How is Vitruveo Solving Creator-challenges Using Blockchain Tech and Standards Compliance?
Vitruveo, the world’s first blockchain for creators with an auto-rebasing function, has the ability to close the gap between technology and creators. Before we dive into the hows, let’s relook at some of the challenges faced by creators in the Web3 space.
There is no creator or artwork verification
Artists have no mechanism by which they can communicate the licensing or royalty requirements for the artworks they put on chain
Today’s media assets associated with NFTs or digital art collectibles are off-chain.
Lack of support or compliance around standards.
Vitruveo aims to solve these problems and support the global creator economy through its vertically integrated ecosystem for creators.
The solution is presented in two levels:
1) Protocol Level
- Built-in features in the protocol to address some of these challenges (automatic rebasing is one of them)
- Special smart contracts deployed at Genesis
2) Ecosystem Level
- Collection of Web and Mobile Dapps
- Various programs and incentives that together create and elevate this ecosystem
Vitruveo’s special smart contracts that give creators certain special privileges. There’s two of them. The first is called Creator Base, and the second is called Asset Base. Each of them have a certain set of benefits.
1. EARLY ADOPTER REWARDS
The first one is the Early Adopter Rewards, which is a way to say Rebasing. There are two key benefits tied to the Early Adopter Rewards.
A. Built-in transaction volume-based rebasing (compound interest) of token balances
For every 24 hours, if the transaction goals for the protocol set at Genesis are met a rebase occurs. Rebase is in plain English or in plain financial terms, compound interest. It’s just a fancy way of saying that you have compound interest when you put money into your savings account and it grows over time. Where the rebase occurs, every wallet, regardless of what account it’s in, the balanced compounds at an APR of 32%. And that continues to happen until we hit a cap of 250 million tokens.
B. Incentive Pool tokens for Creators
The Incentive Pool is designed to encourage non-Web3 folks and people sitting on the sidelines to come on board Web3. We want to invite them by saying — “We’ve optimized things for you, we’ve made it super simple, so come onboard Web3 and benefit via Vitruveo”.
2. VERIFIABLE CREDENTIALS — CONFORMING TO W3C VERIFIABLE STANDARDS
We will be implementing a multilevel KYC (Know Your Customer) for all creators with standards-based results in our special Creator-based smart contract.
This is a collection or a registry, if you will, of every issuer, holder and verifier on the platform, and they’ll be going through a KYC. Now we can have the KYC at different levels where something could be as simple as verifying someone’s mobile number. But we could also have higher-level KYC, which is the KYC we go through potentially when we sign up for an exchange, for example., where it verifies that you are, in fact, a person and it looks for a government issued ID etc.
Just to be clear, we are not saying that all creators need to be doxed. We’re just saying that their identity needs to be verified. It’s possible for us to keep their identity undoxed, but still that they are verified. This adds an element of trust that’s really important. And, this will be conforming to the Verifiable Consortium Standards that has been developed by W3C (the Worldwide Web Consortium).
One of the key features of this Verifiable Credentials — an issuer can issue them, but anyone can verify them and see for themselves that the claims made by the holder of that verifiable credential are, in fact, true.
3. STANDARDS COMPLIANT METADATA
To make it easy for artworks and other assets to be discoverable. The standard we will be using is Linked Art (this standard is used by museums and galleries to define rules for how to record, present, store, and share this information). Basically a creator signs their work on Vitruveo’s Asset Consignment Registry (ACR), pays a fee and consigns their artwork for a period of time.
This is not like Minting an NFT, but more in line with the consignment mechanism we see with artists and galleries IRL. This way, artworks can include verifiable attributes such as artist name, when was art created, where it was created etc. In the art world, this is called provenance.
- It paves way for perpetual income for validators through recurring fees that come when more and more creators register their assets on-chain via Vitruveo’s Asset Consignment Registry. Part of the fee also goes to the DAO.
- Vitruveo will be subsidizing this fee with a token pool for at least a couple of years. When creators go through the KYC, they will be receiving a few tokens as credit, and these will be used to pay for consigning their assets. This allows for the previously parked credit to enter into circulation so that creators can freely come on board and experience the benefits of our platform. This revenue stream gives us an opportunity to attract the best creators.
- It makes art discoverable using industry standards tools. Because every artwork will have creation details, provenance etc, anyone can search for art through domain-specific data.
- Allows for bulk licensing and monetization. Standards compliant metadata opens up the possibility of going beyond a collector buying one piece of artwork to an industry licensing 100,000 artworks to make personalized products like car covers or shoe skins.
4. CRYPTOGRAPHIC MEDIA SIGNING
To have authenticity and non-repudiation. This is signing a media asset using a private key so it communicates that one is the author of the asset, so anyone can verify the creator if they choose to.
5. DURABLE MEDIA STORAGE
If an asset is in our registry (consigned to Vitruveo’s Consignment Registry), it’s there in perpetuity because the DAO will ensure that there is always an IPFS node available. How? We will be paying our validators to add IPFS capability to the server they are already hosting the protocol. With 500 validators, we can create what will arguably be one of the world’s most resilient IPFS networks.
6. FLEXIBLE ON-CHAIN LICENSING
Where creators can use Creative Common licenses to communicate what one can or cannot do with their Intellectual Property. We will also be giving creators the flexibility to define their own custom licenses. Vitruveo’s Asset Consignment Registry makes this possible. The ACR will also be able to tell a creator how much should be paid for that particular license, and you need to supply that when a smart contract calls in for that.
So, in summary, Vitruveo is transforming how artwork is licensed using a dynamic, mint-on-demand, on-chain licensing workflow. And, this applies to all types of assets, not just visual artworks, but music tracks, movies, books, Dapps and more.
Now, let’s turn to the art investors and buyers. How does Vitruveo aim to benefit them?
Stay tuned to our next Medium article drop!
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Let’s unlock sustainable creative expression using the power of blockchain technology.
Let’s drive the Creator Economy.