NEW YORK, March 10, 2020 /PRNewswire/ -- SingularDTV announces the formation of the "snglsDAO Foundation". The foundation's purpose is to promote and govern SingularDTV's "Media Distribution Protocol", an operating system designed specifically for artists, creators and companies launching entertainment applications and services powered by blockchain technology. The Media Distribution Protocol is being built on top of Ethereum and is powered by the SNGLS token, the native token of SingularDTV.
The snglsDAO Foundation is the non-profit entity that provides governance parameters, services and various functions and features to the Media Distribution Protocol. The foundation's first order of business is the launch of the snglsDAO. Through the snglsDAO, SNGLS token holders set the parameters, features and functions of the Media Distribution Protocol.
In order to establish an entertainment industry that is decentralized - free of intermediaries and gatekeepers that diminish and obfuscate the value of content creators - a two-token ecosystem will be formed. This two-token ecosystem will comprise the SNGLS token and a new snglsDAO governance token. The name of this new snglsDAO token will be announced in the coming weeks.
SNGLS token holders will receive a 1:1 airdrop of the new snglsDAO token. This will allow SNGLS token holders to participate in the governance and expansion of the snglsDAO and Media Distribution Protocol. snglsDAO tokens will be airdropped into SNGLS token holders wallets in Q2 of 2020.
Whereas the SNGLS token was programmed with a revenue-rewards feature that has never been activated due to the ambiguous regulatory landscape in various jurisdictions around the world, the new snglsDAO token will be programmed to provide governance and utility to the snglsDAO and Media Distribution Protocol. Until the regulatory landscape catches up with the SNGLS token business model, the revenue-reward feature of the SNGLS token will be effectively shelved. In the meantime, the SNGLS token will have meaningful utility within the Media Distribution Protocol. The SNGLS token will also be used as a staking mechanism in the snglsDAO and as a payment token within the protocol.
The attributes of the new snglsDAO token will be many and varied. Primarily, the snglsDAO token will act as the governance mechanism that controls the snglsDAO and sets various parameters of the protocol. It will determine the attributes of the protocol's listing, transaction and validation fees, as well as oversee the process of protocol upgrades. The snglsDAO token will also govern the distribution of funds in the snglsDAO Treasury and will run the function of an experimental new concept called "content mining".
"If it sounds complicated, it is," remarks the Foundation's Director, Zach LeBeau. "It's not rocket science but it's close. We're industry building, one laborious step at a time. It's complex, time consuming and mostly theoretical. People often ask me to explain what we're doing as if I were speaking to a five-year-old. I can't do that. What we're building is not for five-year-olds, not yet."
About SingularDTV (S-DTV)
SingularDTV is laying the foundation for a decentralized entertainment industry with its Media Distribution Protocol, Content DAO, SNGLS token and streaming portal, Breaker.
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