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CCN had the opportunity to speak with Arjun Mendhi of MTonomy. MTonomy is a Netflix, Google Play or Amazon Prime experience for Ethereum users. Based in Cambridge, MTonomy aired this week. Part of their team comes from the Digital Currency Initiative of the MIT Media lab, which has seen the participation of many famous Bitcoin developers, including Gavin Andresen.
They will add at least one new title every day this year.
MTonomy is not decentralized. It should not be.
We are the only system out there that I know and is able to provide enterprise content delivery and security services. […] It is essentially the same technology used by Netflix to protect its content. This is the first time it has ever been available on the blockchain.
Use Ethereum to process payments. Metadata is stored in smart contracts. To provide a good experience, use the same enterprise servers that others use. It has protection for encryption and digital rights management. Content creators get the same level of protection they would have elsewhere.
The real power is that this is available globally. Therefore, users in 170 countries can buy content. Every single transaction is solved, in today, in about 14 seconds all over the world. In addition, people can also get content that is either unassigned or has problems with the use of a credit card and so on.
Netflix, Amazon Prime, and Google Play accounts are often hacked and transferred to the dark web. This is not a problem with the MTonomy system. Thieves should also compromise the Ethereum portfolios of the associated accounts.
Compete with pirates
When this journalist raised the issue of piracy, Mendhi opened. The regions where piracy is rampant are a reference market for its service. Originally from India, he has a profound knowledge of dynamics. Users have no other ways to access content. Instead, they resort to piracy.
I grew up in India. I saw a lot of piracy out there. DVDs sold on the streets and what not. Basically, what people do not realize is that there is a large amount of demand there. People are willing to buy that content. But what really happens is that they do not have access to the content.
Access to global markets
When the studios sign agreements, they enter into an agreement for a whole region. Services like Netflix, Google Play or Amazon have restrictions in this area. Some countries are worth a fraction of what the western markets are. The costs of collecting and processing funds are extreme. Operating in many places is a losing proposition.
Last month I was sitting with the managers in an important study. We were talking to international leaders. They live in a very, very fragmented world. So in the United States, when they make a deal, they make it like a few hundred million dollars. Outside, even for such a large studio, a country like China, the whole country could be worth 5 million dollars in revenue. And then it gets worse when you go to places like Thailand, Vietnam. It is extremely granular. Extremely fragmented. Different languages. Different currencies It becomes so much of an overload with such a small return that eventually all these great studies end up losing money.
Mendhi believes his company is developing able to remove this friction. It will allow people in these regions to access quality content. Using Ethereum, it removes barriers and gripping points that increase costs. Removes the need for the banking system or credit cards.
Transparency for content creators
Another aspect of streaming that Mendhi says his company is superior is transparency. Streaming services are an opaque system. They trust that the service is honest with them. Using smart contracts, creators know when their content is purchased.
Each content has an intelligent contract. It is better integrated with MetaMask. MetaMask is a popular browser portfolio for Chrome / Firefox. The site does not require much personal information beyond an e-mail address. They use accounts so that they can recommend content like Netflix does.
Regarding the share of revenue sharing, it depends on the agreement signed with MTonomy. It is not a scenario similar to YouTube. People can not simply upload and sell content. Technology could be used for this, though.
A transformation of the potential industry
MTonomy will not even be a single service.
They intend to lay off their technology. Others may need it. For example, a film studio may want to directly release content globally. This is something that can not be done easily. Not even with services like Amazon Prime and Google Play. They can license the technology and adapt it to their needs. Mendhi says that probably people will use MTonomy without having the slightest idea of who they are.
As MTonomy goes on, it is also likely that other services and platforms will be developed where the user will not even know that he is using the blockchain. They will use an XYZ website, but licensing technology, money movement technology, could most likely be supported by MTonomy.
Not even for video content is fine. Music and other types of content may use MTonomy with the same configuration.
Regarding the use of native Ether instead of creating your own token, Mendhi said:
Our goal is essentially to provide intellectual property licenses with the blockchain. It does not need a new token any.
He said, however, that in the end they intend to "support all forms of cryptocurrency".
MTonomy is now live.
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