Mediachain launched its innovative blockchain software back in February to help writers, photographers, and musicians protect their intellectual property rights. It has gained a lot of recognition since the start of this year and has now gained $1.5 million in seed funding from a number of prominent venture capital investment groups.
The capital funds leading this round include Andreessen Horowitz and Union Square Ventures. They have been joined by Digital Currency Group, LDV Capital, and RRE Ventures alongside angel investors Mathieu Drouin, David Lee, Brian Message, Kanyi Maqubela, William Mougayar, and Alexis Ohanian.
In light of this new-found interest in their company’s future, Jesse Walden spoke for himself and Denis Nazarov – the co-founders of Mediachain.
“There’s a lot of collaboration across the community,” Walden said. “We’re all helping each other, so joining this portfolio among these other name-brand projects is a boon for us and an incentive to learn more.”
The Mediachain project works by associating the identity of media creators to the projects they have created. A digital artist, for instance, can mark his own Photoshop document with their name and project creation date before storing that information in the InterPlanetary File System (IPFS), which uses the elements of a blockchain to store files. The IPFS will also create a timestamp that remembers when the user’s file was first put into the system.
Walden and Nazarov want people to think of this new system as a method of sharing associated information about media creators. For instance, their Mediachain could be used to find multiple projects by the same artist while also assuring that each found project remains a valid representation of the artist himself. This sort of information sharing could make an appearance at the upcoming TMC conference, The Blockchain Event.
Walden was quick to assert that this project was not created to be a “rights registry.” It was not created to help enforce copyright, although a similar platform may have the ability to complete that type of task. Instead, Mediachain only means to address a previously unsolvable problem where, on the Internet, individuals could not keep their identity associated with their works.
The co-creators have released their project as open source. This means that anyone who wants to get involved in the process of using and helping build the project can proceed full steam ahead. However, the project will also soon find itself in the hands of media giants such as the Museum of Modern Art and Getty Images, both of which have a vested interest in protecting their image databases.
This latest influx of capital is expected to address project development and the creation of service projects that could entice more users to get involved with the platform. Walden said he was excited about building a community around Mediachain; he wants it to become the “universal library for all media ever created.”
A rapidly increasing need for APIs and similar measures is expected to drive big gains in this market through 2021.
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