- Mogul CEO wants to develop the film industry with the Stars token.
- Gagan hopes to use blockchain to bring transparency in Hollywood.
Decentralized film financing platform Mogul productions has today announced the launch of its native Stars token. The Hollywood producers have urged interested cinephiles to sign up on the platform and get the new token.
According to the platform, every member will receive the Stars token as soon as their mainnet was launched. The CEO, Mogul productions, Gagan Grewal, in an interview with decrypt, said that users of the platform would use the tokens to vote for films that need funding. However, to stop a user from voting more than usual, the platform will use a strategy called the “Quadratic voting system.” With this system, whoever tries to vote again for a particular movie will get his/her vote cost increased exponentially.
This system was put in place to stop users who have lots of Stars tokens from using their influence to affect decisions on the platform. Aside from Gagan, Vitalik Buterin, creator of Ethereum, is a massive fan of the quadratic voting system.
Stars token will help low-cost filmmakers
The goal of Mogul production is to utilize blockchain while promoting transparency in the Hollywood industry. Gagan, when speaking about the financing of movies, disclosed that it was always difficult for investors and producers to understand how profit was allocated after a film had been released.
Movies tend to get ignored due to lack of funding because most producers don’t have enough funds to get their films known. However, with the production of a Stars token and a platform to fund the creation of movies by voting, a lot of films will develop.
An interesting addition is that the holders of the Stars token will also be rewarded for every vote made. Gagan asserted that “funds allocated from voting on the platform will also be used for development and marketing for holders of the token.”