Blockchain technology is changing the entire traditional financial systems. It has made it possible for users to conduct peer-to-peer value transfer in a secure, fair and transparent manner. Considering that Bitcoin just came into the scene in 2009, the rate of cryptocurrency progress is simply amazing. Whether it is in education, medicine, government, business or other sectors, several blockchain-based services have proved far more superior and efficient than traditional centralized solutions.

One area that cryptocurrencies and blockchain technology have made such a big mark is in rewarding content creators for their work. This article will examine a block-based solution that seeks to reward social media users who create and publish original content in various formats. But before that, take a look at the big problem of how content creators are rewarded and why there is an urgent need for a fair reward system to incentivize content creation.

The Problem: today's creativity reward systems are largely flawed

There are millions of social media users who create content everyday but are never really rewarded. Just think of your social media accounts. You create content and post on your page only to receive "likes" that never translate into any form of financial value. Most times, the content you created are so valuable that they are used in projects and other works of economic value. At the very best, the author is simply referenced and that is the most they could get from their creative content. So when you post a meaningful article and informative article on social media, you are only rewarded with "likes." The irony of this situation is that most social media sites where users produce content, make billions from advertising based on the type of content shared. The content creators make "likes" at the end of the day.

Because of the above issue of being unable to reward content creators accordingly, many freelancers look for jobs or projects online so that they could get rewarded for their skills and the content they produce. While this may be an opportunity to get rewarded from content creation, it does not provide a direct means for rewarding creativity. For example, a well-written fitness article will probably benefit most readers on social media. The article producer should have a direct reward from the audience instead of looking to market his article to a few select buyers.

With the proliferation of smart devices, everyone can become a content creator that should be rewarded. Whether it is sharing your vacation pictures, recording and posting a hiking trail video, or writing a perfect article about single parents, content creation should be rewarded accordingly. Unfortunately, it does not happen in today's centralized content sharing platforms.

This article will review a blockchain-based project that has reinvented the "like" button and the entire content reward system. The project is called LikeCoin. As you examine how it works, see the huge potential that content creators could gain from a global audience of content consumers, and how this project is set to become a revolution in content reward systems. First, what is LikeCoin?

The Solution: LikeCoin

LikeCoin is a blockchain-based content rewards system that transforms how creativity links to value in a social media or content sharing environment. The "Like" button which is always present in most content sharing platforms, adds no economic value to a content producer. However, with a redesigned "Like" button, consumers are capable of rewarding creative content developers each time the button is clicked. Unlike Proof of Work (POW) or other incentive mechanisms, LikeCoin uses its superior Proof of Creativity algorithm and LikeRank to reward creativity and facilitate a healthy urge to produce more creative content. Being a blockchain-based reward platform, content creators are now capable of deriving financial value directly from consumers of their work in a secure, fair and transparent environment. LikeCoin is set to create a global incentives system powered by blockchain technology to encourage creativity and reward original content creators.

The following section discusses various functionalities of some LikeCoin elemens and how each unit is integrated into the entire LikeCoin rewards ecosystem. Understanding these elements will make it easier to discuss various other features that make LikeCoin truly unique.

LikeCoin elements and their roles.

The following are some roles and functionalities that needs to be understood on the LikeCoin platform:

1. Creative Content: Any piece of original or derived work usually in digital format, created for consumption with a target audience in mind. On LikeCoin, each creative content has a unique digital identification characteristic (fingerprint) which sets it apart from other creative contents. Also, each creative content is distributed under some licence that defines the extent of its use by consumers.

2. Content Creators: People who produce creative content are called content creators.
3. Service Provider: Any content sharing platform or application that integrates the LikeCoin reinvented button or its attribution protocol is called a Service Provider
4. Derivative work: One can produce a new creative content by adopting a creative content made by oneself or third party on a the same or different Service Provider.
5. Content Adopter: A content creator who produces a derivative work is called Content Adopter. A service provider on which a derivative work was produced is also called Content Adopter.
6. Content Source The original creative content from which a derivative work is produced is called the content Source.

These are some of the elements that perform different functions on the LikeCoin platform. Several other stakeholders exist on the framework. Their functionalities would be explained in context. However, the following section will examine the main components of LikeCoin and how each perform a crucial role in the entire ecosystem.

The Main Components of LikeCoin Platform

Here are the main components that make LikeCoin truly unique with a potential to become the best content reward scheme on the globe.

1. Defining Creativity Using LikeCoin Mining Algorithm

Many Crypto enthusiasts are familiar with mining schemes such as Ethereum's Proof of Work (PoW) mining algorithm. LikeCoin has chosen a unique mining algorithm known as Proof of Creativity (PoC). This PoC mining algorithm utilizes an important entity called LikeRank to quantify creative contents. Just like the Google PageRank which sorts or ranks web pages according to importance, LikeRank defines the value or creativity of creative contents. The LikeRank of the most creative content would be higher than that of a less creative content. A creative content with many "Likes" is defined as being more creative than one with fewer likes. If a creative content is the content source of many derivative works, then its LikeRank will be higher than others.

From the above definitions, it follows that PoC algorithm - using LikeRank - promotes free licence creative contents since it will be easier to produce lots of derivative works from such contents than from full copyrighted creative contents. Hence, content creators receive more incentives when they licence their work for free use. Whereas, their creative contents receive low LikeRanks if they are not allowed for more derivative works to be based on them.

LikeCoin also utilizes attribution protocol to follow creative contents to their source. Hence, content creators that produced derivative works must use the attribution protocol to indicate content source. In this way, the creators earns a LikeRank bonus for the derivative work. Improper or lack of attribution for any derivative works will mean no bonus for the content creator. The attribution protocol will be discussed in depth as this article progresses.

Using the PoC and LikeRank, LikeCoin produces a content reward algorithm that distributes fair rewards to content creators in a secure and transparent blockchain ecosystem. There are however other features that make LikeCoin stand tall and above shoulders of other content reward system. Take a better look at the atrribution protocol.

2. Promoting free content use through LikeCoin Attribution Protocol.

The attribution protocol lets content creators earn from their work when other creators produce derivative work from their creative content. Using a digital identification or fingerprint, all content sources can be identified and rewarded.

LikeCoin runs a content library on IPFS, a distributed peer-to-peer protocol for the storage and transfer of hypermedia. The IPFS provides a distributed content storage and transfer mechanism for the service providers. Each service provider maintains and takes care of their nodes on IPFS and ensures the security and availability of creative content files. To kick--start this project, LikeCoin foundation established two service providers that will run various decentralized applications on the blockchain. They are Puttyimages which will run a Dapp for stock images and blogchain.md which will create a blogging decentralized application.

Each file stored on the node has a unique fingerprint which is a cryptographic hash, independent of the application where it was launched. This ensures that each creative content can be traced using a unique address, even if the launching application platform is changed. Hence, creative contents on LikeCoin can never be frozen by any application, making them secure, lock-proof and future oriented.

To increase blockchain scalability, LikeCoin does not store all the files on-chain. In addition to the fingerprint, LikeCoin also uses Inter-Planetary Linked Data (IPLD) services, to store a metadata hash of files stored on IPFS. This happens each time a fingerprint is created for any content. LikeCoin then creates a smart contract which writes the metadata Hash, the fingerprint and the service provider private keys on the Ethereum network. This not only makes the blockchain faster, but also ensures efficiency of the entire system.

3. Creating economic value from a reinvented Like Button

Most social media platforms use the Like button to let the content viewer express their feeling about the content. If a content creator produces very interesting articles, he gets several likes from people who appreciated the material. Sometimes, these articles are incorporated into other projects because of how useful they are. At the very most, the content creator is cited or quoted. Unfortunately, the content creator receives only likes or references that never translates to any economic value.

LikeCoin has redesigned the Like button and attached economic value to it. This will give content consumers the opportunity to directly reward content creators for their effort. LikeCoin's Like button not only allows the viewer to appreciate a creative content, but also lets them indicate their level of appreciation. Just as the image above shows, the redesigned like button can be pressed up to five times, with each click indicating the viewer's level of appreciation starting from 1. The viewer can click the "Super Like" button directly to "pay" the content creator from their LikeCoin wallet.

LikeCoin will completely transform how reward and creativity are handled in content sharing systems. with the reinvented Like button, creativity will be duly rewarded and this will motivate freelancers to produce superb content. With more devices becoming smarter and interconnected, LikeCoin is set to sustain a universal Internet of Value.

4. Enhancing reward Transparency through like.co

LikeCoin wants to promote and even enhance blockchain transparency by setting up a web interface that displays mining activity on its blockchain. That interface is like.co. Users as well as the public should be able to see how much mining is done on the platform and token distribution by visiting like.co. Social media content of LikeCoin users are displayed with corresponding information regarding their activity. Users can also send and receice LikeCoin through a unique LikeCoin ID. Other important details on like.co includes the following:

1. How much LikeCoin was minted the day before, and historically since day 1.
2. How many contents received LikeCoin, and the average.
3. What content receive what amount of LikeCoin.
4. The latest PoC difficulty.

Overview of LikeCoin Technology Components

The Token (LIKE)

The LikeCoin Token is an Ethereum ERC-20 compliant utility token. It will be used to provide economic value to adopters of the LikeCoin project. Content creators would be rewarded with this coin.

Token Distribution

LikeCoin Token (LIKE) has a market capitalization of 2 billion. The volume will be distributed in 4 ways as follows: token sale (600 million), ecosystem development (200 million), team (200 million) and creators (1 billion). From the total volume of 2 billion, 800 million tokens was created in 2018, the remaining volume will be gradually minted over a period of 10 years (up to 2028). The chart below illustrates token distribution:

Token Sale

The Token sale began in the 4th quater of 2017, with a total volume of 600 million. This volume has been sold in 4 stages as the table below indicates:

LikeCoin and other Content Reward Systems - a personal opinion

Though it is a difficult to directly compare various content reward systems, the analysis below represents the opinion of the author who seeks to highlight the uniqueness of each system, especially LikeCoin.

LikeCoin Versus Steemit: Steemit and LikeCoin share the same vision of an efficient and transparent content reward system built on a blockchain, but each took a unique, different path. Steemit has done a great job in trying to change the landscape of content rewards systems. Being a blockchain project, it is secure, transparent and uses the crowd to curate and reward creativity. The extent of Steemit success over a short period of time is a testament to its uniqueness. However, LikeCoin took a completely different Path in its quest to build a content rewards system. The following are probably some advantages of LikeCoin over other reward systems:

1. LikeCoin wants to reinvent the wheel not Replace it: This is a unique aspect of LikeCoin. Nobody wants to replace the wheel, just modify it. LikeCoin wants to modify an already existing feature of social media platforms - the Like button. This can be seen as a huge collaboration work between LikeCoin and other content sharing platforms. The fact the WordPress accepted this project and partnered with it shows that it is a possibility that other platforms will buy the idea. Medium is another content sharing platform on which LikeCoin is implemented. Maybe in the nearest future, other centralized content-sharing platforms could join this unique project to reward creativity. Considering the huge difficulties like scalability, that blockchain technology is yet to overcome, it may take some time before it completely replaces traditional financial and content sharing platforms - if it ever will. This could likely be the reason why LikeCoin Foundation decided to collaborate with these established systems and enhance how they operate using blockchain technology.

2. Built on time-tested Framework: Another advantage of LikeCoin is that it is built on the Ethereum blockchain. The ERC-20 protocol offers a standardized way of integrating other currencies. Coins launched under this protocol have certain advantages over other projects. For example, a coin that is ERC-20 protocol compliant does not suffer interoperability issues with other coins using the same protocol. They share the same names and functions. Hence, LikeCoin has this as an advantage over other projects that are not built on the Ethereum blockchain.

There could be other reasons why LikeCoin is such a unique blockchain project. It has a wider application since it is a cross platform collaboration project. Its easy integration also means that content sharing systems that want to adopt the technology do not need to alter a single line of code on their platform. Easy integration will appeal to these well-established systems who are largely aware of the cost of implementing a whole new project on their system.

The above are some reasons that made the author think that LikeCoin has advantages over other content reward systems. The issue is open to further discussions. The above assertions does not represent the general view on LikeCoin.

I will be glad to know what you think about LikeCoin

On which social Media platforms is LikeCoin Implemented on?

For the meantime, LikeCoin is implemented on 3 platforms. They are:

1. Medium.
2. Oice.
3. Wordpress.

So if you are already on Medium, or you run a Wordpress blog, you are set to start earning more from your creative contents.

Note: Lots of questions are answered on the FAQ. Click this link to access them: https://help.like.co/likecoin-faq

Conclusion

People create value everyday without being rewarded. While their creative content add some value to the life or activities of the target audience, the "Likes" they generate from such content never translate to any form of financial reward. With more and more IOT devices being added to the digital space, creative content should attract some form of value for content producers.
With a reinvented Like button, LikeCoin will transform "Likes" to some form of quantifiable economic value. Content consumers are able to directly reward content producers to sustain a steady flow of creativity in the digital economy. Being a blockchain project, LikeCoin will ensure a fair, secure and transparent rewards framework, where digital value flows, and creativity is rewarded accordingly.

FOR US ALREADY ON STEEMIT, THIS IS A GREAT OPPORTUNITY TO EARN EXTRA INCOME FROM THE CONTENT YOU ALREADY PUBLISH ON HERE. YOU CAN PUBLISH SAME ON MEDIUM EARN LIKE.

How to start up on Like.co

1. Click this link to create an account: https://like.co/ref/focusnow (You will get 8 LIKE for signing up through the link)

2. Confirm your email to get another 8 LIKE

3. Follow LikeCoin on Twitter and retweet their article to earn another 8 LIKE

4. Post your articles on Medium or a Wordpress Blog to earn LIKE from clicks on your articles.

IT JUST GETS BETTER FROM THERE!

Disclaimer: This is a sponsored review

I received some steem from LikeCoin to write this review and used it as follows:

1. I promoted this post with part of it.
2. I used the rest to set up a bounty to reward you for your creative comment.

With an open mind, we want to look at each project and see how it promotes blockchain technology and contribute to a future of decentralized, fair and transparent financial economy. I support and promote anything blockchain and I feel good doing it.

Click the Image to see LikeCoin on:

Click the Image to Buy LikeCoin on::

Roadmap

2017 Q1-Q3: brainstorming, R&D: the team developed oice, a visual novel editor which is the origin of LikeCoin. In oice, a director remixes art and music assets provided by other content creators to make interactive stories, next to which detailed credits are shown automatically. Other than credit, the team believes each content creator involved should receive a share when the story receives income. Lots of technologies and tools were evaluated but none could meet the requirements, until we finally landed on cryptocurrency. We then generalize the idea to serve broader use cases and LikeCoin protocol was born.

2017 Q4: Early Believer Sale: with a series of articles explaining the concept and design of LikeCoin protocol and proof of concept deployed to Rinkeby testnet, Early Believer private sale of LikeCoin token were done. 1,200ETH were raised for development of the protocol and marketing.

2018 Q1: LikeCoin Token, Like.co and ID launched: LikeCoin main smart contract deployed to mainnet for production. LikeCoin ID registration opened to public. LikeCoin token peer-to-peer transfer made possible on Like.co.

2018 Q2: prototype of puttyimages: kickoff development of puttyimages and blogchain.md DApps with prototype deployed to test net. Simulated proof of creativity mining on oice. LikeCoin peer-to-peer payment features provided for content creators on early adopter websites. Public sale of LikeCoin token.

2018 Q3: launch of puttyimages: puttyimages DApps to launch on mainnet, with content creators beginning to upload creative contents.

2018 Q4: Like button launch: Like button SDK available for early adopters. puttyimages to launch internationally in more languages. Proof of creativity mining starts at a small scale.

2019: blogchain.md and LikeCoin ecosystem scale up: development and launch of blogchain.md DApps. Like button WordPress plugin and other SDKs available for public. oice backend to merge with LikeCoin protocol.

The Team

Advisors

Early Supporters

Early Adopters

For more Information

LikeCoin Website
LikeCoin Whitepaper
LikeCoin OnePager
LikeCoin Telegram
LikeCoin Medium
LikeCoin Github
LikeCoin Twitter
LikeCoin Youtube
LikeCoin Facebook

Watch this Introductory Video