The crypto ecosystem offers a new environment to create or recreate user-based applications. These decentralized applications or Daaps share their roots with other projects that use digital assets, cryptography, and multi-share networks. In addition, through these applications, developers can profit and deliver purposeful products. One such product is MTonomy; a new decentralized application designed for content creation and distribution. It is an enterprise that shows a lot of promise for the future of crypto. Developed by a team of MIT’s Media Lab Digital Currency Initiative, it is an academic endeavor. And as such, for the time being, it puts innovation before profits. But despite being developed without venture capital, it is managing to deliver a working product that may open the door for future markets.
What it does
MTonomy is a media platform for publishing, storing, distributing, and selling of movies and music. It provides a venue for companies to market their products or individuals to enter the entertainment market directly. In addition to movies and music, the blockchain architecture will allow for the licensising of text, image, video, and virtual reality.
How it works
The project uses the Ethereum network and its compatibility of ERC-20 tokens. This means users can access the application and buy or rent movies using Ether or any comparable cryptocurrency. In addition, it offers the incomparable protection of blockchain security and digital rights management.
The distinguishing importance of this project is its immediate mainstream adoption. It is the crypto adaptation of Netflix, Amazon Video, or Google Play. The project went live this week and offers content that can be purchased using crypto currencies. Also, the project launched without the need for an ICO and the pesky repercussions that come with it. The project is not monetized; it’s socialized. It uses crypto as intended; it provides for a low cost, P2P, decentralized transaction system – temporarily devoid of capital valuation. This project sets the example of how Daaps can move into mainstream markets quickly, efficiently, and cheaply. MTonomy paves the way for real use cases of Crypto-based technology that provide real utility and value.