The LikeCoin project intends to give more meaning to the ‘Like’ button feature on content sharing platforms such as social media. The protocol will use its distinctive LikeRank algorithm to rank content and a Proof of Creativity mechanism to reward content creators.
What is Likecoin?
In the existing internet model, creativity does not necessarily warrant monetary rewards, especially for independent creators and freelancers. When the internet was still emerging, users made money through selling their intellectual property online. Shockingly, the revenue model has not undergone any significant improvement, despite the advancement of other aspects of the internet. Rather, it has deteriorated; instead of money, content creators get mere ‘Likes’.
The LikeCoin protocol aims to disrupt this culture by creating a platform through which creators can monetize their content directly. As a result, the creators will have more time in creating impressive content, rather than wasting time looking for a market.
Fundamentally, every individual with a smartphone in their possession is a prospective content creator. Nowadays, some phones have the capability of shooting photos whose quality is at par or even better than those of professional high-res cameras. The demand for unique photographic content is always high. Therefore, by realigning rewards and creativity, LikeCoin will open up a world of possibilities to a market whose potential was hitherto untapped.
Components of the LikeCoin Ecosystem
- Creative Content – this refers to the unique material published on the LikeCoin platform, each of which is represented by a distinct fingerprint ID.
- Content Creator – this is the individual who publishes creative content.
- Service Provider – this is a web application that has integrated the LikeCoin attribution protocol into is system, facilitating the realignment of rewards and creativity.
- Derivative Work – this is content that is developed as a result of the modification and/or combination of another original content(s).
- Content Adopter – the creator who develops derivative work
- Content Source – the creative content used in the creation of derivative work.
- Content Origin – refers to original creative content
- Original Creator
- Distributed Content – creative content published on a service provider without prior alterations.
- Content Distributor – the platform on which is distributed content is used.
LikeCoin Attribution Protocol
As mentioned earlier, LikeCoin assigns unique fingerprint identities to all content published on the platform. This eases the tracing of the content, particularly derivative work and service providers. Furthermore, the platform leverages the Proof of Creativity protocol to incentivize attribution and cross-application partnerships.
LikeCoin Mining Protocol
The Google search engine revolutionized the web; ranking web pages according to their relevance to a user’s searched keywords. However, this mechanism is still generalized, as it does not highlight the relevance of the particular contents hat make up a web page; rather, it collectively assesses the whole page.
LikeRank will use the footprint tracing provided by the LikeCoin protocol to ascertain the creativity of creative content. Hence, the more creative a content is, the higher the ranking.
Proof of Creativity (PoC)
PoC defines creativity by:
- The higher the LikeRank, the higher the creativity
- The more the ‘Likes’, the higher the creativity
This is utility token that operates on the ERC20 protocol and is built on the Ethereum blockchain. The total supply of LikeCoin is 2,000,000,000 and will be divided into four categories.
These are: ICO (600 million), platform development (200 million), team (200 million) and developer (1 billion). The exchange rate during the ICO will be 40,000 LikeCoin for 1 ETH.