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BitImage ICO Review

23 april 2018, 20:31

Stock Content Market

With the increased demand for various types of digital content like graphics, photos and videos, animations, music and sound effects or even games and applications, a unique stock content market was born. It's consists of special licensing for content, which can then be used for various specific reasons, from small non-profit projects to big commercial events. Content creators like photographers, musician or graphic designers create the content, while content users can buy rights to use it. The world digital content market in the 2017 was estimated to be worth $200 billion, while it is expected to reach even $259 billion in 2020. There are already couple of existing popular stock sites like shutterstock, gettyimages or for example. However, there is still big room for improvement in such services.

General Idea

BitImage has come up with ideas to solve problems connected with stock content markets like copyright violations, difficulties with finding suitable content or general price monopolization with high prices for customers and low royalties to content creators. With the help of the blockchain and artificial intelligence technology they want to deliver a much better and efficient type of content marketplace.

Artificial Intelligence Validation

The first and main problem attacked by BitImage is the content validation. Currently, for a platform to validate the content it can take up to 3 weeks, which with the current level of advancement in the technology is a very long time, especially knowing that the content is validated manually by people. It is not only inefficient, but also raises costs for the services. Moreover, when the content is being checked, the author cannot make money of it, which can mean some noticeable losses.

Artificial Intelligence will be able to check the content and shorten the whole process from days to minutes. Furthermore, the more content it will check, the more accurate and faster it will become, thanks to the learning mechanism. It will be able to analyze current trends and track demand for particular types of content, therefore help authors to earn more.

Copyright issues

Thanks to the blockchain technology, all of the licenses will be issued and stored within this huge database, creating a digital asset ledger. Every time some type of content is sold, a smart contract will record all of the needed information and register the license agreement. Blockchain offers a transparency and the information there cannot be changed by a single person, therefore in case of any disputes it can act as a solid proof of ownership and copyrights.

On-demand content

One of the interesting features that may additionally make the platform stand out from other stock marketplaces, is the on-demand work implementation. Users will be able to order a custom, specifically requested content, which will create additional and more efficient ways to earn money for the creators. Such services weren't possible due to potentially high costs, however with the development of the freelancing market such order could be completed even in couple of hours. Moreover, a usage of cryptocurrency digital token as the primary payment option, allows for almost instant and most importantly secure and cheap transactions.

The Token

BitImage token will be used as the main payment method within the marketplace. It is Ethereum-based with the ERC-20 standard, which means it can be stored in most of popular Ethereum wallets.

By adopting the cryptocurrency to the stock content marketplace, BitImage will be able to offer much cheaper services, due to cutting all of the unnecessary costs that come with dealing with regular currencies. Payment platforms and intermediaries, as well as banks increase the content price with their fees. This time, both the user and the creator will be able to benefit much more. The creator will get much bigger percentage of profits from the sold content, while the buyer will be able to pay less for it.

ICO Phase

The first presale is scheduled for the 26th of April and will end on the 17th of May or when the 1,000,000,000 tokens devoted to this phase get sold. The initial exchange rate is set at 1 ETH = 130,000 BIM. All unsold tokens will go to the next phase, which is the main crowdsale. 

The Team

The team can be safely assumed to be the strong side of the project, as it's relatively big and consists of many experienced and skilled people. They have put focus on hiring developers experienced in different environments, as there are programmers specializing in blockchain technologies, Java language, but also mobile applications for smartphones. Moreover, the team responsible for the marketing and community will keep in touch with the userbase, as they believe the community should be very important and they are ready to respond to any feedback, answer questions and communicate with the audience.

Final Thoughts

The project seems to be prepared very well both from the marketing and advertising side, as well as the technical point of view. The design of the site, platform demos and the content of the whitepapers is on a very high level. The roadmap and the plan is reasonable and the sole idea of creating improved stock content marketplace has a chance of meeting with positive feedback gaining a lot of potential users. There is a huge demand for such services, therefore if BitImage has a way to offer them in a more efficient and convenient way than other mainstream platforms it has a chance of becoming popular, allowing numerous content creators to earn thanks to the platform.

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