An Easy-To-Use Break Down of the Livetree Platform
In this post, we break down the properties, functions and use cases of Livetree’s social NFT platform and application. Our goal is to create a platform for creators and their communities to create their own digital economies through sustainable and decentralized collectives. Users can upload their content, earn from their creativity and grow the following all with the power of Web 3.0.
Want to know more about the app works? Then continue reading to find out!
The basic premise of the Livetree app is: to contribute to the well-being of the planet through community participation and engagement with content created on the App and to allow content-creators to monetise other users’ engagement with them.
Users register an account on the App and are then able to create and share content as a post, which may take the form of a video, (similar to how TikTok operates;) an image, or music. The App converts each post, upon user request, into a non-fungible token (“NFT”), and the copyright thereof is owned by the particular user (or ‘creator’).
Other users can interact with creator posts in several different ways, such as ‘liking’ them, or sending rewards to the creator. Users pay these rewards (or royalties) in fiat currency and are charged in-App when they give rewards to a particular post. In future, creators may also receive royalties via pay-per-view contributions; subscriptions and other methods.
Once a creator has published a post, they have the choice as to whether or not they wish to establish a decentralised, autonomous ‘collective’ (a “Collective”) in relation to their NFT. If they do not wish to do this, the creator will receive any royalties in the native in-app coin voucher of the App (this coin is called ‘Trees’) and will be able to exchange the Trees coins into Fiat currency via the #nftCollective website.
When a creator wishes to establish a Collective: they must choose which blockchain protocol they want the Collective to operate on (currently the App supports Moonbeam; Moonriver; Celo and Ethereum but others will follow in due course)
If the creator wishes to establish a Collective, they must confirm this in the App, which will then generate a smart contract. This smart contract will by default mint 1 million digital tokens, intrinsically linked to the NFT or NFTs created by the user (the “Collective Tokens”).
Once the Collective Tokens are created, other users of the App will be able to submit offers to the creator to purchase Collective Tokens. If such offers are accepted, those users will become members of the Collective. In this manner, the creator will effectively be giving other users proportionate ownership of the NFT (because the Collective Tokens are linked to the NFT, although the NFT is unique and is only capable of being owned by one person). Members of the Collective will have proportionate participation in the Collective.
The smart contract governing the Collective will set out the procedure for dealing with four key matters: distribution of any rewards received into the Collective’s treasury account; licensing of the creative content; governance of the Collective and staking of the Collective Tokens. Other proposal types relating to governance will be expanded as the app is developed. All members of the Collective who hold Collective Tokens will be entitled to participate in royalties received by that Collective, in proportion to the percentage of Collective Tokens that member holds.
Members of the Collective can choose to either retain Collective Tokens, or exchange them with other persons (including non-members who wish to ‘buy in’ to the Collective), or list them on digital exchanges (subject to the Collective Tokens being accepted by such exchanges).
Royalties are paid in the following proportions subject to the SEDC global collective governance: 50% to Livetree; and 50% to the Collective’s treasury. The royalties are paid in the native token of the blockchain protocol that the Collective is established on, so for example any Collective established on the Moonbeam network would receive royalties in GLMR tokens.
The 50% royalty allocation received by Livetree will be applied half to environmental purposes and half will be technologically exchanged to blockchain utility tokens (provisionally Moonbeam GLMR however this may change as the global governance dictates).
Members of a Collective can vote as to how they wish to use the royalties accumulated in the Collective’s treasury (for example by supporting good causes or non-profit organisations). The royalties will not necessarily be paid to the members of a Collective.
