if a stream is available on a paid basis, PROSENSE.TV will take a portion of the total amount gathered or a streaming deposit (whichever is greater). If the stream is available for free, the streamer will have to pay for it using VRP. In this case the final cost paid by the intellectual property holder will depend on the number of users connected to the platform (just as with webinar services).
- Purchasing additional options — The PROSENSE.TV player used to stream all events through ProsenseLiveTM will eventually have a larger number of customization options (for example, using custom skins, changing the design, etc.) that will be available for purchase in PROSENSE.TV’s internal shop for VRP.
- Social functionality. With the development of the product PROSENSE.TV has focused intensely on the potential for users to interact while watching various events. We are planning to introduce options such as, for example, the ability to “invite a friend” to a shared viewing (with the option for the inviter to pay for participation) or the option to implements rates for certain types of events (while attracting partners with the corresponding specialization).
Since livestreaming requires the streamer to have tokens in their account, we will introduce three types of statuses for PROSENSE.TV broadcasters depending on how many tokens they have:
- 1,000,000 or more tokens: Gold status, which grants free video storage and 24/7 support
- 500,000 or more tokens: Silver status, which grants a 50% discount on VOD storage
- 50,000–500,000 tokens: Basic bronze status granting 25% discount on VOD storage
One of the most important steps in the development of the PROSENSE.TV platform is potential transfer from the currently-implemented ProsenseCloud platform, which makes it possible to process an incoming signal via PROSENSE.TV’s cloud capabilities, to a decentralized model where signals are processed by independent nodes. As with various implementations of blockchain technology, we expect to be able to distribute our technology without sacrificing the quality of the transferred signal. This will in turn allow us to provide an additional monetization method for the most active participants on our network, who will be able to become signal processors and re-broadcasters. This kind of system will have enhanced security and will not be linked to a single cloud server (which, as the February outage of the AWS platform showed, can lead to extended outages for even the most reliable companies).
This will make it necessary to establish a balanced pricing structure in order for processing nodes to work well:
C <= S + T
C — is the cost of processing (this includes the number of transcoding slots in accordance with ProsenseLiveTM standard)
T — is the reward in tokens S — is the streamer’s cost
Keeping in mind that there will probably be competition among nodes for services for streamers and the reward in tokens, we can say that any increase in the cost of tokens or the number of tokens that can be earned for transcoding will lead to a reduction in the price charged to the streamer. This will in turn further reduce the cost and allow a larger number of streamers to gain access to VR livestreaming on the ProsenseLiveTM network.
We expect ProsenseLiveTM to offer a full set of advantages for content providers, which will allow the service to quickly gain popularity and become a leading platform for VR livestreaming. ProsenseLiveTM’s main advantages for content providers are expected to be the following:
- Using PROSENSE.TV technology, ProsenseLiveTM will not just broadcast live video in VR; it will allow content owners to create truly interactive viewing formats with the best mechanics for audience engagement
- A wide range of monetization options that are not limited to a single model accepted by the service
- High reliability and the guaranteed piracy protection (and protected revenue as a result) due to the use of blockchain and user-identification technology
- Complete anonymity and options for encrypting peer-to-peer signals
- The realization of the “infinite seat” concept where using VR makes it possible to infinitely scale offline events with high monetization potential, which the current 2D format does not offer
Payment for the content in VRP tokens in ProsenseLiveTM platform will be possible at the same moment when tokens are distributed which will happen in 14 days after the end of ICO campaign.
As a part of ProsenseLiveTM future development we are considering to implement the ecosystem of associated services that may use VRP as their internal currency.
We expect to launch referral and CPA programs with transactions based on VRP.
We are also planning to expand our set of partners to include those who would like to use ProsenseLiveTM functionality for their own VR applications.
Experts are expecting video-streaming functionality to be dominant in the VR industry’s revenue structure, which will strengthen the value of this product for a wide range of market players PROSENSE.TV could eventually develop partnerships with using VRP.
The ProsenseLiveTM product itself will represent a central link in the VR ecosystem. For example, there is a potential case for a third-party provider to create a service for delivering events that are then streamed over ProsenseLiveTM.
In this case the service will be priced in VRP and use a signal transmitted by ProsenseLiveTM to the third-party application. Users of such application would receive VRP in their accounts and use the framework of ProsenseLiveTM.after initial sign-up and fee payment
Crypto-currency will be able to remain successful for a long time if it becomes an engine for the effective economy.
To the extent that VRP will be used by an increasingly large number of users and providers, the online effect of the ProsenseLiveTM ecosystem will also grow, increasing the value of the entire ecosystem for long-term token owners.
Successful economy requires a growing demand for VRP within the framework of the ProsenseLiveTM network. Since viewing streams requires users to purchase VRP, the demand for the tokens will grow in proportion to the number of active users and the number of demanded events.
If you have some questions left
For more information please visit our ICO website: https://ico.prosense.tv and you can find theProsenseLive Whitepaper here.
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