ICO COPYTRACK - The future of decentralized copyright management
So we have seen some information about COPYTRACK floating around and I decided to do some fundamental analysis. To be completely honest….I think that over 90% of ICOs are complete shit. In my time in crypto I have only participated in 3. I am extremely picky and have certain criteria that I follow when investing in any coin let alone an ICO. So enough with the fluff…put on your thinking hats and lets nerd out!!!!
The future of decentralized copyright management
Berlin based company with a working platform/service and a track record of being successful. CopyTrack has now grown to have offices in Tokyo and New York to be able to directly engage with artists and grow the businesses network. They have become a leading platform and service provider for image search and copyright enforcement worldwide. Some of the services that they provide are as follows and brief description.
• Post-licensing in over 140 countries
Rather then suing some one for copyright infringement, Copytrack will offer a license that the rights violator can purchase. This avoids costly litigation and allows the owner of the material to be paid quickly.
• Search, match, and license
This is referencing the ability to find pictures/digital content that are protected by CopyTrack anywhere online. This service essentially is an active tool searching for material that is protected. Once found, this tool will find the person that is violating the copyright and obtain a license on the owners’ behalf.
To elaborate how effective they have been, within the past 16 months CopyTrack has seen immense growth in claim revenue and users. Claim revenue is up over 5x per month from 16 months ago and now averages over 1 mil Euros monthly. New users have continued to grow, they now average over 4000 new users per month. In this amount of time CopyTrack is now the leading force worldwide in regards to automated copyright enforcement
OK….so looks like this is awesome right? So how does it work? Lets go further…
The process is extremely easy…the CopyTrack token (CPY) is the backbone to the entire network that is composed of smart contracts interacting with the decentralized ledger. These smart contracts run off the CPY token and are connected to the ledger that provides “ownership” of intellectual property/digital content. As a user of CopyTrack, all you need is to scan in or enter your intellectual property, prove that it is yours and pay with the CPY token and a proof of ownership certificate is issued. The smart contract is created, and your property is now protected. From there you can assign your royalty fees that are connected to your content and manage your entire portfolio of work that is being protected.
Ok, sure…that’s easy, but what happens what CopyTrack finds someone using your protected material?
The automated process of enforcing your work is a 4 step process
Post-Licensing. First, the potentially infringing party automatically receives a letter explaining that COPYTRACK found the use of a client’s image on their website requesting that they provide a license proof. The will not have this license because we already know who the owner is (the user). A royalty amount is set and will be offered to the infringing party to pay. If they refuse…
Commercial Collection. The friendly post-licensing offer now turns into a damage, and claim amount almost double due to the nature of a damage. The infringing party will receive an invoice which will be enforced by a collection process. If this is not successful, the case proceeds to COpyTracks legal team.
Legal Letter. The legal department distributes the cases to the legal partners in each country, who will write a legal letter to the infringing party. If there is no reaction or the opponent refuses, the case is taken to the last step.
4. Legal Enforcement. Our lawyer creates a claim at court and will enforce the rights.
Seriously…everything you just read is what you receiving as a user of CopyTrack. FOR NO ADDITIONAL COSTS!!! That is what I think is the best part. Literally you create your smart contract and pay with the CPY token and everything above is what happens when your copyright is infringed upon. WORLDWIDE PROTECTION!
The BlockChain vision.
CopyTrack is creating its own blockchain that utilizes the PoS 3.0 structure. This rewards those who run nodes while not rewarding people who hold coins offline. The model CopyTrack is using is called UXTO and runs on the Bitcoin-network. The UTXO model consists of a forest structure that tracks the history of a unit. Roots are coin-creation events, such as rewards obtained from PoW or PoS, and have no input transactions. By definition, all leaves are unspent transaction outputs. When a leaf branches or sprouts a new limb, the leaf becomes an inner node of the graph. During this process, the unspent transaction output is consumed and used as the input of a new unspent transaction output. Using this model, one can transparently trace back the history of each transaction through the public ledger. The UTXO model inherently allows for parallel processing capabilities to initialize transactions among multiple addresses, indicating its scalability. This blockchain will be able to transfer ownership and payment of images/digital content, creating and executing the smart contract, and everything in between in full transparent fashion.
Overall, I see a company wanting to utilize block chain technology, with an already functioning platform, to further enhance their service capabilities. Being able to utilize this technology with copyrighting digital assets, providing proof of ownership and transfer of ownership, solves many problems within the rights management industry. This concept, I believe, will become more of a staple as businesses will try to expand and improve on themselves. CopyTrack already has a state of the art system that automates most of its processes. They have the ability to search millions of websites each day, effectively find and track assets even if they have been altered to an extent, and indexes them in a database. This database can be searched through using keywords or graphics and be used for claims filed and restitution of infringement. I am amazed on a daily basis how blockchain technology is being used and the improvements it is making on everyday living. The ability to track ANYTHING on the blockchain transparently, verify its origin to its current state will be the future of many different industries. In turn, being able to prove and enforce that ownership will be needed. I think that CopyTrack is a perfect, real world example of how to integrate an existing business with block chain technology. The transparency of ownership, the ability to prove it, and actively protecting it is what CopyTrack can do for you.