The Future of Digital Rights Management Might Be Decent with Blockchain
DECENT wants to create a decentralized digital rights management solution for piracy powered by the blockchain.
Like so many modern decentralized platforms, DECENT’s platform seeks to remove the middlemen, power abusers, and prevent third party manipulation to ensure content creators and consumers can trade material in a peer-to-peer, permissioned and transparent blockchain network.
“Our aim is to replace the status quo,” Matej Michalko, DECENT developer, tells Hacked.
A network of individual, digital dictatorships, with a digital democracy, re-routing power back to authors, artist, producers and those that want access to their content.
DECENT’s mission originally was to tackle piracy in a decentralized way, incentivizing authors, consumers, and even seeders for the use of their bandwidth and storage space.
The company, according to Michalko, has many interested investors. “We now have over 3,600 individuals across the globe who have contributed to the ICO, far worth over $3.6 million USD,” he said. After building a prototype and proof of concept, DECENT blockchain platform was presented at conferences around the world. They went on to raise 5,600 bitcoins.
“Since attending our first conference in June 2015 in Shanghai, we spent time at cities in Russia, Slovakia, Czech Republic, United States, and Austria to fully explain our project and to provide investors with clear opportunities to see who we are, what we are trying to achieve, and what our plan is to be successful,” he said. “Before the ICO, we registered up a legal, not-for-profit entity in Slovakia and will soon register a foundation in Switzerland. This month, we opened up our first office in China as well.”
DECENT’s fund raising model entailed ‘best practice’ for Initial Coin Offerings, the way in which many new digital currencies raise funds. The startup set up a trustworthy, multisig escrow wallet and creating convenient payment options so that people could contribute in fiat, bitcoin, or altcoins.
DECENT’s ICO raised more than 4000 BTC within the first day and over 1100 BTC within the first hour.
“The DECENT platform is based on its ‘Proof of Resource’ system. “PoR was designed to ensure that miners/seeders and publishers are properly incentivized with DCT tokens for their contributions to the project,” Michalko said. “And it’s based on aspects that includes bandwidth, disk capacity, quantity and duration of content shared, as well as CPU power.” DECENT is scheduled to launch by the end of Q2 2017.
“Securing the value of intellectual property is one of the great struggles of our time, and we’re committed to using a novel technology to solve the problem,” Michalko said.
Images from Shutterstock.