This month, Veredictum.io will, in an Australian first, launch a token sale to fund the development of an open-source decentralized anti-piracy and distribution platform for the film and video industry, with the aim of reducing film and video piracy by 80% within 10 years.
Founder of Veredictum.io, Tim Lea, an MBA trained, finance professional, filmmaker and entrepreneur says the film piracy costs the US Economy $20 billion a year, and music piracy costs the global music industry $12.5 billion, which has resulted in thousands of job losses and restrictions to budgets for creative ideas. To be honest, the concept was born from being fed up with an industry that hasn’t invested in protecting the creators of its valuable intellectual property,” says Lea.
Veredictum.io will launch a generalised technology toolset to tackle digital piracy. Initially, the technology will cater for video content, however Lea says the products will prove useful in combatting other modes of piracy. “The platform will allow film creators to upload content, certify themselves (or collaborators) with ownership, license their content, set its distribution terms and manage any agreements and distribution,” says Lea.
Lea says that piracy, itself, is evolving and mutating, with distribution channels diversifying and pirates brazenly broadcasting live from inside cinemas via social media.“It’s no longer restricted to large corporations, theft is spreading like cancer throughout social media – where videos are stolen from one platform and posted to another through what is known as freebooting,” says Lea.
Numerous studies have demonstrated that piracy is attributed to two key factors: affordability and accessibility of content. Veredictum.io are committed to solving piracy by not only building a platform, but also empowering the community to become part of the solution. “Users become part of decentralised global network that uses sophisticated technology to identify and remove pirated content, deterring pirates and rewarding users,” says Lea.
Lea is fascinated with Blockchain technology and says it didn’t take long to identify this as a potential solution to piracy issues.“I floated the idea with Samuel (Brooks) who is our Project Management and Product Development Wizard – and who is equally captivated by the opportunities of Deep Blockchain. Soon we were mapping and conceptualising the prototype and developing a white paper documenting the platform,” says Lea.
According to Lea, the platform will both improve deterrent technology, and provide on-demand access to film libraries at a reasonable price-point, which he hopes will “bring piracy under control, and ultimately see consumers receiving better content and lower prices”.
Launching later this month, using Blockchain-enabled software, the token sale (which functions similarly to crowdfunding) will be limited at 150 million VENT and distributed by cryptocurrency, a digital currency.
“The sale will run for just over seven weeks, with a goal to raise over 1,200 bitcoin which is around three million dollars in today’s market, with a stretch target of 7,000 bitcoin – or 18 million dollars,” says Lea.
Lea hopes that his solution will protect an art form that he feels everyone in the community can step in to protect.
“Piracy is not just ones person’s problem, it’s our problem. Film is a vital medium which helps us tell important stories which embody values, beliefs and experiences that transcend geographical boundaries and time, we can’t afford to compromise it’s future by abusing the industry,” says Lea.
As the Veredictum.io team progress through the token sale, the team will be documenting the experience in a video diary at veredictum.io