RITESTREAM’s:

The current whitepaper is being updated…

As per original Whitepaper, the strategy was to develop a decentralized Global Platform for Film and TV NFT’s.

The produced content would be licensed and monetized by distributing the content to streaming platforms, primarily by using allrites network of streaming platforms and buyers.

The other strategy was to develop a new own (paid) streaming App where users could rate content, and creators could add their content and get a fair share of the revenues based on actual views.

The updated Whitepaper, called RITEPAPER was publihed on May 28, 2024… It was primarily focused on the CryptoKnights whitepaper and roadmap.

So, where are we now?

Let’s start with…

Below, the Mission and Vision as explained in our own words…

As the RITE team has “boasting decades of experience” and distributed content to hundreds of millions of viewers, this team has everything in house to bring the next 1 billion people into Web3.

In short… Today’s streaming industry is controlled by a handful of Studios and a complex distribution system that favors middlemen (content distributors) where 90% of Content doesn’t reach its full monetization potential.

So, the power is in the hands of the main Studios and the distributors, while the creators and consumers lack sufficient power to create and watch what they want.

Hence, an industry ripe for disruption…

This is why you don’t get movies like Shawshank Redemption, A Few Good Men, and Forrest Gump anymore and why every other film is either Transformers, The Fast and Furious or some Marvel garbage. pic.twitter.com/2cpxZRtYsW

— Ian Miles Cheong (@stillgray) November 2, 2024

(The content below is mostly taken from the original Whitepaper, and to emphasize the current problems from different viewpoints)

Funding film and entertainment productions and getting them to market is becoming increasingly difficult for filmmakers and creators.

Traditionally, content funding has come from Studios, Broadcasters, Brands, or Private Investors. Each of these sources of funds have their own difficulties, resulting in the following:

• Projects can take a very long time to get funded.
• Many projects may lose their originality and creative integrity after catering to the needs of Brands and Studios when these parties are the primary funders.
• The majority of revenue/profits does not reach content producers. Distribution takes a significant slice (30–40%) via sales commissions. Investors also take sizable chunks of the profit pool.
• Content creators are typically forced to provide exclusive rights through distribution agents, thus, shackling their content.

Even when a content producer receives funding, the long and arduous process of getting the media pitched to networks, getting the pilot green-lit, and making it to a full season (for TV) or to the theaters (for movies) eats a lot of the revenue generated. This leaves content producers with only a fraction of any profits generated from their creations. That is, if their production ever sees the light of day.

Due to the limited bandwidth of sales teams, distributors are only able to cover specific markets. This leaves a lot of monetization opportunities on the table.

Ownership rights have typically been sold in 2-year license periods, which is no longer in line with today’s consumer habits. Such a long licensing time may require buyers to do considerable due diligence before making an acquisition decision. The contract negotiation process is also lengthy and manual to execute, with considerable legal costs on both sides. Combined with high distribution fees, shorter rights licenses are not viable in the current ecosystem.

In an ideal world, buyers want to “try” the content before they make a long-term commitment. Typically, this trial period is one month. However, the process of negotiating such short-term licenses, as articulated above, make it economically non-viable for both buyer and seller to enter into such transactions.

Note that allrites is tackling the distributors and investment problem by offering an unique “Content as a Service” model and marketplace where buyers and sellers of media content can expand their (regional) reach, and use shorter license periods.

• Consumers want to watch on-demand whenever they want.
• Lack of unique creative (long-tail) content.
• Fragmented supply of content. Consumers have to subscribe to many streaming platform to see all the content they want.

So, it’s no wonder that consumers increasingly prefer ad-supported streaming options over traditional paid subscription models.

The solution… RITE’s mission:

To use the latest blockchain and Web3 technologies to revolutionize, democratize, and decentralize the Hollywood-driven entertainment industry by giving more power to fans and creators.

Let’s start with the first part…. the latest blockchain and Web3 technologies…

RITE is NOT a technical Web3 project with (lots of) developers on the payroll who are for example building the next L1 or L2 blockchains, or writing code for smart contracts or new Web3 initiatives.

On the contrary, RITE has no developers team,. They will (just) look at what’s technically possible giving what they want to achieve. Some examples:

• Blockchain selection. At the start in March 2022, this was the BNB chain as it was “hot”, and the place for new IDOs. Also, the gas fees are lower in comparison to Ethereum network. Now, with upcoming “micro” $RITE rewards for the watch-to-earn streaming platform, Base Chain fits better (even lower gas fees)… and now the $RITE token is multi-chain (on both BNB and Base chain).
• Staking. The team just selected the “best” available staking platform provider (Decubate) with proven and audited features (including optional but not yet used NFT booster features).
• NFTs. For distributing the CryptoKnights NFTs, the BNB chain was chosen, and a “service” to create/mint the NFTs. But the team also could chose for Base chain, or another chain. And still has many options to choose for the best NFT marketplace (if wanted)… or to (let) develop its own marketplace.
• CK (Launch)Pad. The team selected the “best” available platform (Spring) to distribute (vested) project tokens and use the built-in (OTC) marketplace for vested tokens.
• $RITE BNB<>Base bridge. The team outsourced the “Bridge” feature to an external company.
• Account Abstraction (Wallet Abstraction, Chain Abstraction). For easy onboarding of new Web3 users (who don’t have a wallet yet) to connect to the RITESTREAM+ streaming platform, the team chooses for market leader Particle Network that allows new users to log in with their email account where a new wallet is automatically created for them, the Particle Network wallet.

So, yes, the team may call itself a Web3 company as it uses many Web3 principles and technologies.

However, the team just monitors all technological developments and chooses for the best available Web3 options at that moment. And if other Web3 or blockchain related options come to the market… the RITE team may switch “for the better”.

The benefit of this strategy is of course that there is no internal developers team that needs to be managed. Also, the team stays flexible and can adapt fast as it just outsources what’s needed.

Smart contract audits

Of course, if new “smart contracts” are developed “internally” or if external smart contracts are used… these should be audited.

The $RITE Bridge contract has been full audited by QuillAudits (click to open audit report).

For other audited processes, go to this URL… https://github.com/Quillhash/QuillAudit_Reports and enter ritestream in the search query to find all reports audited by Quill.

For $RITE staking, the Decubate smart contracts are used which are/were audited by Hacken and Certik.

For DEX liquidity, Pancakeswap and Aerodrome v3 Liquidity Pools are “used”. Both audited and DEX market leaders (PCS on BNB Chain, and Aerodrome on Base Chain).

Now, let’s look at how RITE may revolutionize, democratize, and decentralize the Hollywood-driven entertainment industry by giving more power to fans and creators.

Just as Disney Entertainment has split its activities into Disney+, the streaming platform, and Walt Disney Studios, the film studio division… RITE has also two “divisions”…

• RITESTREAM+, the streaming platform.
• RITESTREAM studios, the “facilitators” and creators of new media content.

The streaming platform can be divided into:

1. The Freemium free-to-watch section. This model has a unique twist as viewers share in the ad revenues via Watch-to-Earn (W2E) and can also win prizes via Watch-to-Win (W2W) as each (fully) watched ad results in a $RITE reward and a chance to win prizes in the (monthly) lottery pool.
2. [Upcoming] the Premium, pay-to-watch section. Where users can either subscribe and pay monthly fees, or pay-per-view to watch premium (ad-free) content.

The studios activities can be divided into:

1. Pilot and proof-of-concept, the CryptoKnights Show, (partly) crowdfunded via CK NFTs, and produced by the RITE production team… with as new business activity…
2. CryptoKnights Launchpad, a launchpad for crypto project token sales (featured in the CK show).
3. [Upcoming] New productions created by other (independent) producers and (crowd)funded via RITESTREAM studios (aka as Film and TV show Launchpad)

So, for these 3 main activities, I created separate pages with more details and background information.