Digital technologies have taken over the media industry in its entirety – people consume information online, they are entertained online, they interact online – all of it happens digitally.
Yet, existing digital platforms provide an array of challenges. Lack of control over personal data, privacy breaches, irrelevant user experience, data fragmentation, inefficient rights management systems, and more – all of these are issues riddling users, brands, influencers, and content producers.
This is where Xfinite stands out. With an efficient and superior approach, they aim to successfully tackle these common challenges and provide a secure and transparent platform for its users.
What is Xfinite?
Xfinite is a blockchain-based platform that aims to bring forward innovations in the media and technology industry through data-driven engagement and the advantages of distributed ledger technology.
The platform is built on Algorand – one of the veteran open-source, permissionless, entirely PoS-based blockchain platforms geared for the next generation of decentralized products.
Xfinite envisions a future where developments are made through superior experience, transparency, inclusive economics, and positive engagement. In essence, it’s a technology-enabled solution that seeks to guarantee transparency and to re-establish a level of trust in the digital world.
Xfinite’s First Use Case: Mzaalo
Getting started on their mission, the team behind the project has already shared their first use case application called Mzaalo. It is essentially a gamified video-on-demand platform.
Mzaalo is secured by the Xfinite blockchain platform, and it provides free access to premium and engaging content, user rewards, and a whole myriad of interactive features.
The Problems it Solves
Drilling down to the bedrock of the issues, existing digital media platforms and applications are riddled with problems for users, brands, influencers, and content producers.
Some of the most pressing challenges include privacy breaches, censorship, lack of economic inclusion, poor or even irrelevant user experience, as well as the lack of control over personal data. All of these are issues users deal with daily. Xfinite users take back the control over their privacy and also get rewarded for their attention and engagement.
Brands, on the other hand, can monetize and share their brand power. They can also tackle issues such as the lack of economic and data transparency, inaccuracy of ROI metrics, obsolete monetization channels, and so forth.
The XET Token
The entire ecosystem is underpinned by the native XET token that was built on the Algorand blockchain. It can be used by brands, influencers, users, and content producers for various benefits.
For example, content producers can spend XET tokens to generate ownership certificates to power the DRM tool and issue ownership certificates for movies.
At the same time, long-term holders of XET are incentivized through staking programs aimed at rewarding contribution and loyalty. Some of the benefits include:
- Access to premium and exclusive content
- Economic incentives
- Unique value exchange
- Holders can vote for changes made to the Xfinite protocol
Source: Crypto Potato