Our group was captivated by the market of subscription services. Subscription services run nearly all major content platforms such as Netflix, Spotify and various other Software-as-a-service offerings. The virtual game market is also extremely tied to content through subscription.

According to CNBC 2018, an estimated three out of four Netflix, Hulu, Spotify, Uber, and Amazon Prime users are using an account that they do not pay to use. This article proves that there is a huge market of persons that desire to use a service or platform but they are not willing to pay for the service their selves. A popular content creator on YouTube, PewDiePie, charges $5.99 for a paid subscription service as well as offering free subscription service. Over 101 million users subscribe in some way to PewDiePie with a small percentage paying for the premium subscription.

The MitoSYS platform aims to capitalize on people who are not willing to pay for the content they wish to access. Our system provides a subscription layer that can be easily attached to any platform to allow free access to users while generating revenue for content creators or developers. We acomplish this goal by allowing subscribers to purchace a subscription token from the contract for a service. This non-fungible token(NFT) allows access to a service for the entirety of time that it is owned. The DAI that is used to purchace the NFT is then put into the Compound network where it will generate interest. This interest will go dirrectly to the developer/content creator. Whenever the user desires, they may burn their NFT and recieve the full value they payed for it. This provides an effectively free subscription service that will generate revenue for the content creator.

Built With

  • compound
  • dai
  • erc721
  • metamask
  • nft
  • rdai
  • solidity
Share this project:
×

Updates