With the p2p platform Photochain, they are releasing a new concept as the next generation of a stock photography platform. They use this technology to enable fair p2p trading of digital works between artists and buyers.
Photochain gives clear advantages over conventional photo stocks to both kinds of users: contributors and customers. Contributors at Photochain benefit from an extremely low fee – only 5% of the selling price. This opportunity to keep 95% of the final sale price allows contributors to offer their work cheaper, and consequently, the market becomes more affordable for customers.
PHOTOCHAIN BENEFITS FOR ARTISTS
By developing the Photochain platform, they present the possibility for artists to sell their works directly to their customers, and on their own terms. Photochain is a decentralized platform that uses Smart Contracts based on the Ethereum blockchain. Smart Contracts ensures the security of transactions on the platform. When a sale is made, the seller is paid, and the buyer receives the purchased picture simultaneously.
With all currently existing stock photography platforms, the only way that security in transactions can be ensured is via central control. Compared to that, they are creating a platform that works autonomously, securely and efficiently based on predefined rules.
They are developing the Photochain Dopp on the Ethereum blockchain. Additionally, Photochain also uses computer vision (machine learning) to fulfill the specific technical requirements of stock photography.
For this they determine that Photochain Governance will not take part in any of the following activities when using the Dopp Smart Contract:
- Changing the initial rules / Smart Contracts on the network. These changes can only be accepted as a proposal by a majority vote of all users and only then implemented
- Affect the circulating PHT supply. Once the PHOTON tokens are initialized, no additional tokens can be produced in the future.
- Freeze accounts
- Withdraw funds
Photochain Governance is authorized to undertake the following activities:
- Block a buyer according to an entitled claim
- Develop new versions of the Web client
- Develop new versions of the Photochain Smart Contracts until Photochain becomes a DAO (planned Q4 2019).
They place great importance on the onboarding of the Photochain DApp as being simple in design. When opening the web client, the user can either generate a new address in the Ethereum Network or import an existing address.
The Photochain DApp is a platform specialized in the trade of stock photography, in which processes are reduced to a necessary minimum in order to guarantee simplicity and transparency.
The payment (or rewarding) process is kept simple. After selecting the works of interest to them, the buyer is prompted to reward the sum in PHT. The PHT tokens are the means of a reward of the Photochain DApp and can be purchased in the Crowdsale.
Further along the process in developing the Photochain DApp, they will offer an exchange service between cryptocurrencies within the Photochain Wallet module.
The Photochain Governance is developing the new version of the DApp clients, offering new microservices and maintaining the vitality of the platform until Photochain has finished transitioning into a DAO.
The 5% fee is divided as follows:
- 0.02% as an Ethereum network fee, which is paid to miners and for interaction with the Photochain Smart Contract
- 0.98% of data storage, as pictures or digital works, require a lot of storage space
- 2% is devoted to the Photochain Governance Team for further development and moderation
- 2% of the Photochain DApp reserve
They formulate the design requirements for the Photochain DApp. The requirements result from the current issues associated with the microstock photography.
A “decentralized autonomous organization” (DAO) is an organization governed by an initial set of rules and codified into Smart Contracts. In their role as Photochain Governance, they made it their goal to guide Photochain DApp toward DAO.
PHOTON token is the means of rewarding used across the Photochain Ecosystem. Any type of transaction on the platform will require the use of PHOTON Tokens.
The PHT token is based on the following core properties:
|Name:||PHOTON Token (PHT)|
|Hard Cap:||230,000,000 PHT token to be issued|
|Release date:||Their Token Generation Event will take place right after the end of the Main Sale Event. It may take up to 60 days to distribute the PHOTON tokens to contributors.|
|Represented value:||Tokenization of photography services|
Read more: Whitepaper