What is the Screenist eco-system, and the tokens it is based on?

We discuss the topic with Csaba Csabai, CEO of Inlock and core-member of the Screenist-team.

Screenist is one of the first companies aiming to utilize the opportunities in the tokenization of the online advertising segment. But what’s this whole thing is about, and why you shouldn’t hesitate to be a part of it? We discuss the topic with Csaba Csabai, CEO of Inlock and core-member of the Screenist-team.

Photo by Hitesh Choudhary on Unsplash

“The essence of Screenist is to connect the product you see onscreen to a direct purchase opportunity: you see a video or a Hollywood movie, realize that your favorite actor is wearing the perfect sunglasses and would love to have it as your own. With the help of the Screenist-application, you get to check out the brand and the product owner immediately, plus you see a link to a webshop where you can even buy the item right on spot”

- Csaba Csabai, one of the experts behind the blockchain-background sums up the facts.

“It’s obvious that there is a vast amount of broadcastable, streamable content on the web, it’s just incredible to think about the staff Google, YouTube or Facebook need to keep up in order to control this amount of content. That’s where the development behind Screenist comes into play: we have created a working principle whereby a broader community, with the right motivation, of course, becomes interested in the activity, and the system maintains itself while generating profit as well. This practically means that taggers - volunteers who help identify the product on the screen - "consume" media content in bulk, and the place product information based on credible information along with the appropriate time codes”.

Of course it’s not just about a random college student - or practically, anybody - who watches his evening movie and identifies James Bond’s suits and the cool bags you see in Sex and the City: tokenized quality assurance is all about having a multi-level validation system and rewarding - with money, of course - credible information only, so it's not worth cheating. Not only do taggers get their share because they tagged first, the story runs on multiple threads: three validators approve a tagging on a higher level, and if they make a mistake, they pay with their existing stakes - with their money. Even more importantly, the final step belongs to the product owner - e.g. Nike, Armani or Graff Diamonds - who can still veto if it’s not their product - this way we surely get accurate information about what we see onscreen.

It’s perfectly clear that such a complex, fast-moving system, with revenues from all over the world (not just for tagging, but also for ongoing bids and purchases), would be impossible to be managed within a traditional financial framework. Neither the dollar, the euro nor any other currency is suitable for microtransactions since it would not be worth maintaining the system due to the high banking charges. Csabai points out that the system is already paying off for hundreds of thousands of active taggers, and then we haven't even talked about other players who can make a huge difference: advertisers, product owners and, of course, investors.

Yes, this is where a sustainable ecosystem between taggers, advertisers and product owners comes into play. A system that is maintained just by those who hold a stake at it, without central control, and which, of course, would not operate without the perfectly reliable and transparent system of blockchain.”

Clearly, there would be a conflict of interest if not a potentially infinite community were involved: HBO Go wouldn't want to tag a Hulu or Netflix content, and vica versa. This way, on the other hand, we can focus on the interests of the advertisers and taggers, advertisers and products owners (not necessarily the owner of a gigabrand, just think of a smaller sunglasses company, or the webshop where the product is sold), and how these interests are in tune with each other.

“Thus the ecosystem maintains itself through the tokenized system”

says Csaba Csabai, summarizing the essence of the ecosystem.

To read more about how to make a lot of money from this professionally developed system on a dynamically growing market, stay with us for the next post, too.