Among the Airdrops: The 10,000 Foot View of the SingularDTV Ecosystem and Projects
Yes, there’s a lot of tokens, but as we detail below, each has its own specific function and role
In the second of SingularDTV’s June airdrops, SNGJ tokens will be airdropped to SNGLS holders.
We will take a snapshot of all SNGLS holders on June 8 at block 10,226,000. Anyone who is holding SNGLS at that block will be eligible to receive SNGJ. Each address holding SNGLS during the snapshot will receive a 15% airdrop of SNGJ tokens. This means that if you have 1,000 SNGLS in your wallet at the time of the snapshot, you will receive 150 SNGJ in the airdrop. We do not anticipate that ANY centralized exchanges will support the airdrop. This means that in order to participate, you will need to move your SNGLS tokens off the exchange and into an Ethereum wallet to which you control the private keys before block 10,226,000.
While any wallet that supports all ERC-20 tokens should work, here’s a list of wallets you might consider using:
SNGJ tokens will be airdropped on June 12 to all the snapshot addresses.
SNGLS = utility token to pay for access and use of the SNGLS Media Distribution Protocol
SGT = governance token to participate in the snglsDAO to manage the SNGLS Media Distribution Protocol
SNGJ = utility payment token used to pay for content and creator subscriptions on the Singular J platform
What’s with all the airdrops?
The series of airdrops is intended to highlight the various projects in and around the SingularDTV ecosystem, an ecosystem that breaks down big concepts like a “decentralized entertainment industry” into its component parts.
We thought it might be helpful to review all those parts and each of their associated tokens.
The SNGLS Media Distribution Protocol
Occasionally referred to in shorthand as “the Protocol” or “the SNGLS MDP”. The Protocol is a peer-to-peer torrent network for distributing video, audio, and other entertainment files. Intended as a sort of public utility, the Protocol acts as the foundation for a decentralized entertainment industry by providing a low cost, censorship-resistant method of distributing entertainment content.
Various types of users interact with the Protocol in different ways, but all will use SNGLS in order to do so. Let’s say you’re a content creator, uploading a file to the SNGLS MDP. You use SNGLS to submit a content file to the validation queue of content miners. (“Content mining” refers to the process by which content is validated and added to the protocol, described in the white paper for the snglsDAO.) Let’s say you’re instead a content consumer, looking to watch a film or listen to an album hosted on the Protocol. You’ll pay a small fee to access the file, though that fee can be waived if you have membership in the snglsDAO, accomplished by staking, you guessed it, SNGLS tokens. SNGLS tokens are also used to reward content miners, acting as an incentivization mechanism to keep the whole system running smoothly.
The snglsDAO
In many ways, the snglsDAO is inextricable from the MDP, but it’s worth calling attention to as a distinct unit, if only because there’s a different token at work here. The snglsDAO acts as the “manager” to ensure the Protocol continues to function and remains censorship-resistant. Examples of censorship in the world of entertainment abound from Youtube’s troubled history with both openly and subtly banning crypto influencers to a recut of the film God’s Own Country uploaded to Amazon Prime Video without the filmmaker’s knowledge or consent. Our hope is that a democratic governing body (ie, a DAO) ensures that the Protocol will be protected from the whims of any single individual or corporation while still upholding community standards (those standards, of course, being defined by all the participants in the snglsDAO).
The Singular Governance Token (SGT) is used for voting and upgrading the protocol within the DAO. The snglsDAO will set listing fees and transaction fees associated with the protocol, will allocate and manage funds derived from the operation of the Protocol, and will approve or reject proposals to upgrade the system. In order to participate in any of the aforementioned activities, you will need to use SGT to vote.
Singular J: The First Storefront
Whereas the SNGLS Media Distribution Protocol and the snglsDAO are focused on the distribution of content and protecting said content from censorship, Singular J is focused on the fair monetization of that content. It would be accurate to describe Singular J as the first storefront built on top of the SNGLS Media Distribution Protocol, a sort of user interface to make it easier for artists to access the underlying technology and streamline transactions for content consumers.
The SNGJ token is a utility token used for payment — payment for transactional content and payment to subscribe to content creators. In last week’s blog, we covered why leveraging decentralized technologies could help to improve upon the growing trend towards “artist-centric” content distribution and monetization, but one aspect we only touched upon was the gamification of subscriptions. It is perhaps useful to go into more detail here as to how these gamified subscriptions will work, as this is an element unique to Singular J (and by association SNGJ) and not part of the underlying SNGLS Media Distribution Protocol.
Let’s say you find a filmmaker, musician, podcaster, or comedian whose work you particularly enjoy. You could use a portion of your SNGJ tokens to “mint” — or create — a subscription token. As long as you hold that artist subscription token, you’ll effectively be “subscribed” to that creator, and you’ll receive exclusive, premium content. All creator subscription tokens will be minted using a bonding curve, meaning that early subscribers won’t need to use as many SNGJ to obtain the subscription token as later subscribers. This rewards tastemakers for discovering new, up-and-coming talent and subscribing to their art.
When a subscription is minted, a portion of SNGJ tokens used will be paid directly to the content creator and a portion will be held in reserve. When you “unsubscribe” from that artist (and burn your artist subscription token), you’ll receive a portion of ALL reserve SNGJ tokens (not just the SNGJ you paid to subscribe). You’ll be able to use these SNGJ tokens like any other SNGJ tokens — you can buy more content on the Singular Japan platform or even subscribe to a different artist.
In a way, subscriptions on Singular J are comparable to “staking” SNGJ tokens on creators whose body of work you enjoy and believe in. In our model, you could theoretically get more tokens when you unsubscribe than you had to spend to subscribe. Of course, this assumes that you were an early supporter of a Singular Japan artist who later gets many more subscribers — so you might want to help that artist grow their fan base. Will this crypto-centric approach to creator subscriptions prove more sustainable than other monetization models to date? Will gamified subscriptions create a network effect of fan evangelists to grow a content creator’s fan base? Will superfans be incentivized to mint multiple subscriptions to their favorite artist? These are the types of questions we are interested in exploring with the Singular J platform.
In Brief
On the off chance you’ve been skimming this blog, here it is again in brief:
SNGLS = utility token to pay for access and use of the SNGLS Media Distribution Protocol
SGT = governance token to participate in the snglsDAO to manage the SNGLS Media Distribution Protocol
SNGJ = utility payment token used to pay for content and creator subscriptions on the Singular J platform
While we hope you are able to participate in this airdrop and the next, should you choose to do so, we hope that you will not lose sight of some of the bigger motivations behind the various SingularDTV endeavors.
