BlockTalks x MILC AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with MILC, on April 2nd at 1.00 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Eugen Nussbaum, Business Director & Kartik Arora, Project Lead at MILC. So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks!
Q1. Could you please introduce MILC to our community in layman’s term?
Ans — Kartik: MILC platform aims to provide the industry with an open new marketplace for every professional and non-professional content provider and buyer that incorporates cutting-edge broadcast, blockchain and AI-technology which can become a game-changer for the entire media content industry.
It solves four fundamentally important challenges of the global media industry:
- Global availability,
- Discovery process for Buyers,
- Complex licensing,
- Early feedback from viewers.
MILC will ease up the licensing process, help in reducing the cost of generated content by removing middlemen, get early feedback on generated content directly from the consumers, and will make the content available all around the world in one go.
Simple but a long-awaited solution at one place!
Q2. What are the advantages of MILC to other alternatives in the Blockchain field?
Ans — Eugen: A lot of blockchain projects originated from a more or less good idea and dedicated, but maybe quite young, teams. But besides a good idea, experience and a good network also count in business and that’s exactly what we additionally bring in the MILC project.
The idea and development for the project arose from our own decades of experience and the lack of a modern solution for content trading in the (professional) media industry. The business is still very one-sided and old-fashioned and and we have seen the need for everyone to be more involved and have a way to participate.
Kartik: First of all, MILC platform was intially built to target the B2B commerce industry, this is something not being focused on by other available options.
Welt der Wunder is a popular tv Network in germany and areas, and has been been amongst the best ones from 25 years. Our product has been internally tested for few years now, and through our connections many broadcasters are expected join us with our platform launch.
Plus there isn’t a single platform out there (including the non-crypto world) which is focusing on the license standardisation like we are doing.
Our platform will ease-up the licensing process, saving time and cost for producers and consumers.
And this is just one benefit which our platform will provide. There are many others which i will discuss in a bit with you guys!
Also must point out that we have also included the B2C commerce industry too. Thus platform will support content from both professional and non-professional content creators.
Q3. What are the major milestones MILC achieved so far & what are in the future pipeline?
Ans — Eugen: The platform is already running on our two networks on Germany and Switzerland on a daily basis. Content and advertising storage, management, transcoding, delivery, etc. are handled via it and pass the stress test every day. So that’s really a milestone that allows us to have the confidence to open the platform to more users and customers.
What we are working on intensively is a more convenient and nicer user interface right now, because we know how important that is to make onboarding for more useres as simple as possible. As said before, another big milestone will be opening the platform to “non-professionals”, so everybody can be part of this industry. And the media ecosystem has many more possibilities, so stay tuned for more features!
Kartik: As of now our platform has been internally tested with two media indsutry firms: Welt der Wunder and SwissTXT, our partner.
This is being done for years now, and that too without any downtime.
MILC is not a startup project, our product is already in use and wider public will be able to take part in it with our platform launch (expected in 3 months or less).
Questions Asked on Twitter For MILC Team!
Q1. The brokers, agents and other types of intermediaries are really exploiting both producers and consumers. How does MILC aim to eliminate them from the ecosystem? And what advantages will the MILC platform provide for both producers and consumers?
Ans — Eugen: That really points out a big pain point in the industry and is one of the driving issues for us!
So first and foremost, we want our platform to enable sellers and buyers to do business directly with each other, without having to go through intermediaries (without alternatives). Therefore we provide with our platform a series of state of the art technologies that facilitate this process. E.g. user-friendly interface, standardized license templates and of course copyright protection through blockchain. Nevertheless, we do not exclude anyone on the platform, because just as there are good traders in other industries, there are distributors who can be a great support to everyone through their experience and networks.
Kartik: Instead of having such intermediaries in MILC platform, we will use the blockchain smart contracts.
These smart contracts can do the same work more efficiently, are available 24x7, cheaper as no middlemen (just txn gas fee), and can act as a proof too as blockchain is manipulation-free.
MILC platform will provides various benefits.
Creators will get a platform to create, get funded, get early suggestions, and then promote it all over the world.
All such features available at one place.
Consumers will get access to tons of content, from professional and non-professional creators.
They can also get rewarded for providing early valuable feedbacks, and the content will be much cheaper as distribution/marketing cost is removed from the production process.
Q2. One problem I think the Media Industry has is that if something is not in English, consurmers are not into it or don’t give to the content the recognition it deserves. So, how will MILC break this language barrier and have a diverse platform regarless of the spoken language?
Eugen: You are absolutely right about that, this has been quite a big hurdle in the past. On the one hand, we encourage every supplier to provide the best possible information, description, metadata, etc… This naturally increases the chances of success. On the other hand modern technology, artificial intelligence in particular, is a huge game changer. Automatic text recognition, subtitling and translation make the content accessible to almost everyone and everywhere in a way never seen before.
Kartik: MILC platform has incorporated AI-features in it to tackle this.
We have AI-translation and AI-subtitling features in our MILC platform, which will convert the content in one’s own local language, no matter where he is from.
This could be a very efficient tool as the creator’s content will have more global reach, and the consumer will have more content to watch in his preffered language.
This benefits both parties, and thus benefits MILC platform too.
Q3. There are many very successful blockchain projects with the same ideas as Your project, so can you tell us the difference between Your project & those projects?Do you feel confident that Your project will have some outstanding features compared to those projects to attract users?
Ans — Kartik: There are few projects who are focusing on the social media side, but their scope is limited. Plus the content uploaded on their platform can’t be properly monetized too.
In MILC platform you will be able to put a “price tag” on your content.
This way anyone who wants to reuse your content will just pay you upfront, and then use the content in the manner he desires.
This makes the legal process much easier for both parties.
MILC platform will standardize the tough licensing process faced by the media industry people from a long time, and also provide a platform for B2B and B2C industry. Not just one.
MILC platform will act as a digital marketplace for both professional and non-professional creators and buyers, and will be a one-stop platform for all your needs!
Our platform has already been stress-tested in 2 media platforms for years, and we are confident that we are way ahead of any competition in this space.
Q4. Sometime ago in 2018, MILC conducted fundraising rounds but were unable to raise what is needed to fund the Platform’s operating costs. Some projects would have run away with users funds but how was the MILC team able to scale through this and still in existence till now?
Ans — Kartik: Yes we had a fundrasing round in 2018, but because of the bad market situation team wasn’t able to raise much funds.
Instead of being in a stand-still state, team funded the development costs from their own pocket and added various new features/elements to the MILC platform (AI features, blockchain implementation, added features to support B2C market too etc).
We are confident that the public launch of our MILC platform will see much adoption, as the issues solved by us will have great impact in the media industry.
Eugen: We have also viewed this development that many projects popped up, raised money and disappeared with concern, as it has cast a shadow over an incredibly strong and innovative movement. So we are here to prove, that it can also go differently.
Q5. Speaking of their native MLT token, the roadmap mentions that they will soon be public sale (IDO). Could you give me more detailed information about this IDO ? Where will it take place ? What will be the starting price ? And what will be the total amount to be sold?
Kartik: Yes we are expecting our IDO in mid-late April.
We are in touch with few launchpads for this, but any update will be out once everything is confirmed and ready to be shared.
Public sale price will be $0.09 USD, and 3 million tokens will be sold in Public sale.
Let me also share an image.
Questions Asked by our BlockTalks Community Members during live Session to MILC Team!!
Q1. Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project?
Ans — Global marketing and promotion are in any case one of the big tasks, but we are already seeing how helpful the crypto community is here and how it speeds things up. And besides a great support, we will have subsidiaries in several regions.
Q2. One of the features of MILC program is audience participation. So Please tell us more about how can audiences take part in MILC program ? What are the advantages that an audience will get for sticking your program in the long run?
Ans — Audience can actually earn $MLT tokens for providing early feedback to the content creators.
Producers spends tons of money to distributors, middlemen, promotors.
Instead they can just directly incentivize the end-consumer to watch their content and provide valuable feedback “directly” to them, before the releasing the content to to the wider public.
Both producer and wider publci benefits from this.
Also MILC platform will support governance and voting features, to make changes in the platform and token utility.
Q3. How will the MILC platform help make the licensing process for created content easier, faster and more efficient, and how is encryption involved in the process?
Ans — We deliver an all-in-one solution. From uploading, to asset management, tagging and standardized templates, we make it as easy as possible for everyone to offer content on MILC. DLT ensures that copyrights are not entrusted to a central platform, but stored securely and independently.
Q4. Smart contracts are one of the vital objects of security, how about smart contracts at your project have they been audited by internal or external parties then how ready is MILC respond to these conditions?
Ans — You must check out our development and launch parnter: https://www.swisstxt.ch/en/
They have also utilised MILC in their firm, and it has worked without any downtime till now.
Internal testing has been successful and we are confident that our product will get great adoption.
And we will surely take all security measures in future too. No need to worry on that front!
Q5. Currently licensing standardization is one of the biggest problems facing the media industry. Then, how does MILC solve this problem?
Ans — We will offer templates, that from our experience cover most of the requirements in license trading. But of course this will be an ongoing process in which we all learn form each other and develop more and more templates.
Q6. What are the criteria for obtaining a content license and will you cooperate with a legal department in case of a possible license agreement issue?
What advantages will the growth of the MLT platform bring to MILC holders and how will it affect the increase in the rewards to be distributed?
Ans — License/content trade process will be very easy.
A standard license will be provided for the content and price will be fixed by the creator. Any buyer can easily buy it through MLT or FIAT (FIAT will be used to buyback MLT as MLT is required for all transactions).
MLT token payment will act as approval, signature and payment for the trade.
As blockchain is non-manipulative, transactions can be cosidered as proof too.
- All purchases on MILC platform will require MLT as payment (whether directly or indirectly).
This is one of the biggest usecase and value capture for MLT token.
Q7. Can you tell me the progress of the project? And what partners do you want to target in the future?
Ans — Our potential partners and customers are basically all those who need video content. This includes traditional broadcasters, streaming provider, online publisher, etc…an industry that is growing year by year.
Q8. Content creators still operate in regional offline environments, which increases costs by 30–50%. What has MILC done to lower these operating costs? What aspect of the DeFi world has helped them solve these problems? What are the advantages of blockchain for a project like MILC?
Ans — Cost will be reduced excessively as middlemen and distributors will be eliminated.
Blockchain can act as notary and also the uploaded content will be available over the world in one go.
Additional features like AI-translation and subtitling will make the regional content accesible to other people of the world in their local language.
Q9. Can you tell what is the use of $MILC in your platform? Do you have incentives program for holding $MILC ?
Q10. Explain the Utility of the $MILC Token and why should we should be incentivized to buy/hodl?
Ans — The token of MILC platform will be $MLT.
- MLT token will be used to pay for any purchase taking place on MILC platform. MLT token represents a one-click-solution including contract signature, approval and payment.
- MLT token will also be used a governance token for community to propose and vote for changes in the platform features, or in token utility.
- The MILC paltform will also act as a content launchpad where content creators can get funded for their work, and MLT token will be required to participate in that.
- And we will also support MLT token staking too.
Q11. How many slots are available on the $MILC token presale this time then is there a minimum transaction to participate in the #MILC presale and how do I make a payment during the pre-sale and where can I buy $MILC tokens?
Ans — These details are yet to be out.
But if you want a guaranteed allocation spot for our upcoming IDO, then please participate in our recently launched MEME Contest: https://twitter.com/MILC_MLT/status/1377216945368526849?s=19
5 allocation spots are being given for the best entries!