Nollycoin powers a Peer-To-Peer content sharing System for the Movie industry. Nollycoin allows movie producers and their collaborators to license their content as a “coded contract” directly to a decentralized database called a “blockchain”.
These contracts automate the collection and distribution of royalty payments and remain in the control of the movie producers and creative artists themselves.
• Producers and Content Owners register and load their content on the NOLLYTV.NET blockchain ledger powered portal
• The Owner or Producer executes a smart Contract that stipulates the different rights and compensation percentages of fixed payments for different key collaborators on each sale of the content before the content is available for worldwide consumption
• Content (movies etc) is then publicly published on NOLLYTV for consumers to buy and consume with Nollycoin as the means of exchange.
• Users make payments through the portal wallet for content of their choice using NOLYCOIN (which can be purchased by fiat money or other currencies available on the platform exchange for those who do not have Nollycoin)
• The Decentralized Ledger automatically records and authenticates the transactions from each sale to all beneficiaries based on the smart contract
• All Transactions are then added into encrypted blocks and officially added to the blockchain in a permanent form and reviewable by all parties with no one being able to edit, delete or amend the permanent record.
• The micro payments are automatically credited to the portal wallet of different beneficiaries based on the published smart contract for that content
• Beneficiaries can now withdraw their money from their Wallets at any time in Nollycoin which they can keep for the value, or convert to fiat money or other cryptos on the Nollytainment exchange or other public exchanges where Nollycoin is traded.
By providing a distributed and highly transparent platform that connects creative artistes in the production of movies (i.e. Movie Producers, Directors, Cameramen and Other Creative Works artistes) with Consumers of Movies directly, Nollytainment, through its Nollycoin, lays the groundwork for a new age in the Movie Industr in a way that is sustainable, borderless, and fair to all stakeholders
Some of the unique solutions that Nollycoin Project brings to the movie industry include:
• Provide A Peer to Peer Content Distribution Platform that provides direct micro-payments to content owners
• Provide Copyright piracy protection through a decentralized ledger system
• Provide Multi-Level World Wide distribution to justify financial investment
• Enable Fair Compensation for collaborators in creating the movies
• Provide Universal means of exchange for Nollywood and 3rd world movies that eliminates forex payment problems and limitations.
• Provide top Financial Backing for some of the best Producers in 3rd world countries to produce quality international films for enjoyment of our ecosystem and global group of African movie lovers
Nollycoin provides tremendous Utility for our holders in the Nollytainment ecosystem which will include our Nolly Cinema Movies; Nolly Movie streaming platform, Nolly Mall and Nolly Academy.
So holders of Nollycoin derive ongoing utility form the coin as follows: