In the world of cryptocurrency, proof of existence protocol seems to have taken a backseat with many people focused on ICOs, dips and other shiny objects.
Yet, many problems can be solved through its use.
The Po.et Foundation saw a way within the Proof of Existence protocol to set up a universal ledger that can shake up the publishing industry in the same way that cryptocurrency has disrupted the banking and financial sectors.
Buy Po.et (POE)
There is currently no way to buy POE directly. So the only way to buy POE is to purchase BTC to use on an exchange, and then switch it to POE.
Step 1: Choose Your Trading Platform
Firstly you will need to decide on your cryptocurrency trading platform and create an account there. The choice of platform isn’t very important as a beginner, what really matters is a trading platform that you are comfortable using..
Choose one of these platforms and complete the follow steps to get started:
Go to Binance and create a new account if you do not already have one.
Once your account has been confirmed, log in to your Binance account and click on funds at the top right, then “Deposits Withdrawal”.
Look in the “Bitcoin” list and click the Bitcoin deposit button. Then a series of numbers appears in the “BTC Deposit Address:” field. You must copy this series for the next step. This is your bitcoin wallet address.
STEP 2: BUY BTC
The second step is to get your Bitcoin, you can do that at a broker such as BTCdirect .
If you’re buying BTC for the first time from these brokers, you will be asked to confirm your bank account.
Upon payment you will be asked to enter a bitcoin address. You must fill in the address that you have copied at Binance.
STEP 3: WAIT UNTIL YOUR BTC HAS ARRIVED
Once you have purchased Bitcoin and entered the correct BTC deposit address with the payment, you have to wait until the BTC arrives in your wallet.
This process can take up to ½ hour, so don’t worry if it’s not immediately visible on the exchange.
STEP 4: BUY POE
Once your Bitcoin has arrived at your trading platform, it’s time to buy some POE.
Go to the Binance trading exchange (click the top left on exchange and choose Basic) and use the search function within BTC Markets to find the POE/BTC trade.
Once on the POE/BTC trade page you can look in the left box marked with Buy POE. Here you can decide how much POE you want to buy using your Bitcoin.
If you then press Buy POE your order will be placed. When the order is filled you will see your number of POE on the right-hand box or on your balance page.
Congratulations you’re now the proud owner of POE.
What is Po.et?
Po.et is an open source platform found on the Bitcoin blockchain that shares an open, universal ledger that records ownership metadata on a hash. They are hoping to build a globally-verifiable record of digital media assets that will enable content creators, publishers and editors a way to manage their intellectual property.
By simplifying the processes for publishing, licensing and authenticating digital creative assets, new models of financial exchange, collaboration and sharing can be achieved. This means that writers, artists, journalists and many other creatives can have a universally accepted way to share their work, get paid fairly for their creations and lastly, to prevent intellectual theft.
How does Po.et work?
Using the blockchain, a hash is created with a metadata framework that will enable smart media applications to be built on top. With Proof of Existence, users with an original file, (an article, a photograph, a dissertation, etc.) can already verify a hash and timestamp. Po.et shared ledgers will enable both the original file and the metadata to be discoverable.
First, Po.et integrated a standardised metadata schema for creative works. This metadata includes vital information like the original URL, word count, author, and publication, as well as any custom attributes added by publishers.
Next, the ledger provides an accurate log of edits to assets and an identity management
system to prove who amended a document. With a Po.et profile, users can create private keys secured cryptographically. This forms a log which can be defended against cyberattacks and manipulation of assets by allowing attribution of every change to its authorised source.
The last item Po.et addresses is authenticating a digital work. They created an authentication Badge for every digital asset registered on Po.et. By following the link users can discover the metadata and originating information about the asset, authentication and how its use is authorised by the owner.
By setting up ledgers in this way, content creators can set clear licensing fees and accept payment directly within the platform. Publishers can then work together with the creators of the digital asset and create licensed links from within their websites. This allows publishers to tap into new revenue streams made possible by proper attribution and time-licensing terms.
To break this all down, the process of licensing, finding content and then monetising it is made so much simpler by having a platform that handles every step of the transaction. Po.et’s network will facilitate this whole exchange efficiently all within its own ecosystem.
For a profit, of course, which is where the implementation of the POE token comes into play.
How does the POE token work?
Initially, the POE token was used as a way to raise capital to build a viable product. Buyers of the token were, in essence, more like shareholders.
With that stake in the company, token holders will share in the profits the Po.et Foundation makes.
How will your POE tokens make you money?
Fees are collected from content creators for validating license payments and processing payments on the ledger. A token, then, represents a share of those profits. As the company’s assets grow, so does the value of the POE token.
- According to the Po.et whitepaper, citizens of the United States and The Republic of Singapore are not allowed to buy POE tokens. However, there have been no reported issues with anybody from the US buying tokens, at least.
Who will use Po.et?
Any person or entity that disseminates digital content, including articles, e-books, digital images, digital videos, etc. for a profit.
Any person or entity that curates, compiles or selects digital content, including articles, e-books, digital images, digital videos, etc. for a profit.
Any person or entity that produces any form of digital content, including articles, e-books, digital images, digital videos, etc.
Within this new, open marketplace there are myriad ways for all users to make money. And, all without intermediaries to slow the process down making it easier for content creators and publishers to make money.
Content creators can make money from easy to understand licensing fees for use of their intellectual property, editors can charge for archived content and publishers can generate advertising revenue. While all of these things were possible before, Po.et has made it a frictionless, transparent and immutable market for this to take place.
Beyond profit, there is also a big possibility to save money. Imagine a company finding its intellectual property stolen and how much it would cost in lawyers and court costs to make a challenge. With Proof of Existence, they could have a ledger with timestamps and metadata with irrefutable proof of who is actually the rights holder.
This is already being instituted with states like Vermont allowing for blockchain-registered digital records to be admissible in court.
As with most things related to blockchain technology, the case uses are being seen to be utilised in unexpected but very beneficial ways aside from financial transactions.