Jul 1, 2021
1. Production RevenueWe define an economy as the production and consumption of services and the supply of digital currency. Each user whojoins Vabble to consume content will be rewarded with VAB, Vabble’s native cryptocurrency, each anniversary day of theiroriginal sign up, every month, once their monthly subscription is paid.When a user consumes content on Vabble, their reward is automatically deducted from their wallet and delivered to thecontent owner, a strictly P2P transaction. Rewards are automatically deducted every ¼ of the total duration of a piece ofcontent allowing the user flexibility for change of mind. This also creates a competitive landscape for the productionstudios.
Given Vabble is quality over quantity content library, library additions will come in limited volume providing productionstudios with more potential viewers v.s a vastly populated library further diluting potential viewers.
2. NFTAnother means of revenue for production studios is the release and sale of limited edition NFTs which may come in formof digitally autographed images from casts, NFT tickets to access live AMA sessions, pre-screenings, and live streamsfrom the set. It is expected that 20% of viewers will purchase an NFT for whatever tradable value given by the productionstudio.
3. Production LaunchpadThe production launchpad solves the problem of writers and directors having to edit scripts in order to receive funding andrepresentation from corporate Venture Capitalist Firms and large-scale production studios. It also acts as a vehicle forsingle entities to become involved in film. If funding is secured by a throng of people rather than a singular central entity/s,a decentralized funding source, less control of the script is given to any single hand thus allowing the writer or director toremain in control of the script, narrative, and storyboard.Production launchpad is a low-cost and reliable solution to secure production funding. It will enable creatives to receivefunding for productions through a blockchain-powered crowdfunding platform and also enable issuers (creatives) of theproduction to set rewards in return for participation in their production funding round.For participation in the funding of production on the launchpad, users may stake Vab. Once Vab is staked, the user mayinvest in a single funding round. If the user wants to invest in more launchpads, a second, third, fourth, and so on, a stakemust be made. Each new stake is a “ticket” to more production launchpads. As the user's total staked Vab increases, sotoo will their rewards. The default staking period is 30 days with a reward equal to the total staked.
Rewards set forth by the production launchpad applicant may come in various forms such as Limited Edition NFTs andreward sharing. If reward sharing, a treasury smart contract will be enabled. The treasury smart contract will compile a listof all investor addresses in the funding round. Once the production is released on Vabble, we will call the revenue-bearing smart contract of the production and request x% of revenue as rewards which will be delivered to the treasurycontract and issued to the compiled list of funding participants.How many rewards are shared between a production owner and funding participants is set during the launchpadapplication process. The figure set during the application process is set in both the treasury and revenue-bearing smartcontracts. When the oracle calls for reward share, it will check to ensure both smart contracts agree to precisely the samepercentage of reward from revenue.
4. Content GovernanceOnce content is vetted by Vabble Film Board for production quality assurance which provides a quality level of contentusers should expect on Vabble, some content will be delivered to Vabbles governance portal where users may vote onwhether the content is pushed to our library for consumption or not.In doing so, we provide users the power to veto content they would rather not have on Vabble, creating a decentralizedcontent screening process removing control from Vabble.Similarly, some applications for the Production Launchpad are also delivered to the governance portal for voting prior tobeing accepted for production launchpad.For users to participate in content governance, the stake of Vab is required. Rewards for participation are the same as thosein Production Launchpad. Vabbles governance is a POG (proof of governance) mechanic meaning rewards are distributedONLY in the event of a user's participation in governance. If no vote is made by the user within a 30 day period, norewards are distributed.
For content to make it through the governance layer and be populated in Vabbles library for consumption, the contentmust receive 51% of votes in favor (Positive Vote). If content receives 49% or less (negative vote), the content is removedfrom governance and a notification is delivered to the content owner.
5. Backend Film Earnings & Guaranteed AirtimeBackend Film Earnings (BFE) and Guaranteed Airtime on Vabble will be automated through smart contracts. Smartcontracts are activated upon production upload to Vabble.When a production is to be published in our library, prerequisites must be filled out. These prerequisites are:For Backend Film Earning (BFE) Smart Contract:Provide a payee Address.Provide Activation Point (When X Revenue = Y, make payable Z% of revenue to payee).If termination = date | capped revenue share please provide.BFE smart contract communicates with the revenue-bearing smart contract as means to retrieve revenue share for the payee.
Guaranteed AirtimePrior to production filming, most if not all productions will be predetermined for listing on Vabbles library. In this case, we willbe offering an option to cast members and production studios to invoke a guaranteed airtime smart contract. If it is thecase where the production has received funding from Vabble via internal or production launchpad, guaranteed airtimesmart contracts are a non-negotiable condition and must be implemented for the betterment of cast members.A breach of Airtime Smart Contracts invokes a penalty on production studios of 25% of revenue generated on Vabble ofwhich 20% is made payable to talent while a further 5% is made payable to Vabble production funding treasury and will bereinvested back into other productions. If a penalty should be activated, it will be activated for 6 months. At the end of the6-month period payments are issued to cast members and Vabble and the penalty is revoked.Penalties are activated in the event a cast member does not receive contracted Airtime. A cast member must make arequest for penalty redemption. During application, the cast member must provide:
● Vab address● Cast Member Name● Expected Airtime (x Mins)
Once the activation request is received post penalty application, the penalty application is delivered to a separategovernance portal by where users validate the request. This is completed by the user reviewing the content to see if thecast member did not receive Airtime in the final production release. Similar to content governance, if the applicationreceives a positive vote, the result activates the penalty. If the application receives a negative vote, the application isdisregarded.
6. ConclusionWe have proposed a system that provides a number of entities with more control over their own and the necessary needfor blockchain to be used in the film industry.For writers, directors, and producers, may secure funding without the need to onboard corporate VCs and give upcreative freedom over their scripts and artistic abilities through production launchpad along with generating high levels ofrevenue via Vabble economy. For users, we provide control over the content they are delivered on Vabbles library, andfor talent, we provide the comfort of higher earnings and airtime in productions. To solve all of the above, we proposed anetwork supported by blockchain smart contracts, VAB a cryptocurrency, and many layers of P2P transactions and usergovernance. This type of network is what many call Web3, meaning, an app that allows anyone to participate and hold power in decisions over the direction of the app and services within the app rather than a single entity in control of thedecisions.
We've split out the platform into multiple microservices and are going to get a very good product with a great user experience. While we start to onboard users, and producers, and get the ecosystem running we will be developing in parallel moving these microservices into the blockchain. Like James has said, we've met with ICP and Solana teams, and have really good discussions of how we could build Vabble natively on these chains.
We'll be using the right tools for the job, and today that looks like we'll use Angular for the front end, and graphql as the communication channel between our microservices that can range from C#, NodeJS, to C++, and utilize each of these tools for the specific purpose.
Q4 2021 - Q1 2022
Q2 - Q4 2022
Q1 - Q3 2023
Q4 2023 - Q2 2024
Attention. There is a risk that unverified members are not actually members of the team
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