How a peer-to-peer environment increases profits for photographers
Did you know that most content creators only receive around 50% of the revenue their creations generate? In some cases, this percent is actually even lower, receiving less than 30% of the revenue your property earns, is not unusual in the stock photography industry. So who gets all the money that your working is generating? Middlemen. You could argue that they deserve it because they host the platform and take care of everything on the business side, but most people probably wouldn’t agree with them getting a 50-80% cut of your work. The new and innovative technology, blockchain has the ability to change this for good. By basing a platform on a blockchain, not only does it fix a bunch of hurdles regarding hosting and running a platform, but also allows for people to interact peer-to-peer. This is exactly what Photochain is doing, they are creating a decentralized stock photography platform, where photographers can enjoy a wide range of benefits achieved by the use of the Ethereum blockchain. A demo version of the Photochain platform has actually already been created by the team and is available on the Ethereum test net today, you can check it out right here.
How Photochain is superior to other stock photography solutions
We’ve previously discussed the topic of how big a cut the creator gets of the revenue their content generates. Photochain is bringing the contributors cut to an astonishing 95%, way higher than any stock photography agencies currently on the market. The reason Photochain can offer such a high cut is because of their use of blockchain technology and the peer-to-peer environment. Some might wonder, what about copyright? If the platform is decentralized, surely everyone can just upload any photo, even ones that aren’t there own. Not on Photochain, a copyright system has been established directly on the blockchain, ensuring that you have the definitive proof of your work, stored on the decentralized ledger forever. Another notable feature of Photochain is their extremely fast payout times. Most stock photography platforms pay out on a monthly basis, but not Photochain. Users of Photochain can expect to receive their reward in less than 10 seconds. This is because of smart contracts on the Ethereum blockchain, which automatically sends the payment to a user whose work has been bought. Only the transaction times on the Ethereum network is holding back Photochain from offering instantaneous payouts, but I think most people are more than satisfied with payouts happening within 10 seconds. All rewards on the Photochain platform will be paid in their own ERC20 token, PHT.
To fund their project, Photochain is raising funds through an initial coin offering (ICO), selling their ERC20 token PHT. The PHT will be an essential part of the Photochain ecosystem, and will, therefore, gain popularity relative to the popularity of Photochain.
The token sale started the 6th of April
The token sale ends the 30th of June
1 PHT = 0.12 USD (Bonuses apply to different phases, see chart below)
- The maximum amount of tokens that will be created is 230,000,00 PHT
- Hard cap is 230,000,000 PHT
- Soft cap is 165,723,285 PHT
To view the entire team, learn more about them and their advisors, visit the official website at: https://photochain.io/ or read their whitepaper here: https://docs.google.com/document/d/1C4UPA9-9o2cOLJOEYMIVwN_Fi3Ebtn2YcRua58hQ7_0/edit
If you find this project interesting and wish to learn more about it or their token sale, you can visit the following links below and read their whitepaper. To keep yourself up to date on the project, you can follow their social media accounts also linked below.
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