As all of us know, the first real-world application of blockchain technology was put forward by Bitcoin. The concept of having a publicly distributed ledger gave rise to a whole new range of blockchain applications centred around creating a decentralised economy. However, finance is not the only application of blockchain. This technology can be utilised in other fields as well, such as entertainment, content, social networking, et cetera. One such project that aims to highlight this aspect of blockchain is known as SingularDTV.
What is SingularDTV?
SingularDTV, also known as S-DTV, is a blockchain-based decentralised entertainment platform. The idea behind SingularDTV is to create a decentralised protocol which gives back the control of the entertainment-based content (movies, music and shows) back to its creators. This, in turn, will make the entertainment business transparent, fair, and award those artists with sheer talent.
In a way, SingularDTV aims to promote the creation of quality content through its platform by building the infrastructure for a decentralised entertainment industry. It is worth mentioning that SingularDTV operates under a new governance system known as Centrally Organized Distributed Entity or CODE for short. This model essentially bridges the gap between the legacy business world of entertainment and the decentralised component of S-DTV.
The native currency of the SingularDTV platform is known as SNGLS. These tokens represent a share in the intellectual property devised on the S-DTV platform - movies, music and television shows. The SNGLS token in itself is an ERC20 token which means that it has been developed on the Ethereum Network. These tokens also serve as a utility token and can be utilised to operate one of the several modules available on the SingularDTV platform.
One such module is known as Tokit, which can be used by artists to create tokens that will represent their intellectual property. As a result, they will be able to control the rights, revenues, royalties, and rewards. Another module is known as LaunchPad, which essentially serves as a platform that can be used by artists to get funding for their projects. Apart from these two, you also have other platforms like Marketing, Union Interface, Talent Management, Equipment Rental, et cetera.
The total supply of SNGLS tokens is capped at 1 billion. Of these 1 billion, 500 million SNGLS tokens have been released by the company for sale to the general crowd. Of the remaining 500 million, 400 million are kept in storage vault with the purpose of investing in the S-DTV platform. The remaining 100 million tokens are held by the core investors of the platform.
Needless to mention, the concept behind SingularDTV is still kind of hard to grasp. It is still not clear how the general public will benefit with the SNGLS tokens, or by owning a share of the intellectual property of the artist’s work. While the idea behind this Ethereum based platform is definitely interesting, the company behind it needs to provide further clarity. Hopefully, it will be made clearer in the coming months.
Where to buy SNGLS tokens?
SNGLS tokens are available for purchase on some of the leading cryptocurrency exchanges like Binance, Liqui, et cetera. Being an altcoin, you may have to purchase it against either Bitcoin or Ether.
As mentioned earlier, SNGLS token is an ERC20 token. This means that it should be compatible with any wallet that supports Ethereum tokens. You can also download the official wallet client from the website of SingularDTV, though as of May 2018, it is still in its beta phase. You can also look into cold storage options like Nano Ledger S and Trezor.
It is not possible to mine SNGLS tokens as of May 2018. The tokens need to be purchased directly from the exchanges.
SNGLS Price Trends
As of May 28, 2018, the price of 1 SNGLS token is approximately 0.06 USD. The altcoin has been on a downward trajectory since the month of February, which was around the same time as the entire cryptocurrency space taking a nosedive. The coin shed its recent gains just as quickly as it made them. Prior to this decline in value, the SNGLS token enjoyed a terrific run, soaring up to touch $0.4 from around the $0.1 mark, in a span of four weeks.
Risks Associated with Investing in SNGLS
SingularDTV is a relatively new venture which is definitely unique when compared to other blockchain projects. However, there is a lack of clarity on this and without understanding it in its entirety, it is recommended that you do not invest in this token. In addition to this, the volatility that is driving SNGLS is another factor to be considered.
In such a scenario, it is advised that you look into safer investment vehicles like mutual funds. They are less volatile and can deliver good returns in the long-run, provided that they are chosen carefully.
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