With the new turn of events in the giant movie industry, it seems very difficult to make a living in Hollywood. The studios and, of course, the booming streaming services act as the determinant for how and who will earn in the market.
It is in the hope to decentralize this effect that a team called Mogul Productions, which includes the Oscars-seeking and the Emmy-nominated producers, seeks to name itself as the “Decentralized Film Financing Platform” (DeFiFi), as announced today.
It is said that any interested cinephiles and creators can register an account, and they will be able to receive the token of the blockchain-based platform – STARS after the mainnet had gone live.
The former managing partner of the Three Equity Capital and the current Chief Executive Officer Gagan Grewal spoke with a news correspondent that henceforth, fans would have to spend the STARS tokens to vote the particular movies they will like to see gain more financing. The Productions uses a Quadratic Voting System to make votes cast by a recurring user to rise exponentially in cost to guide against the users with STARS in abundance influencing the voting process.”
The Quadratic Voting System is the favorite system of Vitalik Buterin, the Ethereum creator. It is the method that allows people to heighten the rank of their opinion on matters.
Grewal had made sure that the team he will be working with consists of veterans in film and TV production, including the famous David Cormican and Cindy Cowan. The production company of David Cormican was earlier in 2016 nominated for an Emmy award internationally for the Tokyo Trial for that year’s miniseries. Recently, he produced the trending series on Netflix that is starring William Baldwin, Northern Rescue.
Cowan, the other member of the team, had won an Emmy in New York for the amazing documentary featuring Larry David and Samuel Jackson, Miracle on 42nd Street. The former company she is working with helped Steven Soderbergh made Traffic.
The value proposition made by Mogul Productions will use the Blockchain to put the spotlight on the new processes of financing movies. He said that it is to enhance a fair influence and inhibit the apathy of voters by making use of the power of the masses. The rewards of those holding STARS that stake on votes will include the ability to oversee some other aspect of the company.