Nucast: Live-streaming Protocol Revolutionizes The Streaming Space

[GENERAL] Name and surname of main applicant

SriCharan G.

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Incorporated)

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

4

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

Build a live streaming protocol that empowers streamers to monetize their content and connect with their audiences directly through crypto-based tipped chats powered by smart contracts.

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

No dependencies

[GENERAL] Will your project’s output/s be fully open source?

No

[GENERAL] Please provide here more information on the open source status of your project outputs

In the early stages of the project, resources such as time, manpower, and funding are often limited. Open-sourcing a project requires additional effort in terms of managing the community, addressing issues, and integrating external contributions. It may be more efficient to focus on developing a robust and functional product before considering open-sourcing. We do have plans to eventually opensource the protocol.

[METADATA] SDG rating

SDG Goals

8 - Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9 - Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation

17 - Strengthen the means of implementation and revitalize the Global Partnership for Sustainable Development

SDG Subgoals

17.19 - By 2030, build on existing initiatives to develop measurements of progress on sustainable development that complement gross domestic product, and support statistical capacity-building in developing countries

9.1 - Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all

9.b - Support domestic technology development, research and innovation in developing countries, including by ensuring a conducive policy environment for, inter alia, industrial diversification and value addition to commodities

[SOLUTION] Please describe your proposed solution.

Overview:

The development and release of a blockchain-based, live streaming platform on Cardano represents a pivotal milestone for the ecosystem and creates a Web3 bridge between Cardano and a rapidly growing multi-million dollar industry.

The product extends the influence of blockchain and commences the introduction of a smart-contract enabled video streaming platform to a broader audience. Nucast will transform the way content is distributed, monetized, and accessed. The platform introduces a live streaming protocol facilitated by smart contracts, enabling creators to generate revenue directly from their audience.

At Nucast, we have successfully cultivated a thriving community of over 8000+ members across our social media channels and Discord during our beta phase. This engaged community has been instrumental in providing valuable feedback and contributing to the platform's growth. Additionally, we are proud to announce that we have generated 150,000+ ADA in revenue to date. These funds have been wisely reinvested into building our web app and assembling a talented team proficient in various domains.

If you are interested in understanding how Nucast functions in the backend, please check out the following article: https://medium.com/@nucastcardano/nucast-the-decentralized-video-streaming-and-ownership-platform-revolutionizing-the-entertainment-67023e0e2672

Our existing prototype is live (Live beta tests with content creators) https://twitter.com/KydJuse/status/1647256473414582276?s=20

https://twitter.com/stefos07409904/status/1673006338635358208

The live streaming protocol proposed by Nucast on Cardano offers a range of detailed features to enhance content distribution, subscription models and monetization opportunities. These features provide transparency, control, and direct interaction between creators and viewers, revolutionizing the live streaming industry. Here are the detailed features:

1. Subscription Model:

• Creators can make their digital content available for subscription on the platform.
• Subscribers can choose to pay the subscription fee directly to the content creator or purchase an access NFT minted with Nucast standards. (More in the above medium article)
• Subscription fees are recorded on the blockchain, ensuring a trusted and immutable record of subscription transactions.

2. Smart Contract Transactions:

• Subscribers initiate smart contract transactions on the blockchain to pay subscription fees or purchase access NFTs.
• Smart contracts facilitate and automate the transaction process securely and efficiently.

3. Access Verification:

• The platform verifies access rights by querying the smart contract's current state and the NFT state.
• The subscriber's signature is also verified to ensure authorized access to exclusive content.
• This verification process ensures that only authorized subscribers can access the content.

4. Creator Control:

• Content creators have control over their subscriptions, including pricing and availability.
• Creators can manage these aspects through smart contract interactions, allowing them to customize their monetization strategies.
• This level of control empowers creators to adapt their subscription offerings based on audience demand and market trends.

5. Automated Revenue Distribution:

• Smart contracts automate revenue distribution, guaranteeing that creators receive their fair share of earnings.
• The revenue generated from subscriptions or access NFT purchases is distributed automatically to the creators based on predefined terms in the smart contracts.
• This feature eliminates the need for manual payment processing and ensures transparent and efficient revenue sharing.

6. Chat interaction and tipping with Cryptocurrencies:

• Viewers can directly support content creators by sending tips or micro-payments using cryptocurrencies and fiat.
• The Nucast platform provides a chat feature that enables direct interaction between viewers and content creators.
• Within the chat interface, viewers have the ability to send tips or micro-payments to support their favorite creators.
• The chat interaction serves as a seamless and convenient way for viewers to express their appreciation for the content they enjoy.
• This feature strengthens the relationship between creators and their audience by providing an additional revenue stream without intermediaries taking a cut.
• Viewers have the flexibility to contribute any amount they desire, fostering a stronger connection and support for their favorite creators.

7. Reduced Risk of Censorship:

• Direct connectivity between broadcasters and viewers reduces the risk of censorship.
• Content is transmitted directly from the source, eliminating intermediaries or centralized authorities that may impose restrictions.
• Both creators and viewers have more control over the content they produce and consume, ensuring freedom of expression and a diverse range of content.

8. Transparent and Equitable Ecosystem:

• The platform fosters a transparent and equitable ecosystem for content distribution, subscription, and monetization.
• Subscribers have a direct and personalized way to access and support their favorite creators, creating a stronger connection and sense of community.
• By eliminating intermediaries and providing transparent revenue distribution, the platform ensures fair compensation for creators and a more engaging experience for viewers.

Technical Architecture:

1. Subscription Oracle Smart Contract:

• The Subscription Oracle Smart Contract serves as a registry for content creators and their respective subscription details.
• When a content creator registers on the platform, their information, such as Creator ID and subscription cost, is stored in the contract.
• This contract acts as a decentralized database for creator registration and subscription information.
• It provides a reliable and tamper-proof record of creators and their associated subscription costs.

2. Revenue Share and Subscription Smart Contract:

• The Revenue Share and Subscription Smart Contract handles revenue distribution and updates the subscription status.
• When subscribers initiate smart contract transactions by paying the subscription fee or purchasing an access NFT, this contract facilitates the process.
• It records the subscription details, including the subscriber's wallet address, subscription duration, and subscription price.
• The smart contract automates revenue distribution to content creators based on predefined revenue-sharing rules or percentages.
• Creators can claim their revenue by interacting with this contract and updating their subscription status.

Overall Flow:

• Content creators register on the platform, and their registration details, including Creator ID and subscription cost, are stored in the Subscription Oracle Smart Contract.
• Subscribers initiate smart contract transactions by paying the subscription fee or purchasing an access NFT.
• The Revenue Share and Subscription Smart Contract records the subscription details, including subscriber information and subscription parameters.
• The smart contract verifies the subscriber's access rights by checking the subscription status, duration, and associated wallet address.
• Content decryption algorithms, integrated with the smart contract, restrict access to subscribed content based on the validity of the subscription.
• Revenue generated from subscriptions or access NFT purchases is distributed automatically by the smart contract to content creators based on predefined revenue-sharing rules or percentages.
• Content creators can claim their revenue by interacting with the Revenue Share and Subscription Smart Contract.
• Creators have the ability to update subscription details, pricing, or availability by interacting with the smart contract, thereby customizing their monetization strategies.

By leveraging the Subscription Oracle Smart Contract for registration and the Revenue Share and Subscription Smart Contract for revenue distribution and subscription management, Nucast ensures a transparent and efficient ecosystem for content creators and subscribers on the platform.

Business Model:

• Nucast will operate on a sustainable business model where the platform generates revenue by taking a small percentage as a service fee from the subscription fees.
• This platform service fee allows Nucast to cover operational costs, invest in platform development, and provide ongoing support to content creators and viewers.
• The service fee ensures that Nucast can continue to improve and expand the platform, offering an enhanced experience for all users.
• By maintaining a small percentage service fee, Nucast aims to strike a balance between providing value-added services and ensuring creators receive a fair share of their earnings.

Go-to-Market Strategy:

1. Community Building: Nucast will continue to engage and grow our community through social media channels, Discord, and other platforms, leveraging the feedback and support of its community to drive platform development and adoption.

2. Partnership Development: Nucast has already started partnering with content creators, influencers, and media organizations to bring high-quality content to the platform and expand the user base.

3. Marketing and Awareness: We will implement a comprehensive marketing strategy to raise awareness about the platform, targeting both creators and viewer.

By combining the power of blockchain technology, decentralization, and smart contracts, Nucast aims to disrupt the live streaming industry by providing a transparent, equitable, and user-centric platform for content distribution, subscription, and monetization on Cardano.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community.

The proposed live streaming platform by Nucast addresses several key challenges and brings significant benefits to the Cardano ecosystem:

Creation or Improvement of Different Products:

• By introducing a live streaming protocol, Nucast expands the range of products available on the Cardano blockchain.
• This use case demonstrates the versatility and potential of Cardano beyond traditional financial applications, attracting new users and fostering innovation within the ecosystem.
• The platform provides content creators with a unique opportunity to monetize their digital content directly, creating new revenue streams and empowering them to control their own distribution and earnings.

Solving a Key Problem or Issue:

• The centralized nature of traditional live streaming platforms poses several challenges, including high fees, limited control for creators, and potential censorship risks.
• Nucast addresses these challenges by providing a solution that enables direct monetization, enhanced control for creators, and reduced censorship risks.
• The platform eliminates intermediaries, minimizing fees and ensuring content creators receive a more direct and equitable share of their earnings.
• By leveraging blockchain technology and smart contracts, Nucast ensures transparency, immutability, and automated revenue distribution, solving key problems associated with traditional live streaming platforms.

Impact:

The introduction of a live streaming platform on Cardano has immense potential and offers significant benefits to the Cardano ecosystem. The live streaming industry is a rapidly growing and influential sector, attracting millions of content creators and viewers worldwide. By tapping into this industry, Nucast creates a bridge between the blockchain world and the content creation space.

The platform's ability to empower content creators, provide transparent revenue distribution, and offer direct interaction with viewers positions Cardano as a leader in revolutionizing the way content is distributed, monetized, and accessed. It showcases Cardano's versatility beyond financial applications and highlights its potential to disrupt traditional industries.

The integration of a live streaming platform with other existing services, products, and protocols within the Cardano ecosystem amplifies its impact and reach. This integration fosters network effects, enhances user experiences, and drives further adoption of Cardano's infrastructure.

Overall, the live streaming platform by Nucast represents a significant advancement for Cardano. It addresses key challenges in the live streaming industry, brings new users into the ecosystem, and contributes to the growth and innovation of Cardano as a whole.

The global live streaming market was valued at USD 1219.19 Million in 2022 and is projected to attain a value of USD 6555.32 Million by 2030 at a Compound Annual Growth Rate (CAGR) of 23.40% during the forecast period, 2022-2028.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

Nucast has a proven track record of delivering high-quality Cardano-built products that enhance and improve the Cardano ecosystem as a whole. With an established reputation of delivering, an existing suite of dynamic products, and a proven ability to properly manage funds, Nucast is well-equipped to deliver a finalized livestreaming protocol with high levels of accountability and trust

• Popularity and Community Engagement: Nucast has already gained popularity as a streaming platform on Cardano, attracting a substantial community of over 8000+ members across social media channels and Discord during the beta phase. This engaged community has been instrumental in providing valuable feedback and contributing to the platform's growth.

• Revenue Generation : Nucast has generated 150,000+ ADA in revenue, showcasing the platform's ability to monetize and sustain itself. These funds have been reinvested wisely into building the web app and assembling a talented team proficient in various domains.

• Experienced Team: Nucast is proud to host a highly skilled and experienced development team with over 30+ years of combined industry experience. The team's expertise in blockchain technology, finance, and the movie industry enables them to comprehend the intricacies of revenue-based financing and deliver a robust and innovative platform.

• Industry Partnerships: Nucast has signed MOUs with seven leading production houses, establishing collaborations to promote Nucast adoption. These partnerships involve showcasing production house content on Nucast, cross-promotion, and exclusive content releases. Also, Nucast has already started partnering with leading content creators and projects in the cardano space such as NFT LES (Side event of NFT NYC), NFG Podcast, Danketsu, etc. Additionally, we are thrilled to announce that Nucast has been selected as the official community partner for conducting the Cardano Summit in India. As the community partner, we will leverage our live streaming protocol to provide a seamless and immersive live streaming experience for the summit attendees.

Test Stream Link: https://twitter.com/nucastio/status/1644106173648437248

• Track Record of Successful Projects: Nucast's team has a history of successfully delivering projects in the web3 and entertainment domains. Our past successes demonstrate our ability to design, develop, and deploy secure and scalable solutions.

In terms of accountability, Nucast is committed to:

Regular Updates: Nucast will provide regular project updates and key performance indicators (KPIs) through our Medium blog. This transparent approach keeps stakeholders informed about the project's progress, achievements, and metrics.

Community Engagement: Nucast actively engages with the Cardano community through channels such as Twitter spaces, town halls, and AMAs. By interacting with the community, we address questions, gathers feedback, and ensure open communication with stakeholders.

Through these measures, Nucast demonstrates its commitment to delivering the project with trust and accountability. The experienced team, industry partnerships, and transparent communication channels contribute to building confidence and establishing Nucast as a reliable and responsible participant within the Cardano ecosystem.

[Project Milestones] What are the key milestones you need to achieve in order to complete your project successfully?

Phase 1: Planning and Design

Duration: 4 weeks

UX/UI Design:

Create wireframes and prototypes of the user flow.

Design user-friendly and intuitive interfaces for easy access of the feature.

API Design:

Design and document the API endpoints for subscribing a creator, distributing revenue, building transactions and performing smart contract operations.

Live streaming architecture:

Design a live stream architecture, decryption and content delivery powered by NFTs. 

Project Setup:

Set up the development environment.

Configure version control and collaboration tools.

Create the initial project structure.

Phase 2: Development

Duration: 6 weeks

Backend Development:

Building backend for subscribing a creator, accessing livestreams, building transactions and performing smart contract operations.

Frontend Development :

Implement frontend for browsing livestream, accessing a livestream and tracking subscription and tipped interaction revenue.

Integrate with backend APIs.

Integrate with Smart Contracts.

Smart Contract Development:

Develop a subscription protocol smart contracts that handles decentralized creator subscription, stores decryption information, subscription identifiers and subscription and tipped interaction revenue management.

Phase 3: Testing

Duration: 3 weeks

Testing:

Conduct thorough testing of the smart contracts, backend APIs and frontend integrations.

Perform functional testing, usability testing, and compatibility testing.

Identify and fix bugs and performance issues.

Security and Privacy:

Ensure secure and NFT-gates live streams through decryption mechanism and stream processing.

Final Phase: Deployment

Duration: 3 weeks and ongoing

Launch and Platform Enhancements:

Promote the livestream protocol through marketing and advertising.

Engage with users and gather feedback for continuous improvement.

Encourage users to use the protocol.

Monitor app usage and performance metrics.

Analyze user feedback and identify areas for enhancement.

[RESOURCES] Who is in the project team and what are their roles?

Sricharan Ganta, CEO @ Nucast

Sricharan is a successful entrepreneur and business development strategist with over seven years of experience in business-driven roles and over four years of experience in the web3 domain. He has a successful track record of delivering innovative products on the Cardano Blockchain. As the CEO of Nucast, Charan is extremely passionate about community building and pioneering solutions. He currently leads a dynamic team of 15+ professionals at Nucast Labs. Additionally, he holds a Masters in Computer Science from the University of Central Missouri, USA.

Adnan Khan, COO @ Nucast

Adnan is an experienced professional in the web3 domain with a strong track record of assisting early-stage startups in building MVPs, managing communities, securing grants, and achieving scalability. His expertise lies in data analytics and web3 development, with a particular focus on on-chain analytics. 

Currently, Adnan serves as a research analyst at GravityX Capital, a prominent web3 institutional fund. He has actively collaborated with leading web3 ecosystems and startups such as dYdX, Polygon, Frontier, Bullieverse, among others. Additionally, Adnan is also a three-time Catalyst winner, having completed and closed all three proposals successfully.

Sam Jeffrey M, CTO @ Nucast

Building tech on Cardano for 3+ years. Worked as Plutus Consultant at Gimbalabs. Awarded the Presidential Award for Innovation 2021 by the Government of India.

Nucast Labs : Successfully built various scalable Cardano dapps. Nucast is proud to host a highly skilled and experienced development team of 15+ members with over 30 years of combined industry experience.

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources.

Phase 1: Planning and Design (15000 ADA)

UI/UX Design: 5000 ADA :

UI UX Designer - 100 hours @ 50 ADA/hour

Protocol Architecture 10000 ADA :

Cardano Solution Architect - 100 hours @ 100 ADA/hour

Phase 2: Development (50000 ADA)

Smart Contract Developer - 100 hours @ 100 ADA/hour

Senior Cardano Dev - 200 hours @ 100 ADA/hour

Senior Fullstack Dev - 200 hours @ 100 ADA/hour

Phase 3: Testing (25000 ADA)

User Testing incentives & User Feedback Coordinators: 5,000 ADA

Testing and Improvisation Devs: 20000 ADA

Final Phase: Launch (35,000 ADA)

Smart Contract Developer - 100 hours @ 100 ADA/hour

Senior Cardano Dev - 100 hours @ 100 ADA/hour

Senior Fullstack Dev - 100 hours @ 100 ADA/hour

Marketing Budget - 5000 ADA

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

The cost of the Nucast project represents value for money for the Cardano ecosystem in the following ways:

• Innovation and Utility: By introducing a live streaming platform on Cardano, Nucast brings innovation to the ecosystem. This platform provides a unique and valuable use case for blockchain technology, expanding the utility and versatility of Cardano beyond traditional financial applications. The innovation brought by Nucast enhances the overall value proposition of the Cardano ecosystem.

• Enhanced Participation: The live streaming platform attracts a diverse range of participants, including content creators, viewers, and enthusiasts. It offers content creators the opportunity to monetize their digital content directly and efficiently, while viewers have access to a wide range of quality content. This enhanced participation fosters engagement and growth within the Cardano community, contributing to the overall vibrancy and dynamism of the ecosystem.

• Increased Liquidity: As content creators generate revenue through the platform, they contribute to the liquidity of the Cardano ecosystem. The revenue earned by creators can be reinvested back into the ecosystem, supporting the development of new projects, the growth of the community, and the overall liquidity of ADA, the native cryptocurrency of Cardano. This increased liquidity benefits all stakeholders within the Cardano ecosystem.

• Ecosystem Expansion: Nucast's live streaming platform attracts new users to the Cardano ecosystem who are interested in content creation, live streaming, and decentralized platforms. The expansion of the user base brings fresh perspectives, ideas, and collaborations, stimulating further innovation and growth within the ecosystem. Nucast's project contributes to expanding the reach and impact of the Cardano ecosystem.

• Accessibility: By integrating traditional fiat payment systems, Nucast enhances the accessibility of the platform to a broader audience. Users who prefer using credit cards, debit cards, or UPI can easily subscribe, purchase access NFTs, and contribute tips using familiar payment methods. This accessibility breaks down barriers and encourages more individuals to participate in the Cardano ecosystem, promoting inclusivity and diversity.

• Technical Implementation and Infrastructure: The costs associated with the technical implementation and infrastructure is perfectly in terms of their necessity, scalability, and alignment with industry standards considering our team is based in the USA, Singapore and India.

Overall, the cost of the Nucast project represents value for money for the Cardano ecosystem by bringing innovation, enhancing participation, increasing liquidity, expanding the ecosystem, improving accessibility, and promoting cost efficiency. These factors contribute to the growth and long-term success of Cardano as a leading blockchain platform.

[IMPORTANT NOTE] The Applicant agrees to Fund Rules and also that data in the submission form and other data provided by the project team during the course of the project will be publicly available.

I Accept