Currently, the digital and creative sector is faced by problems such as exorbitant transactions and illiquidity. Also, content creators cannot collateralize their intellectual property since financiers do not value digital content. Conversely, content platforms value this work; hence the tokenization of services. However, this has created yet other problem- cross-platform exchanges are impracticable.
SIX.network aims to counter the above-mentioned issues using a unique 3-tier economic infrastructure model.
Complexity In Contact Management And Payment Processing
As of now, the content creation industry has several intermediaries, each of whom demands revenue. As a result, profits are significantly slashed from their original value. After factoring other expenses such a legal, administration and accounting fees, the user ends up with peanuts.
As mentioned earlier, illiquidity is a major issue of concern in the content industry. Consequently, vendors and merchants often have to wait for long periods to get payments for their goods and services.
Segregation Of Content Platforms
It is practically impossible to transfer content from one platform to another. The absence of a standard protocol is the primary reason behind this shortcoming. While tokenization promises to mitigate this issue, the incompatibility of the tokens across several platforms is still a problem.
While creators earn substantial amounts of money on content platforms such as Apple’s iTunes and Spotify, they relinquish control over their intellectual property to these companies.
Using the capabilities of smart contracts, the Smart Payroll will establish fair transaction costs, thus eliminating the inefficiencies in contract management and payment processing
Conventional financiers do not acknowledge the intrinsic value of content. On the other hand, content platforms know the economic value of the digital content. Therefore, the content platforms will lend money to the creators, who will use their works as collateral in turn. In case the repayment agreement is breached, the content ownership is automatically transferred to the platform.
Tokenization Loyalty And Reward Points
Most of the loyalty points are presently useless outside their native platforms. With tokenization, users can convert the points into tokens, which can then be used to redeem gifts on any partnering platform.
The SIX wallet will provide a conducive environment for storing and trading in digital assets in a decentralized manner.
The SIX ecosystem will issue the SIX utility token during an ICO meant to raise funds for this project. The total number of number of tokens is 1,000,000,000. Of these, 47.45% will be up for sale. Notably, no additional SIX tokens will ever be minted.
Parameters Of The ICO
Token Name: SIX
Total supply: 1,000,000,000 SIX
ICO supply: 474,500,000 SIX
Token Price: 1 SIX= $0.10
Minimum investment: 1,000 SIX
Distribution of Funds
The proceeds of the ICO will be distributed according to the following criteria:
- 30% – research and development
- 30% – reserve fund
- 15% – daily operations
- 15% – marketing
- 10% – legal and compliance