LikeCoin was created with the goal of ensuring that artists in the future will be rewarded for the works that they produce online, by helping them to get paid for their creative content and for the works that are made which are based on it.
LikeCoin is an Ethereum ERC-20 cryptocurrency token that uses decentralized technologies to identify when an artist’s creation is used somewhere on the web. It uses a "Proof of Creativity" algorithm which apportions LikeCoins to creators in line with how much their work gets shared and how many times it’s used as the basis for new work.
LikeCoin encourages artists to release their work under creative Commons licences, because this gives it more scope to be used and reused, and so earn more LikeCoins.
When a content creator uploads a creative piece using the LikeCoin protocol, it includes metadata for the piece which holds information about them and the work’s InterPlanetary Linked Data (IPLD). This footprint of content resembles a family tree, showing the connections between the original piece and its derivatives. This structure makes it easy to follow the lineage of a piece of content and send LikeCoin tokens to the creator’s wallet based on its popularity.
LikeCoins can also be given directly by people who want to tip the author for their work. The Creators Pool is the other way of getting money to creators, which we mentioned, and it collects "Likes" then hands out LikeCoin in accordance with the content's LikeRank.
LikeRank traces the content-footprint of each work and gives a value to its importance. The more people that create a work based on a particular original, the higher the LikeRank value it gets. This seems like a very democratic way to approach the problem, and it’s one of the reasons why we suggest that you buy LikeRank with Transcrypt.
Some coins don’t have a ‘noble’ real-world use, but for investors who like to feel that they’re making a difference, the decision to buy LikeRank with Transcrypt makes complete sense.
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