Photochain - The stock photography revolution

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.

Rulebook of the Platform

To ensure the self-sufficiency of the Photochain DApp and to reduce the governance of the platform to a minimum, a technologically supported rulebook was developed.

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.

ayment (Rewarding) Process

The payment (or rewarding) process is 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 reward of the Photochain DApp and can be purchased in the Crowdsale (more on that in chapter 5).

Further along the process in developing the Photochain DApp, we will offer an exchange service between cryptocurrencies within the Photochain Wallet module (see chapter 3.6).

To ease the start for people unfamiliar with Blockchain and cryptocurrencies, Photochain will seek to establish a partnership with prominent fiat to crypto services.  This makes it possible to pay into fiat money and eases onboarding onto the Photochain DApp. Further explanations follow in chapter 3.8.

Copyright

With Photochain we’ll create a Digital Copyright Chain - DCC, which aids in many aspects of copyrights. This is because the DCC fully maps the the link between a piece of work and the associated author of that particular work.

Generally speaking, a transaction on the Photochain DApp has already served as proof of a proper license acquisition for the buyer. Exceptions are posed when sufficient proof exists the seller has infringed on the copyrights of third parties.

It must be taken into account that a unified global digital image database, containing works with a direct and traceable link to its original author, does not yet exist. By adding new artists and their works to the Photochain DCC, a decentralized copyright database will be implemented using the Blockchain. The growth of the Photochain DAO complements this decentralized database and focuses on solving issues in relation to copyrights in digital works. Everyone can see when, and by which artist, a work was uploaded.

Copyright Infringement & Machine Learning

One of the main issues of stock photography are the various violations of copyright law. For example, cases emerge when a person, other than the author themself, unlawfully offers a work for sale. We have developed a four-stage scheme against this type of infringement while using both technology enabled methods, machine learning, and the knowledge of the Photochain community.

Security Considerations

The Photochain DApp has been developed in accordance with the latest security standards and is subject to a Continual Improvement Process. The Photochain Governance Team is dealing with a tracking issue and will use their best practices to improve the Photochain Client. This applies in particular to the security updates within Photochain Smart Contracts.

DApp Development

We act in accordance with the best quick web development practices. There are three stages our DApp, or DApp updates, go through, in their development cycle.  We develop and test our Smart Contracts on the Ethereum Testnet and on the private Ethereum blockchain. Only after a careful evaluation via independent agents do we implement the Smart Contracts on the Ethereum Mainnet:

• Development Environment (Ethereum Testnet for Smart Contracts)

• Test Environment (Ethereum Mainnet, testing is carried out in small amounts)

• Production Environment (Ethereum Mainnet)

Third-Party Extensions

The Photochain DApp is written in Javascript in order to ensure platform independence. First, we develop a browser-based web client. For interaction with the Ethereum blockchain, we will use the tried and tested Infura API throughout the first phase of the project. As the project continues, we plan to provide an Ethereum
Node with an API.

Photochain Client

Figure 2 schematically depicts the architecture of the Photochain DApp. The Photochain client is a central component. It will first be available as a web client and will then be developed for current operating systems beginning with phase 2 of the project. The client is used to realize the p2p interaction between transaction partners and consists of several modules:

The Claim Module is used by Photochain users in order to act against copyright infringements. If a piece is suspected of infringing upon a copyright, the claim module will be invoked. The workflow of the claim process was already described in chapter 2.3.1. In order to prove copyright infringement for a particular piece, a link to the original source, such as a stock photo, must be provided, from which it can be clearly deduced that:

• The image is the same as on Photochain DApp

• The author’s name is visible and it’s a different artist than the seller on the Photochain DApp

Our machine learning algorithm analyzes whether these requirements are fulfilled. If they are not fulfilled, the claim is automatically rejected, as it’s obviously not copyright infringement. If the requirements are fulfilled, then the moderators will decide over the legitimacy of the claim.

Photochain DAO

A "decentralized autonomous organization" (DAO) is an organization governed by an initial set of rules and codified into Smart Contracts. This organization’s biggest strength is rooted in the decision-making capacity of its community as future developments and changes undergo a democratic voting process [11].

Some of the Photochain DAO’s most interesting qualities are the possibility of scaling, lack of a single unit or person for criticism and the instinctive commitment to the rules of the game, thanks to the Smart Contracts. Photochain Governance and the moderators are responsible for the stability of the platform. Moderators differ slightly in that they are rewarded for their contribution. Studies suggest that creating personal agency amongst users of such platforms, or networks, enhances the long-term development of the platform [12].

Photochain Token – PHOTON

PHOTON tokens are the means of rewarding users across the Photochain Ecosystem. Any type of transaction on the platform will require the use of PHOTON Tokens.

Use cases for the Photon Token are:

• Access to the services of the Photochain platform
• Rewarding the resolving of claims
• Listing on a “featured photographer“ section
• Service delivery from Photochain's partners (like our cooperation partner 1World)
• Featured in search results
• Other microservices, which will facilitate the Photochain Ecosystem in the future
• Reward system
• For the photographers and their services
  
The number of PHOTON tokens will be strictly limited by the declared Hard Cap. After the Crowdsale 21% of the PHOTON Tokens will be reserved for the Team, Advisory board, Photochain partners and legals. After this event, no other PHOTON Tokens will be issued.


Due to the common regulatory situation, it is important to note that PHT is purely a utility token, which does not replace fiat currency and cannot be treated as a currency or an investment asset. In no case can PHOTON Token be regarded as a security token or similar. Rather, they’re to be regarded as a means of exchanging services in the Photochain Ecosystem.

Core Properties of the PHOTON Token

We follow Ethereum best practices when designing the PHOTON token smart contracts and attach immense importance to security audits. We subject the token Smart Contract to various security-based audits before we publish the smart contract on the Ethereum mainnet.

The PHT token is based on the following core properties:

• Name: PHOTON Token (PHT)

• Standard: Ethereum ERC20

• Hard Cap: 230,000,000 PHT tokens to be issued

• Release Date: Our 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

We are forming partnerships in the area of token liquidity and we plan to cooperate with projects, such as Monaco, to offer payment options into the Photochain ecosystem using fiat currency. This functionality is especially intended for users that are not yet fully comfortable with cryptoassests, making it easier for them to .

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

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
Currency accepted: ETH, BTC, LTC

Token exchange rate: 1 PHT = 0.000085 ETH (accordingly in other cryptocurrencies, a discount of 50% of the standard PHT price ).

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)

Start date: January 2017
End date: Now closed

Photochain Main Sale

The Photochain Crowdsale is an important milestone for the future of the project. The financing will mainly be needed to expand the Photochain Governance Team and for delivering the 1.0 version of the Photochain DApp.

ICO Main Sale I “Community ♡ Sale”, for 3 days:
(open sale, non-capped within hard cap but with smaller individual maximum transaction amount)

Start date: 06.04.2018 at 00:00 am CET
End date: 08.04.2018 at 23:59 pm CET

Time based discounts for the PHT tokens price during the Main Sale I Event:
Day 1 to 3: -30% discount => 1 PHT = 0.084 USD
with optional (voluntary) vesting period of 12 months: -40% discount => 1 PHT = 0.072 USD

Maximum transaction amount = 25 ETH

ICO Main Sale II “Braveheart Sale I & II”, for 30 days:
(open sale, non-capped within hard cap limit)

Start date: 09.04.2018 at 00:00 pm CET
End date: 08.05.2018 at 23:59 pm CET

Time based discounts for the PHT tokens price during the Main Sale II Event:
Day 1 to 10: -30% discount => 1 PHT = 0.084 USD
with optional (voluntary) vesting period period of 4 months: -35% discount => 1 PHT = 0.080 USD
Day 11 to 30: -20% discount => 1 PHT = 0.096 USD
with optional (voluntary) vesting period period of 6 months: -25% discount => 1 PHT = 0.090 USD

Maximum transaction amount = 10,000 ETH

ICO Main Sale II “Braveheart Sale III ”:
(open sale, non-capped within hard cap limit)

Start date: 09.05.2018 at 00:00 pm CET
End date: 11.06.2018 at 23:59 pm CET

Time based discounts for the PHT tokens price during the Main Sale III Event:
-15% discount => 1 PHT = 0.102 USD
with optional (voluntary) vesting period period of 4 months: -20% discount => 1 PHT =  0.096 USD

Maximum transaction amount = 10,000 ETH


ICO Main Sale III “Remnant Sale”, for additional 20 days:
(open sale, non-capped within hard cap limit)

Start date: 11.06.2018 at 00:00 am CET
End date: 30.06.2018 at 23:59 pm CET

Time based discounts for the PHT tokens price during the Main Sale III Event:
Day 01 to 10: -10% discount => 1 PHT = 0.108 USD
with optional vesting period period of 8 months: -15% discount => 1 PHT = 0.102 USD
Day 11 to 20:  -5% discount => 1 PHT = 0.114 USD
with optional vesting period period of 10 months: -10% discount => 1 PHT = 0.108 USD

Maximum transaction amount = 10,000 ETH

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

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%

In order to ensure speedy realization of the Photochain project, it’s necessary all Photochain Governance members are financed for full-time work. The team will be continually expanding, especially in areas of developing and marketing. Since, in our opinion, in some Blockchain projects, security considerations fade into the background, we will dedicate a lot of attention to this topic. The development of safe Smart Contracts is only possible through well-planned test phases. We are convinced that the long-term success of the platform can be guaranteed, among other things, by ensuring a safe environment.

Additionally, a lot of publicity work will be done.  Especially meetups and other events will be used to approach the photographers’ community around the world. Since the legal situation of token projects are not completely cleared up yet, we will dedicate reasonable means to legal overheads.

As a p2p DApp, Photochain is available around the entire world. Although the legal frameworks developed by us use world-wide standards like RM and RF licensing, it’s necessary to consider the laws of each country in question.

Revenue Projections - 10% of market share by 2022

After successful crowdfunding, the development of the Photochain DApp will be provided by an operational company, Photochain OÜ. Different models of transaction fees will be created, mainly depending on the infrastructure usage. The current draft of the fees is following:

 

As the platform grows we plan to add a number of additional micro-services such as advisory, preferred listing, preferred photographer, hosting services and others in order to either generate new revenue streams or to increase the platform stickiness.  

We can introduce revenue projections by deriving key metrics from the photography stock industry. Our assumptions on these figures are very conservative, based on the financial business case, as well as empirical data from the industry.

Year	# Contributors	# photos contributed / a	# Clients	#Transaction	Projected Revenue (Client based)(in $ millions)
2018	750	750,000	9,000	9,000,000	$1.4
2019	50,000	50,000,000	40,500	40,500,000	$6.1
2020	100,000	100,000,000	162,000	162,000,000	$24
2021	500,000	500,000,000	567,000	567,000,000	$85
2022	1,000,000	1,000,000,000	1,417,500	1,417,500,000	$213
TOTAL					$329 million

Team
See website for continuous updates in team section

See website for continuous updates in advisory board section

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