The 21st century is fast-paced and constant consumption of content on social media is unreal, as we hustle for a better future. Wouldn’t it be better if instead of just consuming content, the consumers could also earn from it? Right! We’ve got you covered. The ‘Decentralized Content Protocol’, abbreviated as DCP, a dApp deployed on the Reef blockchain, serves the exact same purpose. It provides numerous benefits to the Content creators, as well as the Content Consumers.
TECH STACK AND TOOLS USED-
Reef Starter template Reef Wallet extension Remix VS Code Reef UI kit
WORKING OF THE DAPP
There are mainly two broad categories of users who can use the DCP- Content Creators and the Content Consumers. A registered user can login to DCP with his/her Reef Wallet address. A new user can register to DCP by simply connecting his/her Reef Wallet and signing this transaction.
The Content Creator The Content Creator can upload his/her content on any platform online. If he/she is a registered user of DCP, he can login to the dApp. One main feature that DCP provides is that the content creator can tokenize his/her content. The content creator can provide the url of the content that he/she has uploaded, and after the necessary verification, this content gets converted into a token that he/she can sell. The value of this token can be set by the creator, which will be displayed to the consumers.
The Content Consumers These are the people who can buy the tokens of their favorite content creators. A Consumer must be a registered user. After logging into the DCP, the Consumer will have a list of available tokens with the name of the creators beside it. The Consumer also has the option to view the performance of the content uploaded. (i.e., the views of the content. A number of views vs time chart). The Consumer can buy the token if there is a good view vs time ratio. The perks of this will be covered in the next part.
THE PERKS
This system provides a number of good perks both to the Content Creators and the Content Consumers.
The Content Creator Apart from the revenue that the content creator can own from the native platform where the content is posted, he/she can also earn by selling the tokenized content on DCP. In this way, if the content doesn’t perform well in terms of views, the loss can be minimized to an extent.
The Content Consumer
When the Consumer buys tokens of one of the content, the revenue that the content makes will be shared with him/her. The Consumer can sell off the token if he/she feels that the views with time have saturated.
The Consumer also has the perk of having early access to the creators, from whom he is currently holding a minimum number of tokens. (This minimum number will be specified by the Content Creator.)
SCOPE OF THIS PROJECT
This DCP dApp can be connected to the many content sharing platforms like YouTube, Medium etc, where both the Creators and Consumers can enjoy a variety of perks.
Another feature that can be added is that, the ownership of the Creator’s Content page can be distributed to the Consumers having a minimum number of tokens of the content by a particular Creator.
WHAT WE LEARNT By building this project, we got a better insight about the Web3 world. Apart from the technical aspects, we learnt time management, coordination and most importantly, effective communication through this #Web3HackDays event. We would like to extend our sincere gratitude to the Reef Community for guiding and supporting us throughout this journey.