KuCoin AMA With Script Network (SCPT) — The Open Source Video Protocol And Live Television Network

Dear KuCoin Users,

Time: January 22, 2024, 11:00 AM- 12:31 PM (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session with the COO of the Script Network, Abiel Alazar, in the KuCoin Exchange Group.

Official Website: https://token.script.tv/

Whitepaper: https://whitepaper.script.tv

Follow Script Network on Twitter, Telegram and Discord

Abiel: Sure! I'm Abiel (you can call me Abe). I manage the business operations, content side and our AdTech. What does that mean? I am a problem solver, but generally speaking it involves managing the day-to-day operations driving all of our departments forward across the board and making sure that they get what they need. Whether it is procurement, license content, sales department or the compliance side of the business. I usually joke internally that I'm basically everywhere and nowhere at the same time.

In terms of my own background, I have been in the IT and Telecom sector for more than a decade and primarily in the Data Center business. Over these last few years, I have been working as a consultant for Netflix, HBO Nordic and Viaplay. I have been in the crypto space for quite some time and have always been fascinated by emerging tech. It started out in 2013, stopped for a while, then came back again in 2019 and of course a few years after, obviously we started building our own project—Script Network in which I'm sure we're gonna dive more deeply into. In terms of our team—we consist of 15 people ranging from development to sales and marketing and as well as content acquisition.

Q: Can you please introduce us to the Script Network and what they do?

Abiel: Script Network is a decentralized protocol that uses blockchain mechanics to govern the lifecycle of the content, storage mgmt. and streaming. Essentially, all types of serving at scale whilst also being a full stack chain.

It consists of five cornerstones which are; Script Adverts, Blockchain, Enterprise, Marketplace and of course our super dapp,Script TV in which we are going to be discussing today. Script TV is a decentralized tv network where the power is in the hands of the users. Content is governed by the community and tokenized rewards are offered based on the engagement whilst also having the opportunity to connect with their favorite filmmaker. We try to add these layered experiences to essentially increase the overall fan engagement.

The other big solution is what we have on the enterprise side. So, we're able to, through our node network, save companies significant amounts of funds. And not only companies but filmmakers as well as other distributors who are using video at scale. On top of it, we also have our own distribution arm. Instead of relying on bigger platforms like Hulu or Netflix to distribute the film that took you for example 5 years to make, we can ultimately syndicate your content to other platforms to pay out faster and potentially up to 5x more than other platforms. So, from saying hello to having your content inside our ecosystem can take weeks rather than months. This is why we feel the importance of democratizing and decentralizing television.

Q: What has been achieved so far in terms of tractions and metrics?

Abiel: Quite a lot has happened in this short amount of time which is super exciting. We went into public beta last year and fast forward to today, we are closing in on 250,000 active accounts, our user base is growing organically with around 400 per day. Our L1 protocol as well as the watch to earn mechanism is almost completed and we plan to roll that out this quarter.

We also partnered up with Nvidia and joined their inception program which is a huge milestone for our business. They will ultimately bring in expertise as well as mentorship when it comes to building AI. In due course, we will start seeing better content suggestions as well as an improvement on how the content governance is going to be structured and ultimately how we at Script Network can best utilize AI for this and so on and so forth. To sum up, we have done a lot, but we also need to be humble and admit that we still have a long way to go. I guess that’s one of the beauties about building a project.

Q: What do you offer companies as solution and why would they use it over other web2 options?

Abiel: This is one of the most interesting parts of our business. Ultimately, one of the core reasons our entire business became what it is today. As it stands now it is very expensive to deliver high quality video to various parts of the world and it’s a problem that is growing at a rapid speed due to 4K and 8K on the rise. To give you some context - Netflix alone spent $1bn on cloud computing and delivery costs this year. We managed to find a solution to our problem by building a protocol with content first in mind and ultimately managed to do our digital transformation and the best part of this is that we can invite partners to do the same journey as we did. All of this resulted in new and exciting solutions being built for our filmmakers, streaming services, distributors as well as studios that use video at scale to ultimately cost optimize with approx. 80%. In addition to this we also have a few services around content whereby filmmakers can spin up broadcast grade channels and distribute these not only to us but also to other streaming services that we have in our ecosystem. Which ultimately can make them generate 5x the amount from the same piece of content essentially. We are going to see a lot of new partnerships coming in this year that we have in the pipeline, so we are super excited about that.

Q: There was a recent security breach on your side. Can you walk us through what happened and how you overcame that?

Abiel: Sure, I'll try to keep it as general as possible as the investigation is still ongoing however, there was a cyberattack that was targeted against one of our core devs devices that was quite sophisticated. So, initially Binance security got in touch with us because it is the same sophisticated group that have been doing multiple different attacks across the web3 space that they are ultimately chasing and has been doing so for the last couple of years. Fast forward our incident manager reached out to all of our contacts at the exchanges to halt trading whilst simultaneously pulling liquidity from the market. The trading was halted for approximately 1 week. We then Deep scanned all transactions and removed the hacker addresses and then ultimately restarted trading. Quite a strange incident if you ask me since in most cases, a lot of funds are actually stolen but in this case, we didn't lose any liquidity, we did not lose anything from the treasury or anything like that. 99% of the funds that the hackers generated was made from creating these fake liquidity pools that ultimately went to a few wallets in which we keep track of. We are still working very closely with our internal and external security team as well as law enforcement. So, in short, the story develops, but we have full control over the situation, and we came out much stronger from this incident.

Q: What can we expect from Script Network this 2024?

Abiel: Interesting question. I guess before answering, anyone who wants to know more, feel free to head over to script.network where you can find our whitepaper as well as a roadmap and links to our socials. Going back to what you've asked - There are actually quite a lot of things that are coming. A few of them got pushed now a little bit due to our incident that we just mentioned, however, all of them will still come out during this year - we are going to ramp up on our content now and deliver new channels. We just recently rolled out 3 new channels which gives us a total of 11 different channels for now to select from. Besides the TV channels we will also soon roll out VoD (video on demand) as well. So from a user perspective, instead of selecting from one of our curated channel experiences, you will also be able to find a movie from the library in which you can start watching whenever you want and wherever you want. On top of this, Script TV is also being launched on 3rd party platforms, which includes Smart TVs, gaming consoles as well as mobile dApps, so that's going to be rolled out very soon as well.

First up for our release is for TizenOS, I believe everyone recognizes this more as Samsung TV. This is going to be followed by LG, Roku, Firestick, Apple TV, and even gaming consoles. We intend to be on every single device and every single platform, which is super exciting because we are so close now as some of the applications are finished from our side we are just waiting for the approval process. Besides everything I just mentioned, we have our watch to earn a mechanism that is going live, we are going to mainnet in terms of layer 1. We are still in testnet at the moment, airdrop information is coming out soon as well for those who participated in the script ecosystem and want to take advantage of it. Information coming out on that as well.

We're super excited about these things but of course we'll keep the community informed on this as we go along the process and if anyone has anything specific that they want to know, head to the whitepaper or website to find out more about what's coming over the next months and years.

Q: Are there any other challenges that your project is facing, and if so, how do you plan to overcome them?

Abiel: Good question, as a startup, there are going to be constant challenges and uphill battles. Our vision and mission are always bigger than what happens short term because the decentralization of television and film is a giant of a task. We need to remember that even though we are a web3 company, we still operate in the content and advertising space which is one of the older sectors or, as I’d like to call them, dinosaur industries. Although it’s getting a lot better now rather than if you compare it to when we first started it is still a very slow-moving industry. So, in my opinion, I think we just need to be better at educating people and give them time to learn and understand the opportunities in this space. We also need to make our dApps easier to use, and so on and so forth. It will take some time, but I’m confident we can do it.

Q: How do you engage with the community, and how can a community member get involved with your project?

Abiel: Great question. We constantly engage with the community and participate in various AMAs as well as incentivizing builders to come on board to join our movement. For a new user I think the easiest way would be to head over to script.network where you guys can find all relevant information regarding our project, and at the bottom of the page, all links to our socials are available, of course.

Q: On your website, I see that you have two tokens, namely $SPAY and $SCPT tokens. Why did you implement a dual token system on your platform? Can you explain what is the difference between the two tokens and in what way they will be used in your products and services?

Abiel: Good question. In order to be able to facilitate the type of scale that we anticipate, we realized quite quickly that one token would not be sufficient. Therefore, we decided to divide it so that we have one token that is going to be utilized for content, advertising, and ecosystem governance (SCPT), whereby the other one (SPAY) would be used for gas, rewards, and in-app purchases.

Q: What is the main drive of the $SCPT project, community or utility? And how do you plan on getting mass adoption on the $SCPT, as there are so many projects out there?

Abiel: Interesting question, I think one of the key things is what we're focusing on now, which is to deliver across the spectrum by delivering dApps on mobile phones, smart TVs, and gaming consoles. That way, we get a different type of reach. By delivering just to Samsung TV, we can reach over 100 million devices.

Q: Do you have plans to expand your project to countries or regions with a language barrier? Is there a dedicated community in place to help them understand your project? This project seems fantastic!

Abiel: Very good question. We realized quite quickly that in order to get the type of reach we are looking for, we need to deliver content on users' terms which ultimately means localized content. So we will deliver content in multiple languages and the type of content that resonates with our users. This is a big part of the content governance which you can read more about on our whitepaper.

Q: Partnerships and collaborations play a crucial role in expanding the reach of every project. Could you provide a list of your partners?

Abiel: Well, this is an area in which we are focusing very much. We recently hired a new person to facilitate the user experience in order to make our platform even more accessible to everyone. The good thing for now is that we made it so that even if you aren't a tech-savvy person, you can still enjoy some free content without having to sign up for the platform.

Q: Smart contracts can be vulnerable to failure, leading to financial losses and damaging the reputation of projects. How reliable and secure are your smart contracts? Have they been thoroughly tested with all involved parties?

Abiel: Good question, security is something we take very seriously, and we are, of course, working with some of the most recognized auditors in the space. If you want to see how we are performing, I suggest you head over to Certik to review our current security score, which is public information. We are in the top tier and have received their highest award.

🎁 Participate in the Script Network AMA quiz now for a chance to win $10 in SCPT!

The form will remain open for five days from publishing this AMA recap.

KuCoin and Script Network have prepared a total of $2,000 in SCPT to give away to AMA participants.

1. Pre-AMA activity: $800 in SCPT

2. Free-ask section: $50 in SCPT

3. Flash mini-game: $400 in SCPT

4. Post-AMA quiz: $750 in SCPT

Sign up for a KuCoin account if you haven’t done so yet, and ensure you complete your KYC verification to be eligible for the rewards.

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