Free and open communication has long been an essential component of a successful democracy. Unfortunately, money, power and influence over time have stifled today’s media environment adversely impacting both content producers and consumers alike.
In an effort to democratize creative content, DECENT has officially launched its blockchain-based, global media distribution platform. The name is an acronym for Decentralized Network; Encrypted Secure; Content Distribution System; Elimination of 3rd Parties; New Way of Online Publishing; Timestamped Data Records.
Designed to bring more transparency and fairness to the media industry, DECENT allows artists to seamlessly distribute digital content for immediate payment and without hefty fees. Peer-to-peer in its orientation, consumers decide the merits of a certain piece of content posted through a Yelp-like community rating system. The content, however, cannot be censored or removed.
This blockchain initiative endeavors to disrupt the legacy world of media distribution by allowing artists more freedom and control over the ownership and distribution of their content, all without compromising on security. It represents a potential gamechanger for the massive global media and content distribution industry — one that’s estimated to grow from $1.7 trillion in 2016 to over $2 trillion in 2019.
DECENT was founded in 2016 by two friends, Matej Michalko and Matej Boda, from Slovakia. It sprouted from a shared vision that blockchain technology could fuel a coordinated system of digital content publishing and sharing throughout the world.
Funding for DECENT was fueled by an ICO campaign last summer, which raised more than 5,881 BTC, at that time valued at $4.2 million USD. There were 4,300 ICO participants in total and no other key funding partners.
Michalko recounted the journey leading up to his own personal discovery of blockchain technology and its potential uses for the content distribution space. “I’ve been extensively involved in Bitcoin since 2011, even mining it from my own laptop at the beginning. I quickly realized that the innovative technology behind Bitcoin had the potential to change the modern world.”
When Michalko started to delve further into blockchain technology, he found a seemingly endless list of use cases the new technology could support. “I became determined to use blockchain technology to create something revolutionary that would be beneficial for people on a global scale. A short time later ongoing discussions between myself and our future co-founder Matej Boda quickly led to DECENT being born.”
He says that DECENT Network is a reaction to the issues that the majority of content producers face nowadays in the entertainment and media industry. “There is too much artificial complexity and too many barriers in the industry affecting both the access to market and income of the content owners.”
DECENT’S digital model allows artists to distribute any form of content, including written, music, videos, ebooks and pictures. These distribution channels are free of third-party influence, meaning that artists can also manage their intellectual property rights and set their own pricing.
One of the innovative adaptations that distinguishes DECENT from other blockchain platforms is the network’s reputation management system. This allows content creators who share their digital work on the platform to build a lifetime reputation, based on ratings from those who purchase content on the platform. DECENT Network also allows content creators to instantly receive payment when someone downloads their content, without any middleman interference.
Michalko believes that DECENT can break the trajectory in which a majority of power is concentrated in the hands of a few players controlling the industry. “Artists, filmmakers and writers lose control over their work and depend on the mercy of the ‘big guys.’ We designed DECENT Network to do away with all that and bring more transparency and fairness to the digital content industry.”
DECENT estimates that writers, for example, lose a healthy 30–75 percent chunk of their earnings when publishing with Amazon. Similarly, musicians, through licensing agreements, lose around 30 percent when selling a track on iTunes. Blockchain technology therefore serves as a mechanism that helps writers and musicians keep more money, while connecting with their audiences directly.
Michalko says that artists will be paid for their downloaded content through DECENT’s own cryptocurrency called “DCT,” which will be launched together with DECENT Network. Other payment options, he says, will be available in the future. “Artists will no longer have to wait months before seeing a penny from their work. And at the time of launch, DECENT Network will be a completely free-of-charge service for artists.”
Michalko hopes that by 2020, DECENT Network will have become the number one worldwide media sharing platform. “We hope to bring more transparency and fairness to the digital content industry for both creators and consumers. I hope that with our launch people will realize the advantage of DECENT Network over other content distribution platforms.”