Apr 18, 2018
In the Internet, rewards and creativity have been decoupled for long. This is especially true for independent content creators and freelancers. In the early days of the Internet, indies made money by selling their works online. All technical aspects of the Internet are now dramatically improved, yet the revenue model is not. In fact, it is worse. Content creators are not getting incomes but Likes. While some can take freelance projects and advertising jobs, such model is rather indirect. LikeCoin protocol is thus designed to monetise creative contents directly, so that creators can focus on creating great contents rather than selling or looking for business models. As technology evolves, everyone with a smartphone is a content creator of some sort. In particular, some photos taken by smartphones may have quality and resolution as high as single-lens reflex cameras. The crowds of freelance content creators and citizen journalists are huge and the market demand is extremely high. Once rewards and creativity are realigned, an explosive potential will be unlocked.
The major features of the LikeCoin projects are: LikeRank algorithm, the new Like button, the Proof of Creativity by content fingerprint and footprint. While blockchain miners usually understand mining as solving a mathematical problem, it does not have to be the case. With a focus on rewarding content creators, LikeCoin measures the importance of creative contents, i.e. creativity, and allows content creators to mine LikeCoin with their creative contents. We call the mechanism proof of creativity, or PoC. PoC defines creativity in two dimensions: 1. The higher the LikeRank of a creative content is, the more creative it is. 2. The more Likes a creative content receives, the more creative it is. A creators pool of 1bil, which accounts for 50% of total number of LikeCoin tokens in the long run, is reserved as the mining pool. At each day t, x LikeCoin will be minted from creators pool for distribution to content creators.
Our POC is accessible at https://meme.like.co. Details will be discussed in the technical info session.
LikeCoin creates unique fingerprints for creative contents and traces footprints of all derivative works along with content creator and service provider of them. Further than that, LikeCoin incentivises attribution and cross-application collaboration with Proof of Creativity mechanism.
The cornerstone of LikeCoin protocol is a global, decentralised and resilient creative content library on IPFS.
A LikeCoin service provider plays one or more roles among original creator, content adopter and content distributor. Original creators curate creative contents and record the data on blockchain for other content creators to use. The content creator and theservice provider both get LikeCoin as an incentive when a content is Liked or Super-liked (see LikeCoin Mining Protocol). Two major original creators funded by LikeCoin Foundation will be puttyimages, an open stock image DApp (decentralized application)and blogchain.md, a blogging DApp which records each post on a LikeCoin smart contract. A content distributor, on the other hand, displays or plays the creative contents in the LikeCoin ecosystem.
Each original creator and content adopter runs her own IPFS node and is responsiblefor pinning all the files she curates from content creators so they are not removed. Since
worldwide IPFS nodes help one another distribute the contents, such decentralised creative content library also serves as a content distribution network, speeding up access from locations unreachable by Internet backbone. Service providers do not have to be concerned about from which IPFS node users will retrieve the content.
In the library, each creative content is addressable by a cryptographic hash rather than a URL. Any changes in the application layer such as domain name, IP and directory structure induce no change to the content address since the hash depends only on the content itself. The content address is thus decoupled from the application where it was created on and where it is used, making it consistent and future-proof. This prevents creative contents from being locked up by specific applications such as Facebook and Instagram. Such cryptographic hash is called content fingerprint in the LikeCoin protocol. A unique, one-to-one content fingerprint of each file is generated by the SHA-256 hash function. Metadata of the images are stored off-chain as an IPLD object (see section Metadata Objects below) on IPFS. Only the metadata hash and the content fingerprint are written to the Ethereum blockchain with the private keys of the service providers through a LikeCoin smart contract. Such two-tier architecture maximises speed and flexibility while minimising the gas needed to write to Ethereum.
Metadata are stored as IPLD objects, which are linked objects that can contain reference hash of other IPLD objects and build a path across them. Since IPLD objects are stored on IPFS, they are represented by 1-to-1 hashes as well. Such feature is used to build content footprint of every creative content, to be discussed in the next section. Three kinds of IPLD objects are defined in the LikeCoin protocol following schema.org's ImageObject schema. They are content metadata object, service provider object and content creator object, three of which are all interconnected through hashes of the objects. Content fingerprint is like the DNA of a creative content, while content footprint is like the family tree of it. For every derivative work in LikeCoin protocol, IPLD references of the content sources are recorded in a footprint array in the metadata object.
Based on content footprint tracing in the LikeCoin protocol, LikeRank measures the importance, or creativity as we define it in this context, of a creative content. In general, the more derivative works a creative content generates, the more creative the creative content is, and thus the higher LikeRank of the content. LikeRank is the quantifier of the creativity of contents.
LikeCoin’s Like button is designed to combine the “appreciate” and “pay” user experiences into one. By tapping/clicking the Like button for 1 to 5 times, or long press/hover then drag to 1-5, a user shows his/her appreciation and helps the content creator to mine LikeCoin from Creators Pool. If the user really appreciates, s/he may go directly to “Super Like” to pay the content creator certain amount of LikeCoin from his/her own wallet.
Attention. There is a risk that unverified members are not actually members of the team
LIKE COIN is crypto currencies that reinvest the like and help users generate the income from its extensive use.
The platform is reinvest the like enabling the content creators to get rewards from their creation in different social media platform. However the platform needs full implementation hindering me from investing.
With an aim to realign creativity and rewards, LikeCoin attribution and mining protocols incentivises protocol adoption and permissive license by offering reasonable rewards. Permissive license and rewards reinforce each other, and maximise creativity of the content creators. On the community side, LikeCoin is a movement to cultivate the habit and culture of voluntary payment for high quality creative contents. By providing a large creators pool for mining by Proof of Creativity over 10+ years, the community may get used to voluntary payment model gradually over a long period of time. If a paradigm shift happens in 10 years and indie content creators can make a living in the LikeCoin ecosystem, we regard LikeCoin as a success.
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