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April 11, 2018, 09:24:36 AM |
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What Is Photochain?
#Photochain, found online at Photochain.io, uses blockchain technology “to reinvent photostocks around the buyers and the sellers,” explains the official website.
The goal is to pay photographers more for their work than they currently earn on centralized stock photography platforms. The Photochain website claims that many popular stock photography platforms pay photographers just 23% of the final price for their work. In comparison, Photochain wants to pay photographers 95%.
Photochain also emphasizes a fast verification period and fast payment times. Plus, photographers will be able to set their own prices.
Photochain is being developed by an Estonia-based team. The token sale for the platform’s PHOTON tokens, or PHTs, will be held in April 2018.
How Does Photochain Work?
Photochain is built as a native blockchain decentralized app (dApp) on the Ethereum network. The app uses InterPlanetary File System (IPFS) to secure data across the network.
The Photochain dApp emphasizes four core features and functions, including:
Security:
Photochain provides blockchain-based security for buyers and sellers so “you can trust your works are safe.”
Decentralized:
Digital content is encrypted and stored on the decentralized database. No central business controls your uploaded photography.
Copyright:
Your work is permanently linked to your identity through the blockchain, creating a new blockchain-based form of copyright protection.
Content:
The decentralized app can be used exclusively for trading photography. Photochain will sue bots “to ensure only acceptable content is listed.”
One of the core benefits of Photochain is its copyrighting system. They call it Photochain Digital Copyright Chain, or DCC. Artists can link their works to their name, then secure that connection using the blockchain. The Ethereum blockchain secures the transaction, making it visible to users at all times. Anyone can check the Ethereum blockchain to verify that content is copyrighted by a particular person.
Photochain sees their copyright system as superior to “Rights Managed” (RM) copyrighting models as well as “Royalty Free” (RF) copyright models.
Photochain will also have a P2P marketplace where artists can freely distribute their work. Artists can charge different amounts to different buyers. They set their own prices.
Finally, Photochain will also have a ranking system and a reward system to serve as motivation, ensuring the maintenance of the Photochain community through fair rewards. Sellers receive points for selling works, for example, and moderators get points for solving disputes. Each point is equivalent to 0.1 PHT. Once you hit 100 points, you can get a payout in PHT transferred to your wallet address.
Photochain Fees
Photochain will charge a 5% fee. This fee goes to the wallet of the Photochain Governance account.
If a photo is priced at 5 EUR, then a fee of 25 cents will be added. The 5% fee is divided into different components of the app, with most of it going to the team and the app reserve fund:
0.02% for the Ethereum network fee paid to miners and for interaction with the Photochain smart contract
0.98% for data storage costs, because pictures and digital works require ample storage space
2% for the Photochain Governance Team for ongoing development and moderation
2% for the Photochain decentralized app (DApp) reserve
The Photochain DApp reserve fund will be used to pay rewards for resolving disputes. Higher payouts from this fund will need approval from two moderators of the highest level, while smaller payouts (like rewards for resolving a claim) can be processed automatically.
The Photochain whitepaper also mentions the possibility of charging 10% fees and 15% fees for Silver and Gold accounts. They have three different models of transaction fees in total. Users can pay higher fees based on the level of service they wish to get from the platform.
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