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Facepower Asset Chain launches blockchain-based decentralized idol creation ecosystem

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Facepower Asset Chain launches blockchain-based decentralized idol creation ecosystem

PR Newswire

BEIJING, Aug. 15, 2018 /PRNewswire/ -- Facepower Asset Chain (FAC) has rolled out a powerful blockchain facility -- a decentralized idol creation ecosystem -- which enables a public, transparent, self-managed and efficient system for investors, fans and idols. It ensures fairness and transparency of idol-related investment and returns, meeting the requirements of decentralization, security, generation of a revenue stream, auditing, reporting and compliance in the surest and most efficient way.

The entertainment industry's approach of having the general public choose and create reality show idols has been the prevailing model for years. These reality shows have become one of the most talked about topics on social media as a result of public participation shortening the distance between fans and their idols via the voting process. The Four: Battle for Stardom in the US and Europe and Produce 101 in Asia have attracted millions of followers this year and continued to receive billions of views on social media.

Reality show-based concerts, films and TV shows have created a massive market with the potential of generating hundreds of billions of dollars. The entertainment market that these shows have created and the huge fan base that supports it have experienced explosive growth worldwide. Yet, that same industry has been dragged down by several factors, among them a centralized oligopoly, low survival rate for the small and medium-sized agencies that are necessary middlemen to the process, non-transparent revenues and the lack of investment in lesser-known idols. Up to 50-90% of revenues generated from idol IPs are peeled off by channel promoters and middlemen. The second and lower tier idols find it too difficult to develop a following due to the lack of promotion channels. The fan economy is neither transparent nor genuinely public, in addition to being fickle.

The traditional approach for creating idols can't ensure proper disclosure and transparency of income due the centralized oligopoly. Technologies including blockchain and smart contracts make disclosure and transparency technically feasible. FAC aims to turn the feasibility into a reality.

The blockchain is a decentralized technology. Decentralized content distribution via the blockchain, reduction in transaction costs between idols and fans and a token-based system will collectively help to resolve the issues hobbling the entertainment industry.

The three components of FAC:

Facepower Asset Exchange (FAE)

The FAE is the world's first innovative exchange platform for digital rights investment, transactions, pledges and donations in connection with idols. The FAE provides securities-grade advanced algorithms and fully automated asset settlement to support the investment in idols, development of a revenue stream and handling of transactions in a fair and transparent way via a smart contract counter (SCC) and a decentralized service agency (DSA).

Smart Contract Counter (SCC)

The SCC, designed for settlement on the FAE, comes equipped with smart blockchain contracts and smart controllers. The investment in the idols and the income generated via the FAE will be intelligently settled by the SCC via a secure and rapid method that is fully in compliance with all rules and regulations.

Decentralized Service Agency (DSA)

Based on the FAE, the DSA allows idols, brokers, production teams, distribution teams and other stakeholders to operate in accordance with FAC rules. The income generation and allotment via the DSA system is public and transparent, bypassing the issues that have hobbled the global entertainment industry, such as deals that are not completely above board, dual contracts and non-transparent income.

In the FAC ecosystem, investors gain digital assets rights via investment in the FAC Token. In addition to trading such digital assets rights on the FAE, investors will receive dividends based on the contribution of income by the idols to the DSA system and an automated distribution of the dividends via the SCC.

All of FAC's well-educated employees in San Francisco, Beijing and Birmingham (UK) are graduates of top universities and colleges in the US and Europe as well as veterans of the entertainment industry. FAC aims to bring transparency and fairness to the whole of the entertainment sector via the blockchain and to help centralized organizations proactively join the blockchain. All the employees at FAC are in agreement with the statement: "The road ahead is still long. We will advance step by step by taking advantage of technologies to continually improve and enhance the world's entertainment sector."

Cision View original content:http://www.prnewswire.com/news-releases/facepower-asset-chain-launches-blockchain-based-decentralized-idol-creation-ecosystem-300698087.html

SOURCE Facepower Asset Chain

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