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The Network is a pure extension of platforms which millions of producers and consumers already use today. Beyond the one-time step of installing an extension and registering a user address, no behavioral change is required to participate in the Network. Most interaction will occur automatically in the background - when a consumer upvotes a post or downloads software, this feedback is sent to the Network. When a producer posts new content, it is automatically eligible for rewards. At the same time, the Network’s valuable bounty-setting features are literally at everyone’s fingertips.
Like MetaMask, the Content/Bounty Coin Network operates through browser extensions and other overlays which deliver bounty and feedback data from existing content platforms (YoutTube, GitHub) to smart contracts on the back end. Users receive data back form the Network through these same extensions and overlays, or though dedicated web portals which aggregate data from multiple platforms. These overlays are installed locally on user devices, while the Network operates on the blockchain and its own other infrastructure, independent from these content platforms. Thus, no action or permission from YouTube or Facebook is required.
Consumers use Content/Bounty Coins to set smart-contract-enabled bounties for user-generated content produced on their favorite platforms. Bounties can be individual or pooled, and consumers can choose between a variety of validation options depending on the requirements – machine or human, bounty-setter or independent/decentralized. In order to set bounties, consumers must purchase the tokens from producers who receive them as a reward for producing popular, free content. Bounties create value by guaranteeing the producers who deliver in-demand content will get these tokens, and if no one delivers, the consumers get their tokens back. Content rewards distribute this value in a way which draws more producers to the platform, allowing bounties for more and better content to be set and increasing the value of the Content/Bounty Coin in a positive feedback loop.
The Content/Bounty Coin was designed with a value–first approach, applying fundamental economic principles to solve a concrete problem – incentivizing the sustainable production of free, user-generated content.
Existing solutions – ads, donations and "freemium" features – fail to monetize user-generated content in a sustainable way. They inadequately reward producers and frustrate consumers. Leveraging the revolutionary power of blockchain to create and distribute new sources of value, the Content/Bounty Coin is a productive and unique solution to the monetization of user-generated content without ads, donations or “freemium” features.
The Content/Bounty Coin Network maximizes efficiency and value-added by operating as a pure extension of existing platforms, leveraging what they already do well – storage, distribution and production tools. Critically, this means the Network does not compete with existing content platforms for producers and consumers and only benefits from their massive global user bases. Unlike other projects, the Network does not waste time or money reinventing the wheel or fixing what isn’t broken. All resources are 100% focused on value-creation through the solution of yet-unsolved problems.