Hello everyone in this article I will present an interesting ICO analysis, called Likecoin, based on some of the following criteria:
LikeCoin aims to reinvent the Like by realigning creativity and reward. We enable attribution and cross-application collaboration on creative contents. With a reinvented Like button and our unique LikeRank algorithm, we trace content footprint and reward content creators by Proof of Creativity mechanism.
Elements in the LikeCoin Ecosystem
An ecosystem of collaborated content creation involves various elements and stakeholders. Their roles in the LikeCoin ecosystem are defined with the following example, where Alice takes A.jpg and upload to Apple.io, Bob writes B.txt on Banana.com, Carol adopts their work to become C.doc on Cherry.net; and finally, David shares A.jpg on Durian.org.
A digital photo, illustration, article, footage or sound clip. In contrast to private data, a creative content allows consumption by other people under certain copyright terms, such as Creative Commons. Each creative content is represented by a unique content fingerprint in the LikeCoin ecosystem. In our example, A.jpg, B.txt and C.doc are creative contents.
A person who produces a creative content. Alice, Bob and Carol are all content creators.
A web or native application supporting LikeCoin, by incorporating the LikeCoin attribution protocol and/or the reinvented Like button. In our example, Apple.io, Banana.com, Cherry.net and Durian.org are all service providers of LikeCoin.
Adopt one or more creative contents produced by oneself or other content creators, on the same or another service provider, to generate a new creative content. C.doc is a derivative work.
The creator by whom and the service provider on which a derivative work is produced. Carol is a content adopter.
The creative content on which a derivative work is adopted from. A content source itself may have its own content source. A.jpg and B.txt are content sources of C.doc.
A creative content without a content source. In other words, a creative content which is not a derivative work. A.jpg and B.txt are content origin.
The content creator by whom and the service provider on which a content origin is produced. Alice and Bob are original creator.
Without modification, use a creative content produced by another creator in the same or another service provider. Image A on Durian.org is a distributed content.
The content creator by whom and the service provider on which a distributed content is used. David and Durian.org are content distributors. In the LikeCoin ecosystem, original creators and content adopters receive LikeCoin through Proof of Creativity from the Creators’ Pool or out of audiences’ own wallets; from content adopters; and from content distributors. This profit sharing mechanism is the key to incentivise content creators and service providers to adopt LikeCoin protocol.
LikeCoin Attribution Protocol
LikeCoin creates unique fingerprints for creative contents and traces footprints of all derivative works along with content creator and service provider of them. Further than that, LikeCoin incentivises attribution and cross-application collaboration with Proof of Creativity mechanism.
LikeCoin token is a utility token based on Ethereum and is ERC-20 compliant.
The total number of LikeCoin token is capped at 2bil and is divided into 4 pools: token sale (600 mil), ecosystem development (200 mil), team (200 mil) and creators (1 bil).
LikeCoin tokens are only exchangeable with ETH during token sale period. The standard rate is 1ETH to 40,000 LikeCoin, with optional bonus of lock up period of 6 months.
Tokens will be sold in 4 stages: Early Believers (50% bonus, i.e. 20,000 extra LikeCoin per ETH), Institution (50% bonus), Early Bird (25% bonus) and Public Sale (no bonus except referral bonus). Remaining token at the end of the token sale period, if any, will be transferred to the Ecosystem Development pool.
For the avoidance of doubt, LikeCoin is designed to be used in the ecosystem and LikeCoin holders will not receive any voting rights at board meetings or shareholder meetings.
Use of Proceeds
While LikeCoin tokens will be used for settlement of majority compensation of the team and part of the ecosystem development, proceeds from token sale will be used in ETH or converted fiat currency in other areas 50% of the proceeds are budgeted for development and operation, especially hosting of the creative contents; 30% to marketing and development; 10% legal and administration and finally 10% for contingency and long-term reserve.
All the LikeCoin tokens and proceeds from token sale are managed by LikeCoin Foundation Limited, which is a tax-exempt NGO under Section 88 of the Inland Revenue Ordinance of Hong Kong. The Directors of the Foundation are independent and are responsible for monitoring the issuance of tokens, payrolls or material contractors’ compensation and use of proceeds in general. The financial reports of the Foundation were and will be released to public.
The LikeCoin team are employees of the Foundation or her subsidiaries, and will be managing LikeCoin protocol as an open source project under GPL 3.0 license. Contents created by the Foundation, including this whitepaper, will be licensed in Creative Commons.