BEVERLY HILLS, CA / ACCESSWIRE / February 11, 2021 / Mogul will integrate Chainlink, the market-leading blockchain oracle network, to bring more transparency and accessibility to film production and financing. Mogul to use the Chainlink Network to bring off-chain movie budget and profitability data onto the blockchain, enabling the disbursement of audited, fair-market profit sharing with investors in a more efficient, transparent, and accurate way than ever before. Mogul will also make use of a Chainlink ETH/USDC decentralized Price Feed to ensure users receive fair market exchange rates on all ETH profits derived from USD-denominated budgets.
Mogul's vision is to be an innovative and progressive film financier and production company leveraging blockchain technology for voting, investment, and rewards. With our proprietary platform, we are looking to engage audiences and investors through the entire script-to-screen process, with the mission to promote investment transparency in independent film financing.
Independent film financing is opaque, hard to access, lack standardization, and has costly closing costs; all of which are great use cases for blockchain technology. By using a transparent and efficient blockchain-based system for film financing, Mogul can produce films at a lower budget rate than traditional models. In addition, Mogul's unique rewards system using STARS allows independent projects to curate an audience for their film at the script level, helping Mogul and film distributors better predict a film's expected ROI using early fan sentiment indicators.
A key barrier to applying financial transparency to film production is the sheer number of transactions that occur outside the blockchain. In traditional film financing, it's difficult to collect, analyze, and distribute profits transparently to investors, given the complexity of budgets and the number of disparate parties involved.
To combat this, Mogul will be using a Collection Account Manager (CAM), who serves as the unbiased third-party auditor of all Mogul films, accounting for revenue and distributing profits to the appropriate parties at scheduled intervals. However, to enable a CAM to serve as the arbitrator of how profits are automatically distributed on the blockchain, Mogul needs to make use of a blockchain oracle, which is secure middleware that relays the CAM's data to the smart contract to trigger the execution of payouts.
Chainlink is the most widely-used blockchain oracle in the industry, securing over $5 Billion in user funds for leading blockchain applications. Chainlink's proven oracle technology is leveraged by numerous blockchains such as Ethereum, Polkadot, and Avalanche, as well as large enterprises. The Chainlink framework is data agnostic, allowing any off-chain data type to be delivered to on-chain smart contracts. There is already a large ecosystem of traditional data providers and smart contract applications connecting to one another through the Chainlink Network.
Chainlink's technology ensures data accuracy, security, and reliability using a decentralized network of independent, security reviewed oracle nodes to redundantly source and deliver data aggregated off-chain data to smart contracts. The result is a reliable, tamperproof, and transparent data delivery process. Importantly, stakeholders can independently verify the on-chain activity of the oracle network, which includes data pertaining to the film's financing, auditing, and other types of relevant metrics. By integrating Chainlink, Mogul's CAM will be able to provide profit-level data to Chainlink oracle nodes, which deliver this data on-chain to trigger the execution of transparent profit distributions based on previously agreed upon financial terms for each film. Mogul can also ensure investors receive reliable exchange rates on payouts.
"Mogul's tech, development, and film advisory teams identified a major barrier to entry for the film industry's adoption of blockchain technology," explains David Cormican, Emmy®-nominated Producer (Tokyo Trial, Tulipani, The Tall Man, Faces In The Crowd), Co-Founder and President of Don Carmody Television (DCTV) and Mogul Productions' Co-Founder and film advisory board member.
"Blockchain, when applied to the film industry, can provide financial transparency for film financiers when it comes to project expenses, crew, cast and vendor payments, and more importantly- profit-sharing. Currently, these are all very manual processes that happen behind the scenes. By bringing verifiable off-chain data to the blockchain through our integration with Chainlink, we can provide our investors enhanced transparency while protecting the privacy and confidentiality of our cast and crew.".
"We're pleased to provide a secure oracle solution for Mogul to enable them to use real-world data from trusted sources to coordinate film financing processes," said Daniel Kochis, Head of Chainlink Business Development. "A Chainlink-powered decentralized oracle network will bring reliable on-chain data to Mogul's democratized film financing solution, ensuring that financers are fairly compensated for their investments."
Exploring Future Integrations with Chainlink
Mogul is exploring other avenues to leverage blockchain and smart contract technology and has already built a recoverable smart wallet, rewards, and in-app currency token system, as well as a digital asset token and voting system.
We're excited to explore even more opportunities with Chainlink and enter new verticals for blockchain and film together.
Future integration ideas:
- Accessing verifiable randomness to assign rewards to raffle ticket owners or enable the fair selection of investors wanting to participate in high-demand projects
- Providing budget-level details on the blockchain to create a system of full production spend transparency
About Mogul Productions (Mogul)
Mogul Productions is a decentralized film financing (DeFiFi) platform that connects creators, movie fans, film financiers, and other contributors in one space to ensure the best films get made by giving everyone a voice. By leveraging blockchain technology and a dual token model, Mogul incentivizes participation and rewards engagement. Using the Mogul in-app payment and utility token (STARS), users can vote for their favorite films to be greenlit and participate in key decision-making aspects of production. Mogul's continuous film fund ensures constant liquidity, allowing investors to redeem their investments at any time. Mogul's production team and advisors are award-winning Hollywood veterans who have written, directed, acted in, and produced diverse slates of films and TV shows.
About Chainlink
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter and follow @chainlink on Twitter.
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CONTACT:
Barry Ben-Asher
[email protected]
SOURCE: Mogul Productions Inc