Today blockchain technology is enabling a global network of people to perform transactions of various kinds, peer to peer, without the need for a central governing authority. These new innovations allow people to verify these transactions safely and securely at any time.
Using Ethereum blockchain Smart Contracts, people are able to make digital agreements circumventing the need for a third party. Both parties must comply with the conditions of the contract which can be easily verified on the blockchain. Being decentralized, tampering is prevented.
Photochain is a peer to peer platform, releasing new concepts for a next generation stock photography platform. Photochain will be a vehicle for fair trading of digital works between artists and buyers.
The terms of use ensure a secure, easy to use and fair trading process for both parties. Artists will receive up to 95% of the final selling price of their digital works.
Photochain DApp as a Solution to the Artist’s Problems
By developing the Photochain platform, we present the possibility for artists to sell their works directly to their customers, on their own terms. Mediated by Smart Contracts, when a sale is made, the seller is paid, and the buyer receives the purchased picture immediately. Thus, Photochain doesn’t require a centralised authority to ensure the correctness of transactions. This reliability is inherently contained in the blockchain technology.
The Photochain platform has been engineered from the ground up, to solve the problems of traditional stock photography platforms. For ongoing development, the wisdom of the community oversees the platform and machine learning is employed to find solutions for other problems (see 2.3.1).
Photochain’s Mission
Photochain has clear advantages for contributors and customers. Contributors at Photochain benefit from an extremely low fee - only 5% of the selling price. Keeping 95% of the final sale price allows contributors to offer their work cheaper. Consequently the market becomes more affordable for customers. This type of fair market not only benefits the users, but should benefit the photography industry as a whole, as the possibility of increased income incentivizes contributors to perform better.
These profound market changes are only made possible by using blockchain technology, Smart Contracts, machine learning and Photochain’s own user community. Most of the processes become automated and decentralized, significantly reducing costs of platform governance. It’s unavoidable that more and more stock photography contributors and customers will prefer to use Photochain.
The development of the Photochain platform is an ambitious and organically growing process. Our main aims for the project come under three significant prongs:
• P2P Marketplace
It’s very important to us that only the artists themselves can determine the value of their work and they’re given the opportunity to offer their work to many potential buyers.
• Crypto Economy
Photochain appeals to a broad audience of people that aren’t yet adopters of blockchain and cryptocurrency technologies. The relatable use case of "Photochain" will appeal to this audience. The easy-to-use GUI and the trading process facilitates the onboarding process and supports the Crypto Economy in becoming mainstream.
Over the course of the project, more and more artists will be able to strengthen their copyright using the Photochain platform, since their works will be linked to their name. This link is manifested as a transaction in the Ethereum blockchain and is therefore visible to all users at all times. This means that the artist’s ownership of the image can be accounted for. The database with all manifested links has been constructed in a decentralised way, (for further details, see chapter 2 ). We call this database a DCC.
Photochain Platform
With all currently existing stock photography platforms, the only way security of transactions can be ensured is via central control. Our platform works autonomously, securely and efficiently based on predefined rules.
We are developing the Photochain DApp [5] on the Ethereum blockchain. Additionally, Photochain also uses computer vision (machine learning) to fulfill the specific technological requirements of stock photography.
The Photochain DApp is a platform on which artists have the opportunity to sell their work to a broad audience at a price they themselves set, and where sellers are also fully and solely liable for the works they sell themselves.
The Photochain Team does not have any liability or responsibility for illegal behaviours of the sellers. The artist is responsible for the legality of the works they are selling, and is held fully accountable for any illegal activity. However, Photochain will uphold users copyright protection, by preventing any unauthorised sale of photography.
Ranking-system and Reward
We have developed a ranking system that serves as motivation, ensuring the maintenance of the Photochain Community through fair rewards. The increase of rank correlates to an increase of trust to the trade partner and also of the Photochain DApp. The minimum requirement for joining the rankings is registration with a name.
• The moderator gets one point for their contribution to solving one claim (+1)
• For each sold image, the seller receives one point (+1)
• The pictures of sellers are placed according to their ranks in the search results
• An increase in ranking by one point (+1) corresponds to 0.1 PHT. Once the rank of the moderator has grown to 100 points, a payout from the reserve will take place, and the amount in PHT will be transferred to their wallet address
Photochain’s Ecosystem
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.
Photochain Roadmap
Photochain DApp development is a technologically and organizationally ambitious project and needs careful planning. We run the project with a mixture of agile methods like Scrum and classic IT project management ITIL. Important milestones of the Photochain roadmap are listed below.
Apr 2017
|
Idea and business case
|
|
Sep 2017
|
Prototyping
|
|
Oct - Dec
2017
|
Preparation for crowdsale
|
|
Jan 2018
|
Private ICO pre-sale
|
|
Apr 2018
|
Main ICO sale
|
|
Jul - Nov
2018
|
Prepare go-to market
|
|
Q4 2018
|
Launch Platform
|
|
Q1-Q2
2019
|
Business Development
|
|
Q3-Q4
2019
|
Market Expansion
|
|
Q1-Q4
2020
|
Market Domination
|
|
PHOTON Token Mechanics
Token Mechanics
|
Metrics
|
Token Name
|
PHOTON (PHT)
|
Price per Token (in USD)
|
0.12 USD
|
Pre-Sale Cap (PHT Tokens)
|
10,000,000
|
Main Sale Cap (PHT Tokens)
|
170,000,000
|
Hard Cap (PHT Tokens)
|
230,000,000
|
Token Privileges
|
platform utility token
|
Token Allocation
|
%
| |
Token Sale
|
79%
| |
Management & Team & Legal
|
14%
| |
Adviser
|
4%
| |
Bounty
|
3%
|
Photochain Pre-Sale
Currency accepted: ETH, BTC, LTC
Amount of tokens per one person: unlimited
Minimum transaction amount in Ethereum: 0.1 ETH
Maximum transaction amount in Ethereum: unlimited (within Hard Cap)
Minimum transaction amount in Bitcoin: 0.003 BTC
Maximum transaction amount: unlimited (within Hard Cap)
Amount of tokens per one person: unlimited
Minimum transaction amount in Ethereum: 0.1 ETH
Maximum transaction amount in Ethereum: unlimited (within Hard Cap)
Minimum transaction amount in Bitcoin: 0.003 BTC
Maximum transaction amount: unlimited (within Hard Cap)
We will finance the development of the Photochain DApp through the use of funds collected in the crowdfunding laps. The funds collected in the Pre-Sale lap will be used especially for marketing campaigns and regulatory compliance.
Pre-Sale PHOTON token Hard Cap: 10,000,000 PHT
Token exchange rate: 1 PHT = 0.000085 ETH (accordingly in other cryptocurrencies, a discount of 50% of the standard PHT price ).
Financing the Photochain Project
Expenses
|
Total(in $ millions)
|  |
IT Development
|
30%
| |
Marketing
|
30%
| |
Copyright and Licensing
|
10%
| |
Infrastructure
|
8%
| |
R&D and Platform Evolution
|
5%
| |
Legal, Accounting and Audit
|
4%
| |
Cooperation with Photo Agencies
|
4%
| |
Allocation to Contributors
|
4%
| |
Business Development
|
3%
| |
Conferences and Meetups
|
2%
|
Team
For more information please visit the link below:
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