Current System: BMC controls user data and transactions, potentially leading to privacy concerns and dependence on their platform. Traditional payment methods may not be accessible to everyone, and fees can be high for both creators and supporters.While BMC provides basic creator earnings reports, some may desire more detailed transaction data.
Solution: Smart contracts could be utilized to automate and enforce the terms of transactions. This can ensure that creators receive their funds promptly when certain conditions are met, enhancing trust between creators and supporters.
Blockchain Integration: The platform would integrate with a blockchain network, such as Ethereum or a custom blockchain solution. This integration would involve creating and managing smart contracts, which are self-executing contracts with the terms of the agreement directly written into code.
Tokenization: Transactions on the platform would be tokenized on the blockchain. Each token would represent a unit of value (e.g., a donation or purchase). This tokenization ensures that transactions are secure, traceable, and tamper-resistant.
Smart Contracts for Transactions: Smart contracts would be utilized to automate transactions based on predefined conditions. For example, when a supporter makes a donation, a smart contract could automatically release the funds to the content creator.
Decentralization: Web3 technology leverages blockchain networks, which means that there's no central authority controlling the transactions, ensuring transparency and reducing the risk of censorship or manipulation.
Trust and Transparency: Transactions on blockchain networks are transparent and immutable, meaning they cannot be altered or deleted once recorded. This builds trust among users as they can verify transactions independently.
Global Accessibility: Web3 technology enables global participation without the need for intermediaries or traditional banking systems. Users from anywhere in the world can participate in transactions.