Hello my friends from all over the world! LikeCoin is under the spotlight today. I want to introduce this project to you because its slogan “Reinventing the Like” and the idea behind it are what I’ve been looking for and I think many people, especially ones who are content creators, have the same concern.
Basically, LikeCoin platform enables content creators and service providers to receive incentive when their contents are liked or super-liked by audiences. You can refer to the whitepaper for fully detailed definitions of elements in the LikeCoin ecosystem, which comprises: creative content, content creator, service provider, derivative work, content adopter, content source, content origin, original creator, distributed content and content distributor.
Don’t be bored by that long list of stuff, they are written in an extremely easy-to-understand way in the whitepaper. A notable feature of LikeCoin is that it creates a unique fingerprint for each creative content. The uses of each content for any derivative work on any service provider will be traced to ensure the content creator will get paid whenever his original work is used and liked. How does it work?
Firstly let’s have a look on LikeCoin technical stacks
The top layer is DApps with some of the representatives such as oice Visual Novel, puttyimages and blogchain.md. Those are places for original creators to show their contents and data about them are recorded on blockchain. LikeCoin Services and Ethereum Blockchain respectively lay below DApps.
The base layer is IPFS. This is the global, decentralized and resilient library where the contents are actually stored. In the library, each content is accessible by a cryptographic hash called content fingerprint rather than a URL. This separates the content address from the application where it is created and used, therefore, the content is prevented from being locked up.
The IPFS library also stores metadata hash, which is used to build content footprint for every creative content. While the content fingerprint is like DNA of a content, content footprint gives us information about its “family”. The content footprint is born so we can trace which content fingerprints are used to create a derivative work.
Only content fingerprint and metadata hash are written on the blockchain through a LikeCoin smart contract by the service provider. This helps to maximize speed and flexibility while the gas needed to write to Ethereum is minimized.
Decentralized creative content library
The basis of LikeCoin protocol is a global, decentralized creative content library.
A LikeCoin service provider includes several participants: original creator, content adopter, and content distributor.
Original creators make creative content and record the data on blockchain for other content creators to use.
The content creator and the service provider both get LikeCoin as a reward when a content is Liked.
Elements in the LikeCoin Ecosystem
The collaborated content ecosystem involves various elements and stakeholders.
So here’s an example:
Alice takes A.jpg and upload to Apple.io;
Bob writes B.txt on Banana.com;
Carol adopts their work to become C.doc on Cherry.net;
David shares A.jpg on Durian.org.
The content is a digital photo, illustration, article, footage or sound clip. The creative content may be distributed to other users, according to certain copyright terms. Each creative content is represented by a unique content fingerprint in the LikeCoin ecosystem.
A person who produces a creative content.
An application supporting LikeCoin by incorporating the LikeCoin attribution protocol and/or the reinvented Like button.
One or more creative contents self-produced or produced by other content creators, on the same service provider.
The user on the service provider where derivative work is produced.
Here a derivative work is adopted.
A creative content without a content source (original content).
A creative content produced by another creator without modification in the same or another service provider.Ultimately, in the LikeCoin ecosystem, original creators and content adopters get LikeCoin through Proof of Creativity from the Creators’ Pool. The profit sharing mechanism is the key to incentivize content creators and service providers to adopt LikeCoin protocol.
LikeCoin Tokens and ICO
LikeCoin Token is a utility token based on Ethereum and is ERC-20 compliant.
The total number of LikeCoin token is capped at 2bln and is divided into 4 pools: token sale (600 mln), ecosystem development (200 mln), team (200 mln) and creators (1 bln).
Before the token sale takes place, 200 mln tokens in the ecosystem development pool will be provided to start the LikeCoin ecosystem creation. They will be used for sales and marketing, bounty programs, content rewarding creators.
During the public token sale, up to 600 mln tokens will be distributed proportionally to the amount in ETH provided by the investors.Up to 200 mln tokens will be reserved for the team, advisors, and consultants with a vesting period of at least 48 months.
Most of the team members will take LikeCoin as a compensation.LikeCoin tokens are only exchangeable with ETH during token sale period. The standard rate is 1ETH to 40,000 LikeCoin, with optional bonus of 6 months lock up period.
Tokens will be sold in 4 stages: Early Believers (50% bonus, i.e. 20,000 extra LikeCoin per ETH), Institution (50% bonus), Early Bird (25% bonus) and Public Sale (no bonus except referral bonus). At the end of the token sale period, remaining tokens will be transferred to the Ecosystem Development Pool.
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