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Proof of Existence was the first application of the Bitcoin network outside of its financial use cases as a unit of value. By using the cryptographic properties of the Bitcoin blockchain, Proof of Existence allowed one to store a hash of a unique, digital file that could be used as a record of ownership, a verifiable timestamp, and a means of validating the integrity of the file since even the slightest alterations to the file would result in a different hash.
Proof of Existence 2.0, or Po.et., will evolve this technology for a variety of use cases with the goal of it being a foundational element of the digital content industry, creating an open, secure network available for creators and publishers.
The team has outlined three stages of Po.et’s evolution and expansion into commercial applications:
The Rosetta Era will introduce three key functions: a standardized metadata schema that will allow for search and discoverability of creative content, an identity management solution that will allow for verifiable ownership admissible in court, and an authentication badge that can tag content off-chain as having been verified on the blockchain.
The Gutenberg Era will introduce a licensing system for a secure, decentralized method of licensing creative content, payment channels for the purchase of content and licenses, and a portfolio that will allow creatives to track their works across all platforms. A open marketplace will also be launched during this phase.
The Alexandria Era will push the platform to be a foundation upon which others can build applications, platforms, and businesses that utilize its versatile capabilities.
Overall, with much of the creative content industry rooted in heavily extractive business practices from publishing to distribution, there is room for a an alternative that is built on the fundamentals of a secure network that only improves with increased participation. Blockchain-based solutions in the creative content industry can provide users environments on which they can interact and transact in a meaningful flow of value.
The Po.et token that will be distributed during the crowdsale will bootstrap the network by raising funds for ongoing development as well as reward token-holders with revenue-share for participating in the network. The crowdsale kicks off on August 8th.
For more information on Po.et and their crowdsale, please visit their website and check out their whitepaper.
Po.et image via Po.et Press Kit