The problem CineBLOCKS solves

• The entire mechanism of funding a movie has always been controlled as well as governed by a central authority; the power becomes confined to a few hands.
• Even on recieving funding, there still lies a long list of intermediaries which make aggregate amount far less than what was actually received from the producer.

Enter CineBLOCKS

CineBLOCKS is the effective Decentralized Solution that aims to address the financial issues within the Traditional Film Production Industry. It uses DeFi to shift the power from a few hands to a pool of investors.

Brief Working

The Creator initiates a Movie Contract with neccesary details such as a brief description and upload supporting documents which are saved on IPFS, provide timely updates, & automatically creates custom ERC20 tokens which act as shares.
Investors invest in the project by swapping these tokens for ETH. When the project makes a profit, the exchange rate for this token is adjusted automatically so that the investor makes a profit on their investment.
Here we have kept several safeguards in our smart contracts and options such as movie stage (pre-production etc), withdraw limit of 5 ETH at a time for the creator.
We have also coded a voting feature in the smart contract where for every major decision or expenditure for the creator, they can set a poll for the investors to proportionally(tokens owned) weigh in on the decision. We were unable to implement this on the front end due to time contraints.

Future Scope of CineBLOCKS

1. Not limited to just the film industry, the concept can be applied to any creative field which requires capital for implementation.
2. Use meta transactions on smaller contract additions such as adding updates to make them gasless using projects like bionomy.
3. By using legal smart contracts such as the Accord Project by the linux foundation and deploy them on supported platforms such as a node vm or hyperledger fabric.

Challenges we ran into

• Portis Support
  We have implemented and tested using Portis wallet as well, the only issue we faced was that the dApp had a longer start time with portis because as soon as a Creator or Investor logs in, we have to call data from the factory smart contract to read the number of existing projects open and get further details. We are currently looking into how to solve this, the project works amazing otherwise with portis and it would definitely provide a smoother user experience. The deployed netlify link is currently using metamask and is deployed on the Matic Mumbai testnet.

• Implementing Nested Contract for the First Time
  CineBLOCKS includes a feature that allows every Movie Creator to create their own smart contract with all necessary details and rules.However, programming this feature in Solidity was initially a troublesome task for me since we never deployed any such contract before.

• Distribution of Profit among the investors
  Whenever an investor invests in a particular movie, they get some token(movieNameToken) in their wallet. These tokens are supposed to act as shares that the investors hold in a particular project. However, the value of these tokens must increase with the increase in the profit earned by the movie. Debugging the dynamic rate variable was one of most insightful parts of the submission.