What is Photochain
As advertised in their whitepaper, Photochain is a peer to peer photography platform looking to revolutionize the stock photography industry. The project is attempting to create a fair trade ecosystem for artists and consumers. Essentially, they are ensuring a fully secure and accessible stock photo market in which photographers can receive up to 95% of the total revenue generated from their work.
Photochain's main goal is to disrupt the large companies who currently control the entire industry. Furthermore, there are currently issues in the industry that can be easily solved with smart contracts, Ethereum's virtual machine and blockchain. For example, the traditional industry has a plethora of slow transactions and fees. Smart contracts will create much quicker, cheaper transactions that are computationally/mathematically proven to be secure. This eliminates any fraudulent activity within the p2p marketplace.
The stock photography industry pulls in a whopping $4 billion in annual revenue. The best part: the entire industry is in need of reconstruction. There are four massive companies (whales) that drive the ecosystem and thus the competition has driven this industry to become fee-filled and fairly unprofitable for most smaller businesses/ individuals (minnows) . Naturally, these minnows in the whale pool have become angered and are soon going to turn to Photochain for a new, enhanced system.
Photochain comes through
The problems experienced by the average photographer can be easily solved by Photochain due to a few great aspects of the platform:
Artists are able to set their own pricing, their own licensing and their terms of sales
Digital Copyright Chain means that copyright detection is automatic and more secure
Photographers only pay 5-15% of their selling price as fees
Transactions processed in seconds
Create a fully functional p2p network, as seen below
These things mentioned all solve individual flaws in the current stock photography industry. Another unresolved problem needing an answer. So, enter Photochain, the revolutionary platform that is taking on a real world use case and just one example of many use cases of blockchain technology. One of their goals is to obtain 10% of the industry by 2020, a lofty goal, but I do not see why its not possible.
Check out their demo platform to see how easy it is to get started. This is one of the largest points of emphasis of this project. ITS SIMPLE. There is no understanding of blockchain required and the entire project is geared toward solving issues faced daily by artists. Its projects like these, which deliver intrinsic value, that are appealing in the long term. They are also implementing an internal fiat-to-token exchange on both the buy and sell side of the platform so no prior knowledge of cryptocurrency is required.
Pre-Sale, ICO and important dates
Check out the Photochain website for more info on the entire platform. But, as far as the token goes, its currently in ICO phase until June 30th. The token is called Photon, and per their website " is the means of reward in the Photochain Ecosystem and represents the tokenization of digital visual works." The hardcap and max supply is: 230,000,000. This is definitely a reasonable measure for such a large industry.
The price of the token increases until June 30th, so its best to get in now. Click this link to register for the ICO!
Overall, this looks like a great project. They have a more than competent team working already, have won some seriously impressive awards at Blockchain conferences and seem to have a huge industry to tackle. This is the first of its kind in terms of stock photography on the blockchain and a breakthrough is near for Photochain. In the future there will be exchange listings and the grande launch of the Photochain dApp version 1.0.
This is definitely a long term investment, as getting in on the ICO is about as early as it gets! Read more on the Photochain website and as always, do your own research!
Disclaimer: I am being compensated for my article on Photochain, and while I do not have any other affiliation to the project, I fully support its vision and platform and think it has a substantial future.
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Emerging industry leader??
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