Mogul productions, the decentralized film financing platform, today announced the launch of its native Stars token. The Hollywood producers have shown interest in signing up on the platform to receive the new token. As per Mogul productions, every member will get the Stars token after the launch of their mainnet. Gagan Grewal, the CEO of Mogul productions, asserted that the platform users would employ the tokens to vote for films that require funding in an interview with Decrypt.
Nevertheless, to prevent a user from voting more than usual, the platform will adopt a strategy named the “Quadratic voting system.” With this system’s help, whoever decides to vote again for a particular movie will exponentially expand his/her vote cost. This system will prevent users with loads of Stars tokens from exercising their powers to influence decisions on the platform. Apart from Gagan, Vitalik Buterin, creator of Ethereum, is a massive supporter of the quadratic voting system.
Mogul Productions to utilize Blockchain Technology
Mogul production aims to employ blockchain while promoting transparency in the Hollywood industry. However, Gagan unveiled that it was always complex for producers to understand the profit allocation after releasing the film. Movies manage to get overlooked due to a shortage of funding. Most producers don’t have sufficient reserves to get their films recognized. Nevertheless, with the launch of a Stars token and a platform to finance movies’ creation by voting, many films will develop.
Interestingly, the Mogul production will reward the holders of the Stars token for every vote made. Gagan stated that funds allotted from voting on the platform would help to develop and market the token holders. Moreover, Mogul’s non-custodial Smart Wallet, which will be active upon mainnet launch. It is intended to make it simple for anyone, notwithstanding crypto knowledge, to hold and utilize STARS. The automated password reset flow allows users to reset their passwords familiarly based on other web experiences without giving Mogul access to their private keys.
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