Flagship blockchain oracles provider Chainlink and first-ever decentralized film financing network Mogul announced their upcoming partnership. According to a press release shared with Altcoin Buzz, Mogul will integrate Chainlink oracles in the v1 release of Mogul’s software. This will help Mogul in off-chaining the financial data like movie budget and profits. Effectively, this will enable audited disbursement of profits and fair distribution of dividends to the investors. Along with that, the Mogul software will always have access to precise ETH/USDC price quotations.
As a decentralized film financing network Mogul is working towards freeing the independent film industry of the existing challenges. The current independent film financing is opaque, lacks standardization and closing costs are high. Mogul is using blockchain technology to bring transparency and cost optimization to film financing. Furthermore, Mogul uses its STARS utility token for reward distribution and voting mechanism. Now it will use Chainlink oracles as a bridge between CAM and smart contracts.
Becoming an innovative and progressive film financier
Due to the lack of standardization, Mogul was facing costly financing procedures prior to using blockchain. That’s because the collection, analysis, and distribution of profits are difficult due to budget complexity and disparate parties. However, with the help of blockchain, Mogul has been able to lower its financing procedure costs. According to Mogul Productions’ Co-Founder and film advisory board member, blockchain in the film industry finds a perfect use case. That’s because it brings transparency to profit-sharing, expenses projection, crew, cast, and vendor payments.
CAM for automatic distribution of profits
Collection Account Manager (CAM) is an unbiased third-party auditor of all Mogul films. It ensures the revenue accounting is correct and profit is distributed timely. After the Chainlink partnership, CAM will leverage Chainlink oracles to relay data to the smart contracts. Moreover, the oracles will ensure the data is delivered to the smart contacts in a transparent, accurate, and reliable manner. With the Chainlink oracle integration, the investors of Mogul films will also receive reliable exchange rates on payouts.
According to Chainlink Business Development’s Head Daniel Kochis, “A Chainlink-powered decentralized oracle network will bring reliable on-chain data to Mogul’s democratized film financing solution, ensuring that financers are fairly compensated for their investments.”
Entering new verticals for blockchain and film together
Mogul is looking forward to exploring more opportunities with Chainlink. Interestingly, it is already using a digital asset token, a decentralized voting setup, a smart wallet, an in-app currency token system, and blockchain. However, the Chainlink integration will now facilitate the fair selection of investors and fair distribution of rewards. That’s because Chainlink oracles promise guaranteed transparency in film financing.
Celebrating the partnership
Mogul is quite excited about the partnership. To celebrate the same, it is conducting a $100 BTC super easy giveaway. Moreover, to participate in the giveaway, a user needs to sign-up in Mogul production and Chainlink Telegram. According to the announcement, Mogul plans to conduct more giveaways in the same group.
Mogul x Chainlink $100 BTC Giveaway!
To celebrate our collaboration with @chainlink we’ve this super-easy giveaway! We’ll contact 4 lucky winners Sat 14 Feb. Now we’re accelerating towards our Platform Launch with lots of excitement to come. Join us!https://t.co/CukGVknnpL pic.twitter.com/JdkXOK9Ze5
— Mogul Productions (@we_are_mogul) February 11, 2021
In the last 30 days, the LINK token has enjoyed a price pump of 96.4%. Moreover, at the time of press, the LINK token is trading a little over $27.