Publica aims to create a blockchain revolution for the publishing economy. Find out how Publica plans to do that today in our review.
What is Publica?
Publica is an Ethereum-based blockchain platform that works as a combination between an e-reader application and a digital wallet. The goal is to use blockchain technology to change the way books are published, purchased, marketed, discovered, and read.
Publica has plans to work with Ethereum and major regulatory organizations to extend the blockchain into the world of publishing. Publica also plans to support blockchains in publishing derivatives like movie scripts, games, audiobooks, merchandise, and periodicals, all of which will come with the required legal frameworks.
The Publica project is led by CEO Josef Marc, who has previously led the implementation of DirecTV and Verizon FIOS TV. The Publica ICO is scheduled to take place throughout October and November.
How Does Publica Work?
Publica uses the Ethereum blockchain to play three crucial roles on the platform, including three types of tokens called READ, RIGHTS, and PBL.
When a book receives funding – either through crowd pre-sales or other methods – Publica will write the terms in smart contracts called Book ICOs.
READ tokens are one of the two keys in a public key/private key decryption system. READ tokens allow readers to access the digital edition of a book.
When a book’s content gets extended to derivative rights, Publica will write the terms of those rights into a smart contract called RIGHTS ICOs, which are powered by RIGHTS tokens.
Publica, meanwhile, also plans to issue one billion PBL tokens – or “Pebbles” during their October ICO. These tokens will be used as a digital token throughout the publishing ecosystem.
“The publishing economy needs its own digital money because it’s a very long-tail business,” explains Publica CEO Josef Marc. “Book projects and their contracts outlive people, as do copyrights. Project funds don’t need daily exchanges with local fiat currencies. They’re ‘work money’ with long-running balances. The gig economy and sharing economy are global and they should come into the publishing economy. No local currency should pose a barrier to entry.”
Pebbles, however, will be invisible to the general public. Coins and token exchanges can represent the price of a book in any denomination. Pebbles work as the medium of exchange, while users can access a marketplace denominated in whatever currency they’re familiar with.
Pebbles are suited for larger payments, micropayments, long-term payments, and instant payments. In an international world like publishing, a transferable, blockchain-based currency like PBL tokens can have major benefits.
Ultimately, one of the key innovations of Publica is that it will fuel an ecosystem of third parties involved in the publishing ecosystem. These third parties are necessary to publish and promote high-quality and high-value books, including editors, covert artists, illustrators, marketers, and more. Authors will be able to host their own token launches through the platform, with each token representing READ access to the book (in digital format).
Authors can also set their own advance payments for books in negotiation with fans or publishers, while still retaining creative and financial control over their work.
Who’s Behind Publica?
Publica’s development team is called Scandiweb. The company is led by CEO Josef Marc. The company’s ICO experience includes projects with Element Group, with specific e-commerce experience including Magento development work with Walmart, The New York Times, Land Rover, Jaguar, and other major names.
Aside from Josef Marc, other key members of the team include Yuri Pimenov (CTO) and Antons Sapriko (COO). Marc’s notable previous experience includes in launching DirecTV and Verizon FIOS TV.
The name of the platform, by the way, is “in honor of the vocative declension of the Latin word publicum, meaning a person or thing of the people,” explains the official website.
The Publica Crowdsale
Publica’s crowdsale is scheduled for October 25 to November 15, 2017. A pre-sale will take place on October 19.
51% of the total supply of tokens will be sold in the token sale. 25% will be used for distribution to incentivize the ecosystem, while 20% will be retained by Publica and locked for 5 years. 2% is reserved for the bounty program, and the remaining 2% is used to cover the ICO.
There’s a total supply of 1 billion PBL tokens. The tokens are set at an initial rate of $0.10 USD = 1 PBL token.
Overall, Publica aims to create a system that represents “the best parts of traditional and self-publishing, with a difference that makes both better.” The company envisions a blockchain-based platform governed by PBL tokens. Tokens are used to facilitate seamless transactions, while publishing rights and readership rights are recorded on the Ethereum blockchain using smart contracts.
To learn more about Publica and the platform’s upcoming ICO, visit them online today at Publica.io.