Hi All,
Today I bring to you a detailed review about one the most exciting ICO's out there in the market. They are working on a project which aims to offer incentives to original content producers. Let's find out how?
What is Photochain?
Photochain is DApp, a decentralized application, built on top of the Ethereum blockchain and APFS protocol. Using blockchain technology, the Photochain DApp returns the control and the trust of the photography marketplace to the content producer.
What is the Photochain’s Mission?
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.
How does Photochain works?
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 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
Features of PhotoChain
Photochain offers all of the following features:
Claim Module:
Users can use the Claim Module to act against copyright infringements. If a piece of content is suspected of infringing upon copyright, then users can use the Claim Module.
Claims will be processed based on whether or not the image is the same as the one posted on the Photochain DApp, and whether or not the author’s name is attached to that image according to the blockchain.
Photochain’s machine learning mechanisms will analyze whether these requirements are fulfilled, then issue compensation. Larger compensation will require the input of moderators.
Seller Module:
The seller module gives sellers a simple way to offer pieces for sale on the Photochain app.
Content Upload Module:
If you decide to sell a piece on the Photochain app, then you’ll upload photos through the Content Upload Module. After upload, your files will be stored on the IPFS network.
Content Verification Module:
This module verifies whether or not your copyrights are infringed upon or if the content contains illegal materials. The module uses the IPFS Photochain node to accomplish this.
Buyer Module:
Buyers can use this module to easily search for photos available to purchase. The Buyer Module includes contextual searches using tags, searching of similar images, and more.
Payment Wallet Module:
The payment wallet module has access to the Photochain user’s Ethereum address.
Transaction Data Module:
The transaction data module processes transactions.
Overall, Photochain emphasizes high availability, decentralized use, structured data storage, data erasure, and speed.
Who’s Behind Photochain PHT?
Photochain was co-founded by Stanislav Stolberg (CEO) and Arthur Ishmetev (CTO). Stolberg is an InfoSec consultant and “digital transformation manager” while Ishmetev is a software architect and full stack developer.
The company is based in Tallinn, Estonia.
Photochain PHT ICO Conclusion
Photochain aims to create a better stock photography environment using blockchain technology. The platform will introduce innovations like the Photochain Digital Copyright Chain, or DCC, which will attach photo ownership information to a specific user, then post information to the Ethereum blockchain.