PHOTOCHAIN

the stock photography revolution

Introduction

Photochain is a DApp, a decentralised application, built on top of the Ethereum blockchain and IPFS protocol. Photochain is its own closed system that operates on the computing power of the ethereum virtual machine. By developing the Photochain platform, the team presentd the possibility for artists to sell their works directly to their customers, and on their own terms. Photochain is a decentralised platform that uses Smart Contracts based on the Ethereum blockchain. Smart Contracts ensures the security of transactions on the platform.  When a sale is made, the seller is paid, and the buyer receives the purchased picture simultaneously. This is all mediated by the smart contracts Thus, Photochain does not require a centralised authority to ensure the correctness of transactions. This reliability is inherently contained in the blockchain technology, and the Photochain platform has been designed from the ground up to solve the problems of traditional stock photography platforms.

Stock Photography Market

Photography microstock is a steadily growing industry that can be defined by the following key points: Sales through the Internet; Relatively uncomplicated acceptance of amateur photographers as opposed to traditional photo-editing agencies; Cheap pricing  – from $ 0.20 to $ 50.00 for royalty-free (RF) licenses of images. The stock photography market is currently split among a few key players such as Shutterstock, Adobe’s AdobeStock, Getty Images and several other smaller platforms. The estimated annual turnover of this market is currently around $2 Billion. According to analysis by the Technavio, market turnover will grow to $4 Billion by 2020.

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.

Payment (Rewarding) Process. The payment (or rewarding) process is kept 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).

Anonymous Transactions. All transactions run through a trading Smart Contract that ensures that the names of the artists and their Ethereum addresses cannot be connected to each other. Rather than payout immediately, the trading Smart Contract pays out to all the sellers either once per day, once every four days, or once every seven days.  The frequency of the payouts can be chosen by the seller themselves, however the order of payouts is wholly randomized.

DApp Fees. The Photochain Governance is developing the new version of the DApp clients, offering new microservices and maintaining the vitality of the platform until Photochain has finished transitioning into a DAO. These functions require financial support because the team members work fulltime on these tasks. Additionally, the team runs the fundamental infrastructure that is necessary for the Photochain DApp to function, such as an IPFS Node, load balancers etc. All these support functions are why Photochain Governance takes a 5% fee – deducted from successful transactions.

DApp Reserve. Some processes in the Photochain DApp, such as the rewards for resolving claims or the remuneration for a breach of copyright, require a reserve. This reserve is filled via a transaction fee of 2% (included in the overall 5% fee) and is paid into a dedicated Multisig Ethereum wallet.

Token Sale

The team is realizing the Photochain DApp through the Photon token sale. They have successfully completed their private pre-sale and their main sale will begin on 6th of April 2018.

• Token Name – PHOTON (PHT)
• Price per Token (in ETH) – 0.00017 ETH
• 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

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