Mogul is partnering with Chainlink to prepare for the v1 launch of its decentralized film financing platform. Mogul aims to bring creators, fans, and financiers together in order to fund new, independent films with a fairer funding model. By using Chainlink, Mogul will be able to bring real-world data to its blockchain-based solution. This will include budget and auditing data, making the funding process fairer and more transparent for creators and investors alike.Â
Mogul Is Making Movie Financing Accessible to the Masses
Mogul is seeking to address the current flaws in the financing of independent films by utilizing blockchain technology. A lack of standardization, high costs, and difficulties in accessing funding are all issues being targeted by Mogul. By using blockchain and a token-based reward system, projects can find an audience and funding at an early stage. This allows for more accurate financial projections based on fan interest and a wider pool of funding compared to traditional film financing.
Mogul has a wealth of experienced backers including writers, directors, and actors from an array of high-profile films and TV shows. They are looking to positively impact the independent film financing market by adding transparency and public access to the funding process. Specifically, Mogul will utilize an unbiased Collection Account Manager (CAM) to account for revenue and distribute profits when required. To achieve this, real-world data will play a key role and therefore an oracle (a bridge between the blockchain and outside data) is required. This is where Chainlink comes into play.
Chainlink Brings Real-World Data to Crypto
Chainlink is a network of oracles that is already operating with a variety of cryptocurrency projects. Founded in 2017, the project has grown to be one of the most highly valued in the crypto space due to blockchain applications relying on reliable sources of external data. Chainlink offers this via its decentralized solution, which is key for the growing number of projects looking to move away from centralized services.
Reacting to the partnership, Chainlink’s Head of Business Development Daniel Kochis said “We’re pleased to provide a secure oracle solution for Mogul to enable them to use real-world data from trusted sources to coordinate film financing processes. A Chainlink-powered decentralised oracle network will bring reliable on-chain data to Mogul’s democratized film financing solution, ensuring that financers are fairly compensated for their investments.”
As well as implementing profit distribution, Mogul has further future plans for its Chainlink integration. These include using verifiable randomness, to choose contest winners and make investor selection fair, as well as creating a system to track total production spending on-chain.
This partnership shows the wide-ranging applicability of what Chainlink offers to the crypto space; the transfer of outside data onto the blockchain is key to the evolution of many crypto projects. And on the other side, instead of opting for a centralized data solution, Mogul has chosen a decentralized and tamperproof alternative. The film financing platform is now gearing up for its v1 platform launch.
