DECENT Core — Functionalities and Use Cases
As DECENT was released on the 30th of June this year, there hasn’t yet been real follow up on what the actual version of DECENT Core v 1.0 can do. As I explained in my previous blog, DECENT isn’t only about DECENT GO and interfaces that are built by us but actually it’s much more.
The capabilities of DECENT Core are far greater than the interfaces that are currently live as they are a bit behind in development compared to DECENT Core being that it is the priority product of DECENT. In this blog, I would like to summarize what is there, how it can be used, its interfaces and what it can actually do. I am sure I won’t come up with all the uses of the features that are in DECENT but that’s the beauty of DECENT.
DECENT Core currently supports all transactions regarding content distribution. I think I don’t need to dive very deep into that. It enables users to create an account, publish content on the network so that consumers can buy it, rate it and comment on it. Those are the basic features of DECENT Core that are currently working and have been since the 30th of June. Regarding DECENT GO, I will describe the dev plan, features and our game plan for the marketplace in the next blog.
The first feature I would like to point out is payment splitting. Personally, this is one of my favourites because you can do loads of stuff with it. Basically how it works in core is that in the time of publishing content you can predefine addresses which should get a share from the payment (such as co-artists that were also working on the content). This means that all of the parties that participated in creating the content can get instant settlement from each purchase. This could be a great use case for micropayments in the media industry, especially the text media industry where all authors will be rewarded every time their content is purchased.
Another use case that came into my mind is digital content crowdfunding. I have spoken to our partners and this use case seemed very interesting to them. With the payment split feature, you can set up a campaign to raise funds for some content and the fanbase of it can support it by sending funds for the creation. Let’s say a new Star wars movie could be funded by its fanbase (PS: probably the quickest fundraising in the world). Afterwards, the publisher could set up the conditions through our interface so that all of the participants could receive a percentage of each sell, instantly. Basically this creates an opportunity to have a Kickstarter-like interface for content crowdfunding on top of DECENT Core where you could actually participate on revenue sharing from each sale.
If you look at it from the point of view of online marketing, you can use it in connection with a recommendation engine or any other data driven online marketing tool. You can offer authors a feature where they can publish content and enjoy the usage of advanced marketing tools and pay only after consumption of the content. Therefore they would pay only for the actual conversion that the marketing tool made.
As our goal was to create a platform where you could implement multiple business models we created a subscription transaction type. That means you don’t need to pay for each content published from an account, but if the publisher wanted he could set a weekly/monthly fee to access his content. This allows media which have a subscription type of business model to jump on board and enjoy the benefits of Blockchain.
If we connect this feature with payment splitting, you have the ability to design channels for certain types of media that would give the social aspect to the whole system and create a social digital content interface.
To be clear, DECENT Core supports multiple content types with specific metadata for each of them. Therefore, you can also use it to publish unbranded content or specific data which can be sold (such as environmental data collected from sonar systems on seafaring boats) This can create new markets for data trading were we wouldn’t need to collect all the data for each research but we could collaborate with existing infrastructures that are there and connect them into the blockchain and share the benefits.
As DCT have high volatility it wouldn’t be convenient for authors to publish content which could one day cost 10$ and next day 50$. Therefore, we integrated a feature that allows you to price your content in the currency you would like and the DCT price would be recalculated each time based on the market value. As an example, you can set your book price to 10$ and it will have a different value in DCT each time. This feature will be implemented also for seeders to price their disk space in the currency of their choice so they don’t need to change the price every day based on the currency movement.
To be clear, all of those features are accessible through our API so the implementation to the interface should be much easier.
If you are interested in creating an interface on top of DECENT feel free to contact me. I am open to suggestions and keen to see what can be done with our technology.
I have covered some interesting features which could be used in many different ways to create interfaces that will solve lots of the problems we face today. There is much more going on with DECENTand I am looking forward to share it with you. Next time I will cover what is currently planned for the network and what it will change. We already have set a date for the network update which should be specified soon. I am open to any questions from the community and will try to cover them in the next entry so please feel free to submit them here.
Originally published at decent.ch on September 7, 2017.