Elastos DMA Completes Its First Milestone | DMA Basic Framework + Decentralized Ticketing MVP
1.What Is DMA?
Decentralized Digital Marketing (DMA) is an open decentralized digital marketing and community development platform based on a token economy model that serves various applications in line with the decentralized business ecosystem. Before explaining what DMA is, let’s look at an example. Every year, Single’s Day (November 11) in China is an enormous event for consumers. Some consumers place their online orders more than ten days in advance to ensure their orders are received by midnight while vendors stay up all night to process these orders. This year, the total turnover of Tmall on Single’s Day reached 213.5 billion RMB, a record high. Yet behind this event, how many consumers really received discounts, and how many vendors made actual profits? Alibaba makes billions of dollars of profit a year, yet 90% of their vendors may actually lose money. This is because these vendors have to pay large fees to the platform. While some fees are justifiable and some are not, most of the vendors have no choice but to pay to remain competitive.
Traditional businesses, vendors and consumers are linked together by huge platforms. On a positive note, a platform is a good middleman, which improves the efficiency of transactions between participants. Yet on the downside, the platforms exercise long-term monopolies on user data, resources and online traffic, for their own wealth accumulation. With all of this in consideration, Elastos wants to promote decentralized marketing in order to address the pain points of traditional business and e-commerce. DMA is such a platform: it establishes an intermediate protocol layer supporting digital assets and personal data management based on the Elastos infrastructure. It is controlled by code, and enables direct communication between businesses and consumers, creates effective pair matching and transmits value at the same time. On this platform, all transactions are direct and fair, businesses can earn more money than with traditional platforms, and consumers will pay less.
2. What Is DMA Suitable For?
As the DMA platform continues to be built, can it replace our current traditional commercial platforms? What is it suitable for? The first use cases that many think of are physical transactions, express delivery, and other common practices in our daily life. These cases are not necessarily applicable at the moment, but at the current stage, we can focus on assets that can be digitized, such as receipts, purchase agreements, licenses, copyrights, loyalty points, event tickets, and more, which can be transmitted directly on our trusted network.
Therefore, DMA has a wide range of use case scenarios in decentralized digital marketing and business. It focuses on four aspects: token assets (electronic ticketing), digital advertising, digital copyright and social marketing. It will evolve as the applications and use cases grow.
3. Current Progress
We have set several development stages for DMA and completed the basic framework of DMA in mid-November. We also created a ticketing MVP (minimal viable product) based on DMA.
For example, vendors can issue tickets for a performance through the MVP. Because digital assets issued under the ERC721 contract are non-fungible and independent, each token has unique attributes.
Vendors can set different conditions for sales and usage, such as time, location, price, and more, to create different tickets for performances. The tickets can be purchased in the primary market and traded in the secondary market.
Users can use DMA tokens to purchase tickets directly for performances. The tickets can also be resold in the secondary market. Similarly, it can be given to others by means of transfer. In this way, users can operate freely and flexibly, which solves the problem of re-selling tickets after purchasing them.
The issuance, purchase and resale of performance tickets are not very different at the front end (interface), but they are actually managed by a decentralized wallet and transactions, which will not change the user’s experience.
Currently DMA has created a platform to support App developers to make blockchain projects and create decentralized commercial DApps, allowing every user to use these DApps in their daily life and on their mobile phones. Users do not need to understand blockchain technology in depth, but can easily use and manage personal data and personal digital assets, which produces tremendous value. Our goal is to allow people to own their own data and turn that data into wealth.