CRYPTOMARKET

The Rebirth of INKCHAIN

  • by Donovan Obosi
  • March 7, 2018
  • 0

The Intellectual property asset exchange

To begin with, let us start by bringing to light a few home truths. Since the beginning of the creative industry, artists have been getting ripped off, either through ridiculous percentage cuts from their IP, the theft and redistribution of their work, or simply not getting what they were owed. Why?

Well, I presume it’s because they are too busy focusing on producing amazing pieces, therefore, they leave the selling and business aspects to someone they believe they can trust, someone who will give them every penny of what they are owed. It turns out, that the majority can’t be trusted.

In 2014 a lawsuit was brought against Led Zeppelin, by the estate of former Spirit guitarist Randy Wolfe. Michael Skidmore, a trustee for Wolfe’s estate, claimed the band stole the intro to 1971’s “Stairway” from Spirit’s 1968 song, “Taurus.”. In 2015, a lawsuit was brought against Spotify by vocal artist rights advocate David Lowery. It was al
leged that Spotify had unlawfully distributed copyrighted music compositions to more than 75 million users, but failed to identify or locate the owners of those compositions for payment, and did not issue a notice of intent to employ a compulsory license.

Earlier this year, The Carpenters who sold millions of records and won three Grammy awards in the 1970s sued Universal Music over unpaid royalties. The pursuant claimed Universal Music had only paid the band a “minuscule fraction” of the money they were owed from downloads on sites like iTunes and Amazon. Examples like this are easy to come by, but with the advent of the Blockchain, tokenisation and decentralisation, there seems to be some light at the end of the tunnel.

INKCHAIN has produced a Blockchain concept that will reshape the content value chain as we know it today. The goal is to tokenize the intellectual property of artists, allowing them to receive complete remuneration for their work, that in some cases, may have taken years to create.

REBIRTH INKCHIAN
is not a new company (new in crypto means 3 seconds ago), they previously conducted an ICO in China. Their ICO was a hit raising $21 million and sold out in 8 hours, in fact, it was more like a couple of hours, but ICOAGE had some technical difficulties during the ICO. Then came the BAN, this meant that the team had to give back a majority of funds to investors, leaving them with just enough to keep the dream alive; it is clear to see that failure is not an option for the INKCHAIN team, as this did not stop them in their tracks. In the true sense of decentralisation, they just hopped on a plane and picked up where they left off.

HOW DOES IT WORK?
Due to the proprietary nature of the assets, INKCHAIN will use a redesigned hyper ledger fabric private chain infrastructure, with an added Ethereum token issuing layer. To quote their website “Hyperledger Fabric is a platform for distributed ledger solutions, underpinned by a modular architecture delivering high degrees of confidentiality, resiliency, flexibility and scalability. It is designed to support pluggable im The pursuant claimed Universal Music had only paid the band a “minuscule fraction” of the money they were owed from downloads on sites like iTunes and Amazon.

Then came the BAN, this meant that the team had to give back a majority of funds to investors, leaving them with just enough to keep the dream alive.

Therefore, the tokens become ABS (Asset Backed Securities), where the asset becomes the intellectual property.
the blockchain and issuing tokens that represent the assets. Therefore, the tokens become ABS (Asset Backed Securities), where the asset becomes the intellectual property, so anyone who wants access to the IP must by the token, tokens will be issued via the INK smart contract that is developed in-house.

LET’S ALL WORK TOGETHER INKCHAIN
is not the first company to come up with this idea, but they understand that it is much better to work together than against each other (with all this money flying about, this is a fact that many in the space seem to have forgotten). This is why they have begun to build the Global Blockchain copyrighting alliance. There are currently three members at the time of writing, these include BigchainDB (Germany), PO.ET (America) and Ziggurat (China).

TOKEN DETAILS
Total Token Amount: 1,000,000,000 (100%) Tokens distributed during ICO: 435,000,000 (43.5%) Tokens previously allocated to private investors: 130,000,000 (13%) Tokens held by team: 435,000,000 (43.5%) Token Price: £0.09 Market Cap: £50,850,000 (Proposed Circulated supply * ICO price) Softcap: 7,500 BTC Hardcap: 15,000 BTC

INKCHAIN, have a stellar team and soon they will be conducting their ICO to help realise their dream. Stay tuned for more news on this exciting project.

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Donovan is the Head ICO analyst at ICO crowd magazine.