afdalah12: Photochain uses blockchain technology to reinvent photostocks around the buyers and the sellers

Hallo meet me again sarta afdal, I will explain Blog I will introduce about PHOTOCHAIN project, and for more details let's go to the following discussion:

Motivation

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’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.

• Photochain Digital Copyright Chain: DCC

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

Stock Photography Market

First, the characteristics of the photography microstock market, being a significant part of trading digital works.

Photography microstock is a steadily growing industry that can be defined by the following key points:

• Sales through the Internet

• Relatively uncomplicated acceptance of amateur photographers, as opposed to traditional photo-editing agencies

• Cheap pricing - from $ 0.20 to $ 50.00 for royalty-free (RF) licenses of images

The stock photography market is currently split among a few key players such as Shutterstock, Adobe’s AdobeStock, Getty Images and several other smaller platforms. The estimated annual turnover of this market is currently around $2 Billion. According to an analysis by Technavio, market turnover will grow to $4 Billion by 2020[3].

Photography Stock Business Model

Since prices for digital content on photography microstocks are kept low, one can only achieve a high turnover if they were to sell a large number of works. Based on the data of a well-known photography microstock, it’s possible to estimate the trading volume of an individual to earn $1,000.

On average, in 2015 an image on this microstock cost $2.80 and the company generated revenue of $134 million per quarter. This equates to 47.8 million transactions per quarter ($134 million/$2.80), or approximately 530,000 downloads per day [4].

On average, an artist would earn $0.25 per sold work, meaning they would have to sell 4,000 works in order to earn $1,000. From this model, it becomes evident how difficult it is for an artist to obtain sufficient revenue on traditional platforms.

Photochain’s Ecosystem

Photochain Client

PHOTON Token Mechanics

General ICO Sale Information/ Token Economics:

Maximum Amount of PHOTON Token: 230,000,000
PHOTON Token ICO overall Hard Cap (total tokens for sale): 180,000,000
Currency accepted: ETH, BTC
The exchange rate is 1 PHT = 0.12 USD (cryptocurrency equivalent at real-time exchange rates at time of transfer, time based discounts apply)
Minimum transaction: (0.2 ETH and corresponding value in BTC)
Maximum transaction: (dependent on sale phase. Between 25 ETH and 10,000 ETH - corresponding value in BTC)
Only sold and allocated tokens are minted (no need to burn unsold tokens)

Financing the Photochain Project