Blockchain-based digital media platform Xfinite has announced a joint partnership with Algorand, the first open-source, permissionless, pure proof-of-stake blockchain protocol. Xfinite, which is built on the Algorand blockchain, aims to create a blockchain-based media ecosystem from which the next generation of digital media and entertainment decentralised apps (dApps) can function and flourish. Together, Xfinite and Algorand plan to drive blockchain mass adoption through a data-driven transformation of the ecosystem economics that underpins the consumer-producer relationship that drives the global digital media economy.
XFinite is developing different use cases for modern consumers that focus on re-establishing parity between the viewer and the producer of digital content. This is being achieved through unique reward-incentivisation mechanisms, enhanced social engagement features, and partnerships with mainstream corporations, such as Microsoft, Eros Now, Dailyhunt and SpiceJet.
Xfinite has launched their first decentralised application (“dApp”) on their network. Mzaalo, is a streaming service that offers +50,000 hours of content and new mechanisms forengaging with content and other consumers. All of these use cases are designed to create positive economic incentives for its participants, while also creating new markets for brands and authenticating content creation.
“Xfinite has a visionary understanding of how blockchain can be leveraged for new opportunities in the media industry. Broad blockchain adoption can only be achieved through the creation of products that are tangible and inclusive for any consumer, no matter what region they are in or what their background may be,” said W. Sean Ford, COO of Algorand. “With major partnerships with organisations that have millions of users, we are excited to support Xfinite’s new applications and welcome them to the Algorand community.”
Algorand is an open-source public blockchain based on a proof-of-stake (POS) consensus protocol that supports the scalability and transaction for businesses. It is the world’s first open-source, permissionless, pure POS blockchain platform for the next generation of decentralised products. It is a technology company dedicated to improving economic exchange by building new tools and services.
“Xfinite has been searching for a trustable, scalable and decentralised solution that caters to mainstream adoption. Algorand is a superior technology whose volume of transactions, activity, and cost, makes it superior to other public blockchains. We are proud to partner and collaborate with founder Silvio Micali and the entire Algorand team, whose commitment and focus to the technology are inspirational,” Mario Casiraghi, CSO of Xfinite.
Algorand removes the technical barriers, which have impeded mainstream blockchain for years. It has ushered in a new era of a decentralised, borderless economy. Some of the advantages include:
- Pure POS – Solves the security, scalability, and decentralisation properties of Blockchain
- Immediate finalisation of transactions – Provides faster processing of transactions for large payment and financial networks
- Scalable – A highly efficient consensus protocol that provides high levels of scalability with a high transaction throughput
- Protocol Evolution – Consensus protocol enables the users to reach consensus on anything, whether a block or a protocol upgrade
Through the use of Algorand’s architecture, Xfinite can put transparency and fairness front and center for the digital media sector. By tokenizing attention and engagement, all on top of the ultra-transparent Algorand blockchain, consumers can be rewarded for their engagement, all while brands and influencers are given new ways to engage with their audiences. Consumers are now treated fairly as partners in the relationship, and brands and influencers can minimise the possibility of fraud by directly monetizing their brands through unique digital goods (NFTs). Xfinite’s leveraging of the power of blockchain can help usher in a new era in digital entertainment – for all the benefit of the community.
Discussion about this post