The Starwire Token and LP Token will be released on the 11th of June exclusively on the Bees.Social cryptocurrency exchange. Starwire is a fully decentralized platform which means there are no founder or pre-mined coins issued for this round according to the founders of Starwire.
When asked about the main purpose of Starwire, founder Colin Wiebe stated, “In the music and film industry, it’s well known that content creators are often not compensated fairly for their work. Whether it’s for a movie, song or other digital asset, we’re excited to be developing the Starwire.io platform (now in Alpha) to provide a suite of tools that in the future will ensure everyone involved in the creative process is compensated fairly. With our blockchain-based platform, we want to help creators take back control of their intellectual property. Our tagline says it all - When money moves, you get paid."
When asked how it works, co-founder Garnet Cambell explains, “it's pretty easy to use Starwire to set up a revenue split and visually see the income you can expect. The interactive simulator guides you through this process to help with your funding. You’ll have the option to automatically convert revenue into a digital stablecoin which allows for borderless, macro and micropayments to be sent automatically to individual wallets. To transfer funds out of your wallet into a bank account, you simply choose which fiat or digital currency you want. This process inspires confidence with investors and provides transparency not found in today’s workflows. A feature film I personally worked on, “Key To Christmas” used this approach.”
The idea of smart contracts in the movie industry isn’t a new concept. The Key To Christmas was the first feature film to use an alpha version of Starwire’s smart contract builder to raise funds and complete the film in time for a Christmas marketing push.
According to Campbell, there are 3 ways in which Starwire can help by creating fractional Ownership of Movies & Music.
1. The Starwire platform creates Smart Contracts to ensure that rights holders of a project get paid automatically when the project receives revenue which will be ready soon.
2. Members of Starwire community, it will be open soon to be able to submit a proposal, by using the crowdfunding app and instantly showcase a project for community investment.
3. The Starwire private fund is now open for their community members to submit their proposals. A Starwire token is the way into this community that supports content creators and entrepreneurs in the entertainment industry.
Members may sell their tokens at any time because the STR token has more than 300 million dollars of liquidity as part of the bees.social community.
In a recent interview on the BEESSocial Whale Tank, Weibe was asked why Starwire chose Bees.Social as your Media Company. “We’ve been following the work of bees.social since last year and I’m impressed with the hard work and consistent communication they provide to our community,” said Wiebe
In the same interview, Campbell expressed his perspective. Campbell asserted that before you start a project, begin with the end in mind. “What if your film or song becomes a big hit? How will distributors know who to pay? So often we are inspired to write and create, we forget to think about the details which could come back to haunt us in the future. When the Starwire suite of tools is available to, it will be easy to time-stamp your intellectual property, create splits with your collaborators, and create Smart Contracts for the blockchain,” co-founder Garnet Cambell responded.
When asked why is this smart contract going to change the landscape of how entertainers will be protected, Wiebe commented, “It’s only a matter of time before this will be essential for all content. For the first time in history, creators are able to embed digital information into their digital assets. We’ve seen the use of NFT’s which will continually improve and include many types of content. Our Smart Contract Builder (SCB) is the first in the world to allow anyone to create a smart contract without knowing how to code.”
SOURCE: Press Advantage [Link]