Blockchain technology is poised to become the next major technological innovation of our time. Since the invention of Bitcoin put blockchain in the spotlight in 2008, the network has been continually evolving, expanding, and gaining the attention of industries around the world. One industry in particular stands to be revolutionized by the technology – content creation.
The internet opened the doors for content creators around the world to make a living. However, there’s a catch – all of their content is currently controlled by a middleman like YouTube, SoundCloud, or Instagram. While these platforms have made it possible for people to globally broadcast their content and gain a following, they limit individuals from having complete control over their content when it comes to distribution, copyrights to their work, and compensation. Content creators are at the mercy of these platforms to provide them with a sustainable livelihood.
This is where the power of the blockchain comes into play. By providing a decentralized ecosystem for sharing data and making payments, individuals will be in more control of their content than ever before. ICST (short for Individual Content & Skill Token) is a promising new ICO that’s looking to revolutionize the content creation industry through blockchain technology.
ICST’s goal is to improve the content sharing industry across the board, for both producers and consumers of content. For content producers, the platform will provide them with complete control over their revenue and allow them to maintain the copyrights to their content while decreasing the hosting costs associated with broadcasting content online.
On the other hand, content consumers will be able to enjoy endless streams of new content, without having to view an exorbitant number of ads in the process. There will be lower transaction fees and a fully integrated rating system that will allow consumers to explore and enjoy the best content available on the internet. Consumers will be able to view how often content is being accessed, the experience level of skills providers, and the reviews of past consumers.
In addition, ICST will provide a new framework for content producers to sell their skills online. For example, if a consumer is interested in learning a particular skill, they’ll initiate a smart contract and be paired up with relevant skills producers through the platform. People will be able to learn absolutely anything – singing, dancing, art, gaming, languages, Photoshop – you name it – the possibilities are truly endless. The ICST platform will not charge any fees for these transactions, so the skill providers will receive 100% of the profit for sharing their knowledge.
Built on the Ethereum blockchain network, ICST is will be able to provide an unparalleled level of transparency, efficiency, and security for the entertainment industry.
The road ahead looks very promising for the ICO. Their private token sale was an overwhelming success and helped them secure partnerships with some of the leading entertainment and social platforms, like Starmaker, The Voice, and American Idol, building up a userbase of over 50 million users before their launch. Starmaker is set to be the first social media content creation application to migrate onto the ICST blockchain platform, with many more to come.
In addition, ICST is backed by billionaire Chinese gaming tycoon, Zhou Yahui. His company, Beijing Kunlun Technology, is the parent company of ICST and Starmaker and owns many other online platforms including Grindr and Opera. The company recently sold Music.ly for a hefty sum of $1 billion. Zhou’s influence will play a major role in ICST’s growth potential in the next few years.
Images courtesy of ICST