To put it briefly, Po.et wants to be the Bitcoin of publishing. What that means is they hope to revolutionize the publishing industry in the same manner that Bitcoin has changed finance and banking. Po.et outlines three issues that currently face publishing digital assets on the internet. They are ownership utilization and history. In other words, who owns this media, can someone else use that media, and where did that media originate and where else has it been published.
Po.et defines its mission as to utilize blockchain technology to solve the issues of authenticity and ownership of media on the internet. To accomplish that task they will be building a platform for simplifying the authentication process. In order to simply that process the team sees that it will need to solve the issues of “document integrity, licensing, arbitrage, analytics, syndication and attribution of digital assets.” Po.et will be creating a blockchain based solution for these issues that employs smart contracts and applications that will help in distribution. Lastly, a key element of this platform will be the Proof-of-Existence (PoE) protocol.
Proof of Existence is an application of blockchain that was created back in 2013 and it allows for a user to anonymously and securely store a digest of a file that was linked to the time in which the user submitted that file. In other words, this service was the first that allowed someone to publicly prove that they did indeed have a file. Furthermore, the file itself does not need to be revealed nor does the identity of the person proving their ownership.
The Po.et team defines three uses of the PoE including the demonstration of data ownership, document time stamping, and validating a document’s integrity. PoE takes the elements of a piece of media that were previously unverifiable on the internet such as the creator and time of creation and uses cryptography to provably validate those two pieces of information. The same is done with Bitcoin and its blockchain. PoE itself uses the Bitcoin blockchain for these features using the OP_RETURN field of a Bitcoin transaction.
Po.et saw that the cost of the method described in the previous paragraph was unsustainable as it required Bitcoin transactions to be sent and costs had risen to $0.06 per transaction when Bitcoin was at $2500. That being said, Bitcoin is still an appealing blockchain to make use of these authentication features due to its massive size. To circumvent that issue Po.et stores metatdata in a distributed hash table with BitTorrent and Kademlia DHT network. Using BitTorrent the Po.et nodes hash an asset and announce it with a BitTorrent magnet link to the Bitcoin blockchain. Other nodes watch the Bitcoin blockchain to get notifications about new claim sets to download, so the other users would be notified via those node updates. The hash of the asset proves that the asset existed at a given point in time. Lastly, the protocol’s mechanism allows the Po.et platform to expand and use any blockchain for this functionality.
The Po.et token is an ERC20 token that will be used for the raising of funds and to bootstrap the network effects of Po.et. The team envisions that as the network grows so will the functionality of its token. Some examples given as possibilities include the token being used for governance and reputation systems within the network. Furthermore, the token will be the native payment system for the network as POE tokens will be needed to register new content.
Po.et takes the timestamping and the hashing features of PoE and creates a whole new set of applications through the use of metadata and discoverability. In PoE the user must have the original file so that the file’s hash and timestamp may be verified. Po.et adds onto that the ability to discover that original file and its metadata. With that addition anyone may verify the authenticity of an original file and its metadata.
Po.et is an open sourced project that is designed for this authentication in the media and digital publishing industries. Po.et itself is a shared ledger and data layer that creates a platform to record ownership and metadata. With the platform, a user can generate a certificate of ownership for their digital works, track and license their assets on the internet, and discover and verify the authenticity of others assets. The development of Po.et and the platform is divided into three eras.
Rosetta is the first development stage of the Po.et project. In this phase the team is focused on creating a product to attract digital publishers and have a platform that may provide to them an inexpensive platform for time stamps and ownership certificate generation. Time stamps themselves have long been used for legal documentation. Po.et wants to bring trusted timestamping to the web.
The first feature of Po.et is their standardized metadata schema for media. That standardized arrangement will aid in the discoverability of assets and searching within the Po.et platform. Metadata would include original URL, word count, author, and publication. In addition, any custom attributes could be chosen by publishers. Po.et states that at this stage the platform would consist of an accurate edit log for assets and an identity management system that would prove who changed a document. This identity management system would be made possible by creating a Po.et profile. Identity management on the internet is a powerful tool in the publishing area. Combining identity management with the PoE system creates an edit log that cannot be tampered with for a given piece of media. Therefore, like with the financial aspects of Bitcoin, piece of media can be trusted that they are 100% authentic and verified as such in every step along their journey. Only those with permission would have been able to make changes. Lastly, the Po.et platform will have mufti-signature permissions, so groups may have permissions to edit an asset as opposed to just one individual. Perfect for companies or outlets such as a magazine.
The last key component of Rosetta is the “authentication badge.” This bad is the proof of verification that an article (for example) may have proving it has been verified on the Po.et platform. That badge will be a sign to be displayed on a website that links to the metadata of the piece of media, the originating information, and authorized use per the owner.
The Gutenberg Era is the second of the three stages and the one that the Po.et project currently inhabits. For this stage the team is looking to create a distributed network for publishers, editors, and their content creators. The ultimate goal of this stage is to have a growing content network and once at a sufficient scale publishers, editors, and content creators will all benefit from the network size for publishing, large access to various forms of assets, and increased revenue.
As with Rosetta there are three main features of this Era. They are a licensing system, payment channels, and immutable portfolios. The licensing system will allow for publishers to access assets with defined licensing contracts offered by content creators and editors. There will be pre-existing licenses and also custom licensing options available.
The payment channels are improvements for the user experience with the creation of options for payment cycles and a marketplace for content. The Po.et team believes that with this platform it will improve the creation of direct relationships between publishers, editors, and content creators while reducing the amount of processes necessary for republication that currently exist.
Lastly, there are the immutable portfolios. Content creators will be able to highlight their assets with a custom profile for their digital assets that are on all different publications. The creator will be able to define parameters for licensing for any publisher interested in their content.
In the third and final stage Po.et aims to be an opne, public network and asset database. The asset marketplace will be one of the many DApps that Po.et hopes to have built on top of its platform as the project becomes user and developer-friendly. The main features of this stage all revolve around resources for other entities to make use of Po.et. The team specifically mentions documentation, APIs, plugins, and tutorials that help companies build service and DApps for the platform.
Po.et is currently in its Gutenberg Era of development and is aiming to knock off the first of its milestones. That milestone is the Licensing Marketplace that will support custom content licenses in addition to Creative Commons and other industry standards. Other milestones include Revenue Sharing, Payment channels, and an Asset marketplace. The most recent milestones achieve by Po.et were its WordPress plugin in Q1 of 2018 and its Frost App release in Q1 of 2018. The Frostt App is the first official publisher API that enables developers to build on top of the Po.et platform.
POE is currently trading at a price of $0.02 or 363 Sats or 0.00004587 ETH. The total supply of the token is 3.1 billion and the circulating supply is just under 2.3 billion. With those numbers the market capitalization of the project is $63 million. Daily volume on the token is $1.7 million.
POE is traded on a total of eight exchanges with two of them having the vast majority of daily volume. Those two are OEX and Binance. OEX offers a POE/CNY pairing and has 50.5% of daily volume while Binance offers both a BTC and ETH pairing for POE and has 40.4% and 5% daily volume respectively. Other large exchanges that have pairings include OKEX, Kucoin, and HitBTC.
OEX — https://www.oex.com/
Binance — https://www.binance.com/
Kucoin — https://www.kucoin.com/#/
HitBTC — https://hitbtc.com/
To learn more about the Po.et project please see the following links.
Website — https://www.po.et/
Twitter — https://twitter.com/_poetproject
Github — https://github.com/poetapp
Po.et is a far reaching project that is just starting to flesh out the main features of its platform. The mechanism by which the project functions for authentication and creating timestamps is inspiring to say the least. That being said I’m quite partial to publishing projects because well yeah. I hope that this article has given an insight as to why I’m interested in this project.
Thank you for reading today’s article. I’m a bagholder of the POE token. My previous article released this week covered ETHLend and tomorrow’s article will be covering DNA. Follow me on here or on Twitter @thant1194 or on InvestFeed @thant11 in order to remain up to date on all of my articles as they are released. Thank you again. I have to return some video tapes.