Po.et is building an open and universal blockchain ledger that records immutable and timestamped information about users’ creative content. It uses open protocols designed for interoperability with current industry standards in media and publishing. With use cases focused on publishing, content creation and media services, Po.et is creating a protocol for Creative Works in Web 3.0 through a globally verifiable ledger of digital media assets along with an extensible metadata format to make access and licensing easy.
Proof of Existence
Po.et uses the non-financial blockchain application, Proof of Existence, to allow users to anonymously and securely store a cryptographic digest of a file timestamped at submission. Bitcoin’s blockchain is used to store the file’s hash permanently in an immutable data structure without a central timestamping authority. Proof of Existence allows users to publicly prove their possession and ownership of a particular data det at any give time in a completely trustless manner. This is useful because it acts as strong evidence in support of copyright / patent claims and facilitates verification of a digital asset’s integrity. Given the growing legal admissibility of smart contracts and blockchain ledgers, Po.et builds upon Proof of Existence by including further metadata and discoverability to generate immutable ownership certificates, track and licence assets on the web, discover novel assets and verify the authenticity of discovered assets. Currently an ERC-20 Ethereum-based token, Po.et has the potential to revolutionise digital content creation, ownership and licensing by acting as a central source of licensing information. Aside from the immutability of a digital asset’s “fingerprint”, blockchain technology also helps ensure that there is no single point of failure and that no 3rd party is required to provide access to digital creative content.
Aside from acting as a licensing conduit and a provider of an immutable certificate of ownership, Po.et is also creating a platform for content creators to be discovered. Digital marketplaces use Po.et’s token, POE, to incentivise members to add and accurately rate relevant content. Digital content creators can add content to marketplaces by stakes their own POE. If members of the marketplace deem the content worthy, it will be accepted, otherwise staked coins will be forfeit upon rejection. Members of the Po.et platform can create their own marketplaces and can make them as broad or specific as they choose. Once a marketplace has been created, users can specify voting terms, requirements and the amount of POE needed to be staked to submit an entry. This structure incentivise members to only submit and accept high quality and relevant submissions, with those adhering to this principle growing to develop successful digital marketplaces. As a regulatory mechanisms, users can also challenge submissions on Po.et if believed to be plagiarised. Members can vote to accept or reject the challenge, with a majority approval resulting in content removal. Additionally, Po.et is developing an open API for publishers labelled Frost. This allows integration with mainstream platforms and apps and allows publishers easy access to Po.et’s functionality thus aiding wider adoption.
POE acts as Po.et’s currency and is an ERC-20 token. POE serves three primary functions – it bootstraps Po.et’s network effects thus creating a community of stakeholders and publishers, raises funds for long-term development of the project and provides a method to incentivise and reward early adoption and positive network contributions. Po.et’s founders are hopeful that as the project matures, POE will serve as the economic incentivise behind the promotion of quality, curated content across their network.
Po.et is the brainchild of Tyler Evans, co-founder of BTC Media, who grew frustrated of the lengthy licensing process associated with creative content. Tyler is joined by 16 other core members, including CEO Jarrod Dicker, a former president of innovation and commercial strategy at The Washington Post. Po.et raised 10M USD during their ICO in August 2017 and minted a total of 3.14M POEs. 50% of the created POEs have been retained by the project for partnerships, angel investors, the founding team and the project’s development. Currently developing its mainnet, which includes workflow automation and private security reviews, Po.et provides detailed monthly updates on its blogs. Po.et has also developed plugins for Drupal, Joomla and WordPress to assist the adoption of content creators, and its API is available for developers to integrate through Elixir, First Client, C#, Frost-Ruby and Frost-PHP.
Po.et represents a promising investment opportunity. The combination of an immutable ledger of digital creative content ownership, the centralisation of licensing information and the creation of user-created and curated digital asset marketplaces presents a business model which innovates away the inefficiencies in the current licensing industry. The incorporation of timestamps through blockchain technology also helps provide the platform’s adopters and content creators with essential legal and commercial certainty. Adoption is incentivised through a range of plugins and API options, with those joining early standing the greatest odds of developing successful digital marketplaces. Currently trading at just 0.012 USD, POE may experience considerable appreciation as the project edges closer to releasing its mainnet.
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