LikeCoin is the new and upcoming blockchain startup that has developed a cryptocurrency to reward creative content creators for their accomplishments in the public domain with the aim of reinventing the ‘Like’, LikeCoin duly realigns creativity and rewards.
“We see today many freelance creators on the internet. Most of them, actually, are not rewarded for their work by sharing to Facebook. They’re getting likes, but not real rewards and we want to change that.” — Kin Ko, the founder of LikeCoin Foundation.
How can users apply LikeCoin to content?
Content creators can simply do what they do best — share their ideas, concepts, photography, art, videos, etc. across their favourite cooperating media channels, and by simply adding LikeCoin’s original ‘LikeButton’, to their creation allows them to gain a direct financial reward for their ‘Likes’. See how you can add the widget to your content here.
How does LikeCoin work?
Once content is shared via the LikeCoin ecosystem, it is then tracked and the people who ‘Like’ the content will be giving the creator an opportunity to earn LikeCoins.
Uniquely, LikeCoin has created a ‘Proof-of-Creativity’ blockchain mining mechanism to track the content footprint and reward content creators. The content footprint is written via Ethereum Smart Contracts. With the help of blockchain technology, the data is hashed to form the creative footprint in the Smart Contract. The Smart Contract then stores all of the contents data, including its accumulated ‘Likes’ and earnings.
Content within the LikeCoin ecosystem that is leveraged by other content creators is offered additional means of accruing rewards, as explained by Ko:
“Say you’re a writer and you need an image in your article. You take an image of someone else to include in your article, and then the readers like your article. Both you and the photographer would get some LikeCoin. That’s the mining part.”
Furthermore, if blown away by a fellow content creators work, users can directly award the creator from their own pocket, outside of the mining system with a ‘SuperLike’.
About the LikeCoin
The LikeCoin (LIKE) is an ERC-20 compliant token, thus making it interoperable and easy to use among adopting platforms, such as oice.com, puttyimages and blogchain.md (blogchain.md is currently under development).
However, the core foundation of the LikeCoin ecosystem is supported by LikeChain. LikeChain facilitates all the simple yet fundamental features like account registration, transfer, deposit and withdrawal, as it is more cost efficient than that of the Ethereum blockchain. This initiative to allows the LikeCoin to be transferred via LikeChain, and as a result eliminates the Gas fees.
Everyday, the LikeCoin Foundation assigns a fixed number of LikeCoin tokens to be distributed to content creators as rewards. In an effort to further democratize the ecosystem, LikeCoin is developing a LikeRank algorithm. The LikeRank algorithm will be employed to evaluate the quality of work. Hence, the original content creators receiving the most ‘Likes” will receive a higher percentage of LikeCoins released that day.
Reinvent the Like Campaign — Beta 4, Kicks Off
The LikeCoin foundation has just launched its “Reinventing the Like Beta 4” Campaign, a few days ago on the 22nd October, 2018. The campaign will run for 19 days, releasing 60,000 LIKE everyday to reward content creators. Additionally, readers who ‘Like’ the content will receive LIKE bonus tokens as well.
A Brighter Future of Content Creation
LikeCoin is making serious traction, with major developments and evident confidence from the crypto community, which ca21n be seen with the recent significant investment from Australia-based blockchain game developer — Animoca Brands.
LikeCoin is a game changer in the content production and sharing space, poised to emerge in 2019.