Refine Medium is a decentralized social video platform designed by a group of Indian experts in the field of online media and blockchain development, who are poised to correct the unfair treatment of content creators and users by the contemporary entertainment and media industry. The project is registered in the Hong Kong jurisdiction for regulatory purposes.
The developers have exploited the advantages of the Ethereum blockchain and its trademark smart contracts to produce an online medium for delivering the authentic and relevant video content to the viewers whilst providing means for the creators of such content to be rewarded in full for their creative work. The token economy of this project is based on the use of the XRM utility token which will become purchasable once the upcoming pre-ICO commences.
The primary function of the platform, which was nicknamed by the developers as the “People’s Own Media”, is to provide means for the unhampered peer-to-peer delivery of high-quality video content, the authenticity of which is validated in a prompt manner and stored securely on the blockchain.
It also entails the establishment of different levels of privacy which ranges from public to fully anonymous to ensure the integrity of identity data for all members of the network.
Speaking of members, they are nominally divided into four groups: content creators, consumers (or viewers), moderators, and innovators.
Refine Medium also has a comprehensive ranking system based on numerous factors, among which are the number of views and re-watches, downloads, shares, the proportion of likes and dislikes, etc. Higher rank ultimately translates to higher remuneration paid in XRM to the in-built digital wallet. The accumulated funds can be either transferred to external exchanges or used to participate in such offers as Data Boost or Space Boost.
The third group, moderators, are of paramount importance for the proper functioning of Refine Medium because their line of responsibility includes casting votes on each item of video content that is being uploaded on the platform by creators.
In order for a video to remain accessible, it must gather no less than 30% of votes, which is called the voting threshold. A prime difference between Refine Medium and other video-sharing outlets is that the voting is organized in a fair and fully transparent fashion which stipulate the provision of a well-substantiated explanation of the reasons behind any decision, especially in case of the rejection of video content.
The moderators are also responsible for conducting the copyright management and controlling the videos that is being shared through the Refme feature, a referral tool for bringing the most valuable content to the top of the search query. They are also allowed to act as intermediaries between the talented members called innovators, who have brilliant ideas but can’t realize them due to the lack of knowledge or skills, and the tech-savvy content creators who implement these ideas into practice.
The total supply of XRM amounts to 300 million tokens, more than half of which is going to be distributed among investors during ICO which will be carried out in three stages. The first phase (private sale) is now live and will end on June 15, followed by the pre-sale which will last for 10 days.
The main ICO will be organized in the period of July 25 - September 30. The pre-ICO price of 1 XRM will be 0.0008 ETH with 2 ETH entry threshold. The minimum purchase during the private sale is quite high - 10 ETH. Refine Medium imposed restrictions concerning the participation of citizens of the United States, Iran, Iraq, Tunisia, and several other countries, in this token sale.
| Start | July 25, 2019 |
|---|---|
| End | September 30, 2019 |
| 102 days left |
My attitude towards Refine Medium is ambiguous because on the one hand, I am really fond of content-sharing platforms with blockchain at their foundation. But on the other hand, I do not feel comfortable with the fact that this platform is based on a strong hierarchy, which totally contradicts the very spirit of blockchain with its decentralization and absence of controlling authorities. In this case, the developers get to pick the moderators, who will then decide what content is worth publishing. That is a recipe for the totalitarianism in content creation, not the liberation that blockchain suppose to bring.
It is evident that Refine Medium offers an interesting solution, however, the concept of the blockchain-based video-sharing platform is not new. The crypto community already has DTube, Verasity and a handful of other outlets. But Refine Medium does offer some interesting solution, for instance, the role of innovators as well as moderators is quite appealing. This project has the potential to form a decent pool of users, however, they would have to provide something extra to attract really serious investors and content makers.
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