Getting to know SIX.network
And basic information about the SIX.network ICO
The Story of SIX.network
SIX was originated from one of the largest digital media startup groups in Korea and Thailand, OOKBEE U Company Limited +Yello Digital Marketing Global PTE LTD, and Computerlogy co.,ltd. The alliance aims to create a more transparent, fair, secured, and efficient ecosystem for all stakeholders in the digital and creative economies.
On 27th March9 2018, we have our public announcement about the SIX.network project and our collaboration.
Some number about SIX.network founding members and the alliance status you might be interested in
- Yello Digital Marketing is one of the largest startup groups in Korea with over $4 billion valuation. YDM has various investment portfolios with over 90+ leading companies in the group, with in-depth experience in the cryptocurrency field. Having DAYLI Financial Group as a leader in the finance pillar, the previous portfolios included ICON Foundation (Top20 cryptocurrency in the world with their own blockchain), CoinOne (№3 crypto exchange in Korea)
- Ookbee U is a joint ventures between Ookbee and Tencent. Focusing on the digital content in the User Generated Content (UGC) category, Ookbee U has various product portfolios ranging from, Ebook, Fiction, Comics, Music, TV series, etc. The group has over 350+k active digital creators working for the platform, and have over 10M+ customers. The market of the company right now is in Thailand, Indonesia, and South East Asia. More information about the group from the CEO is here. (Mr.Natavudth, Ookbee CEO, is also the co-CEO at SIX.network.)
- Computerlogy is a social media analytics firm, was founded in 2009 and uses tools such as SocialEnable and TH3RE to help brands target their social media marketing by using Big Data analytics to provide consumer insights. The company is a badged Facebook Marketing Partner and have a strong development team focusing on big data. Mr.Vachara take a role at SIX.network as our co-CEO as well.
- Over 40+ companies from our group team up as an alliance to support SIX.network project as a decentralized platform to reinvent the digital economy. Most of these companies are our early investors with the commitment to lock up the token to use inside their own platform only.
- The groups have several hundreds of top engineers from various fields .The founding members dedicate their top development team into the SIX.network project as a development-focus company.
- With this existing user bases, we could push the adoption of real business transactions onto the blockchain by offering an option for the creator and end-users to use SIX Digital Asset Wallet. This could be the first snow ball to roll starting from our alliance’s ecosystems.
- ICO Status : We have already reached soft cap after a week of public presale. (while I’m writing this post on 10 Apr 2018)
- SIX Network announced a partnership with DAYLI Financial Group (DFG), the largest FinTech company in Asia established in February 2015. DAILY group own various cryptocurrency portfolios such as, CoinOne (crypto exchange in Korea), Cross (remittance services), The Loop (The enterprise blockchain engine, composed of distributed general ledger, smart contract, and management module. The Loop is the backbone of ICON). With this partnership, DFG could help SIX Network with their experience.
Why should we develop SIX ? What do we solve ?
Mission & Vision
SIX aims to be the Internet of Digital Services, providing decentralized solutions for all kinds of transactions in the digital and creative economies. Our vision is to bring a better liquidity, ownership, and wealth distribution back to the digital creators.
Blockchain facilitates the world without boundaries for the moving digital currencies. However, the digital economy is still isolated, segregated by different types of platforms with their own standards. Money and liquidity were locked inside the middlemen through this complex supply chain. This has four major effects: high transaction costs, lack of financial liquidity, cross-platform exchange difficulties, and unfairness of income distribution.
There are fundamental problems among centralized payment processors, gateways, and financial institutions versus creative platforms, content providers and audiences in the supply chain, including high financial transaction fee. Moreover, the digital asset and virtual money (platform-generated token) are not valued by financial institution and unable to be exchanged to other platforms. We summarize some major problems as the following.
- High cost of payments fee from the centralized platforms : Creators and multi-sided marketplace normally was instantly deducted 30–40% from the centralized payment gateway like iTunes, Playstore, Amazon, Paypal, SMS, or banking payrolls.
2. Financial Liquidity Problem : One big problem all middlemen businesses face is the ‘time-gap’ of the cash flow management.The downstream players, such as big corporate brands with high bargaining power, often request long credit terms (i.e., long account receivable timeframes for the middlemen). This forces the middlemen to push the cash flow burden to the workers in the supply chain (i.e., fewer account payable days than account receivable days). This situation makes it financially difficult for the middlemen as well as the workers to manage their operational cash flow. The gap between cash inflows and outflows reflects the liquidity inefficiency of the system, which is a problem that needs to be solved.
3. Copyright and IP management : After the internet, most of the creative industry was suffering with the copyright infringement. Lots of the creative and digital assets (such as music, e-book, movie, etc.) were traded on the black market, and shared to the p2p sharing network. With blockchain we could originate the copyright to the real creators since the beginning which would make the digital products transactions and flow along its supply chain move perfectly.
4. Information Silos and Low liquidity of each platform providers’ assets:
Existing centralized platforms contain different standard of information silos, preventing content creators from one platform to move their digital assets to other platforms as freely as they expected. Money and liquidity were locked inside the middlemen through this complex supply chain.
Moreover, The money lock inside the platforms and marketplaces (slack credits) cannot be traded or exchanged to the other economy made it become the low liquidity assets. If we could unlock this amount of slack credit by tokenizing it and made it exchangeable between the different token of the other platforms, it would result in the win-win situation and most people will gain more from the higher liquidity
5. Fairness of revenue distribution and ownership rights
Although many things in the digital and creative industries have been digitized and can move around quickly through the internet, platform lock-in is still the ultimate problem for all players in the supply chain. Platforms such as Youtube, Facebook, or even the Apple iTunes store are currently the main distribution channels, especially for creative workers. Although workers can make money out of the platforms, the creation of wealth is not distributed as fairly as it seems. Creators, at the end of this food chain, get less and less with no power to control over their own digital assets, copyrights, and revenue models. We think there should be a better way.
What is SIX.network?
Our vision is to reinvent the digital economy by building a decentralized infrastructure for the digital and creative industry.
We believe that fair economic infrastructure is necessary to solve these problems. To create such infrastructure, SIX.network uses blockchain technology and smart contract as the backbone to create decentralized platform which consists of SIX Digital Asset Wallet, Decentralized Financial Services, and Wallet-to-Wallet (W2W) Decentralized Commerce.
With this economic infrastructure, SIX can create an ecosystem that is transparent, fair, secured, and efficient for all stakeholders in the digital and creative economy.
Overview of the platform layers
1. SIX Digital Asset Wallet
More than just a wallet for cryptocurrencies, but a single point of entry for your contents, media, IP, loyalty and more.
Store : SIX aims to develop one of the first wallets that will create a new way to store digital assets beyond just the cryptocurrencies. This wallet will be able to store any blockchain-based digital assets, ranging from creators’ digital assets (music, film, digital content, etc.) and digital copyrights to digital loans, payrolls, or even loyalty and reward tokens.
Connect : SIX.network gives users the ability to directly connect with one another through SIX Digital Asset Wallets. This will remove the power of control from centralized platform providers who currently take significant portions of the supply chain profits through their platform lock-in strategy. SIX.network will provide a p2p communication layer for SIX.network users and decentralized chatbot APIs for businesses because SIX.network believes that communicating through instant messaging is the closest to natural human communication.
W2W Commerce : SIX.network will provide the most enjoyable and convenient form of decentralized commerce. Musicians can sell their works of art directly from their SIX Digital Asset Wallets while the rest of the stakeholders, including producers, aggregators, and streaming app providers, could plug-into the decentralized ecosystem and use smart contracts to pass the copyrights and revenue sharing flow to one another. With the semantic metadata concept, SIX.network’s goal is to set a global standard for digital assets that allow machines to talk among themselves, leading to an automated and transparent marketplace on the blockchain.
2. Decentralized Financial Services
Future of digital banking for the creative industry; such as Smart Payroll System, Short-term business liquidity and Assets to loan solutions.
2.1 Smart Payroll
The digital and creative marketplaces; such as, professional photography platforms, graphic template marketplaces, and digital publishing platforms like cartoons and fiction or other user-generated-content (UGC), have two-sided payment processing fees, which are quite high and result in tedious operational tasks.
To solve this problem, SIX’s Smart Payroll utilizes the power of smart contract to create fair costs for handling services from one end to the other, and to eliminate the inefficiencies in managing contracts and micro payrolls in the digital and creative industries. Lots of agencies and middlemen’s cost could significantly reduce by this services as follows;
- Agencies hiring (thousands of influencers hiring in a campaign)
- Creators revenue sharing (Payrolls of revenue sharing after a period of time)
2.2. Liquid Pay (Digital Asset to Loan)
Financial institutions never know the true value of creative works. Digital contents created by these creative workers on one platform have no value to third-party financial institutions. However, the platforms know how much actual cash flows the digital contents are creating in the system. This makes it possible for the platforms to lend money to creative workers while the workers use their works as collaterals in the transaction. If the principal is not repaid, ownership of such intellectual properties will be transferred to the platforms. With this idea, we have come up with our Liquid Pay system.
Liquid Pay is a liquidity provider platform for creative workers (e.g., freelancers, influencers, digital agencies, etc.) that provides short-term financial liquidity for individuals in the digital and creative industries using smart contracts and automated risk management algorithm to control the possible risk to loan or advanced payment that the creators could be requested.
For example, Bob saves his digital album to our blockchain wallet. Using the smart contract to manage copyright as a service. Now Bob has many revenue sharing options to choose…either to sell his work to the audiences, or to distribute it to the decentralized streaming services, and many more. The blockchain could help Bob track the originality, and the community could help Bob get rid of the black market by receiving some incentives in return.
This liquidity pool protocol and the digital asset backed solution could be applied to many digital services layers in the future by providing some incentives back to the community.
3. Business Points & Loyalty Tokenization
Numerous digital points are in the market today, including credit card points, air mileage points, loyalty points, ad watching points, web access credits, gift cards, and many more. Businesses can gain customer loyalty and operating cash flows through this point-and-coin system. However, the flip side is that these digital points become useless outside their own platforms and the cost of converting cash into digital points for different platforms through centralized payment processors is quite high. Businesses are now seeking more efficient ways to reduce these burdens and free up staff for more valuable tasks.
SIX.network will provide businesses an SDK to convert their digital and reward points to their own digital tokens on the blockchain. Our wallet will keep these digital points/coins in one place. There are several upside business potentials, including;
- Accessing tokens to cut out the high payment processing fees
- Gaining a new business model from the use of tokens as payment instruments
- Cross-border expansion
- Opportunities to up-sell or gain new customers
- Better utilizing sunk assets
- Using SIX.network blockchain as an underlying medium between businesses
4. The Future of Digital Services
SIX aims to be the Internet of Digital Services, providing decentralized solutions for all kinds of transactions in the digital and creative economies. Our vision is to bring a better liquidity, ownership, and wealth distribution back to the digital creators.
We envision SIX Digital Asset Wallet will be the center of the digital economy. Everything will tie into the wallet, which will give the power to control back to the digital creators. We will have less apps since as the data is semantically structure, and the creators will have their own right to choose the partners, DAPPs, exchanges, and business model they want inside the wallet.
To make this happen, we realize we cannot do all of these alone. We use ICO as a global platform to let everyone who is interested in this concept to participate. And part of our fundraising will use for engaging existing digital startups to adopt SIX decentralized platform and SIX tokens. Another part is to create a ‘blockchain startup fund’ to let more developers build many more Dapps that could be benefit for the community.
How big the digital and creative industry is
The digital industry in 2016 was estimated at USD 11.5 trillion globally, or about 15.5% of global GDP. The digital economy arises from the efforts of creative workers. These workers are companies and individuals who use their creativity to produce digital assets for the digital and creative industries. This includes writers, bloggers, influencers, music artists, filmmakers, freelancers, programmers, broadcasters, advertisers, photographers, and others. The companies involved in the digital and creative industries that create digital content include digital agencies, aggregators, publishers, marketplaces, and platform providers. The digital and creative industries, which are valued at 4–9% of the global GDP, or around USD 5 trillion a year, have surpassed the entire agricultural industry, valued at USD 3 trillion a year.
Target of SIX.network
- Digital and Creative Platforms and Marketplaces
- Creative workers (Music artists, Freelancers, and all digital creators)
- End-users who consumes the digital media (People who use apps, buy songs, watch movies, read cartoons, listen to audiobooks, etc.)
Team & Advisors
Apart from the solid founding alliance, all SIX.network co-founders and team members are successful business entrepreneurs and investors in the digital startup field. Please check the full list of our team members on the website.
- Mr.Natavudth (Co-CEO) is the 500 Startups venture partner) Lots of experience in managing startup fund with more than 18 years of experience in founding, funding, and managing technology companies. He is a founder and CEO of Ookbee
- Mr.Vachara (Co-CEO) is the founder of Computerlogy, a leading startup focusing on the social media tools for enterprise. He exited his first startup to join Yello Digital Marketing Group (YDMG) in 2016, where he assumed the role of Chief Technology Officer.
- Mr.Charkrid (Chief Blockchain Officer)- with his and deep understanding in technical background. He used to run a hardware incubator and founded Dolphin.io, the Mobile Wallet SDK with Cryptographic 2FA transmitting based on ultrasonic technology since 2014
- Ms.Nisanart (CFO)- She engaged in several cross-border projects during her years at PwC and SCB, as well as numerous freelance investment projects, her experience will help shape SIX.network’s development strategies in any markets it enters.
- And a lot more of our core team, please visit our website
SIX.network got lots of A+ class advisors from the crypto space, to the banking industry, and the music & digital content industry. Most of our advisors are the influencers in their field.
- Morikawa Akira
CEO of CChannel Japan and Ex-CEO of LINE JAPAN
- Mr. Min Kim
Foundation Council of ICON, one of the most famous cryptocurrencies in Korea and top 20 in the world focusing on blockchain interoperability.
ICON is a part of the DAILY Financial group which is under the umbrella of Yello Digital Marketing Group — the same founding members of SIX.network
- Mr. Boyd Kosiyabong (One of the most loved music producers in Thailand)
CEO of Loveis music/ Composer, Singer-songwriter, and Producer
- Mr. Choi Siwon
Singer/ Actor who made his debut as a member of the world’s largest boy-band and Asia’s leading group Super Junior. Over 1M+ followers on social media
- David Lee
CEO of Yello Digital Marketing Group
- Jonathan Lee
COO of Yello Digital Marketing Group
- Khailee Ng
Managing Partner of 500 Startups / Founder of SAYS.com and Groupsmore
- Mr.Korn Chatikavanij
President of Thai Fintech Association / Former Minister of Finance, Thailand
- Mr.Phawit Chitrakorn (P’Jer)
CEO of GMM Grammy (Largest recording label in Thailand)/ Past: MD of Ogilvy Thailand
- Mr.Bhurit Bhirombhakdi (Tae)
CEO of BoonRawd Trading and director of Singha Corporation (One of the largest beverage brand in Thailand + Managing Singha Ventures Startup Fund)
.. and more (Please visit website for updating the list)
Wave1 (Q4 2018) To deliver a decentralized financial-services proof of concept to real businesses and creative workers
Wave 2 ( Q1 2019 ) To implement the majority of SIX’s features through partnerships with SIX’s developer’s communities and geographically expand with strategic partners
Wave 3 ( Q3 2019 )To launch complex features to the public for feedbacks from real users
Wave 4 ( Q1 2020 )To set a new standard in the digital and creative industries by making a global and open source standard of major digital assets
Wave 5 ( Anytime soon ) To become the Sixth Necessity for the digital and creative industries
Links that you may be interested
- Website: six.network
- Facebook: https://www.facebook.com/thesixnetwork
- Telegram: https://t.me/SIXNetwork
- Whitepaper: https://six.network/documents/SIX-whitepaper-en.pdf
- Our CEO vision
- Frequently asked questions from the communities (soon)
About SIX ICO
How can I contribute to the SIX.network ICO
To contribute in the SIX network, please visit https://six.network, we will open for pre-ICO on 3 APR 2018 with 6% bonus for early bird. Before your contribution you need to get approved on KYC verification first, once your KYC status is approved, finally you can start contributing on our ICO.
- For “How to buy” instruction, please follow the link
What is the cost of each SIX token? What currency do you accept?
- Token Main Sale Price : 1 SIX = USD 0.10
- Accepted Currencies: Ethereum(ETH) and Stellar Lumen(XLM)
I am an US citizen. Can I participate in the ICO?
SIX.network is a worldwide ICO and open to everyone. However, Civils in the jurisdiction of the US, China, and Singapore are not able to join this ICO contribution according to the laws. Apologize for inconvenience this may cause.
What is the Hard cap, Soft cap and what is the total token supply?
A soft cap and hard cap are fundraising goals. A hard cap is the absolute upper limit a team will take. Whereas, a soft cap is more speculative. A soft cap is typically a lower limit, more like how much a team is aiming to raise.
According to our number, our Soft cap is 15,000,000 USD and Hard cap is 42,905,579 USD. There is a total if 1 billion SIX tokens supply.
Is there a minimum contribution stake?
Yes, minimum of contribution is 1,000 SIX tokens. For example, cost of 1,000 SIX token is 3,000 THB and currently 1 ETH is 14,500 THB. So the minimum of contribution is 0.2 ETH.
Will you be listed on exchanges?
Is there a discount or a bonus during the pre-ICO?
There will be a 6% bonus rewarding to people who finish the KYC and claim the pre-ICO discount in this limited time frame.
How can I buy (contribute to) SIX ICO?
To contribute to SIX ICO, you need to have some cryptocurrencies first. (We accept ETH, XLM for ICO contribution). Please read through these instructions carefully since SIX ICO do not accept buying via national currencies due to the regulation.
- If you still don’t have the crypto currencies mentioned above, you could visit any exchanges to buy it. It could be international exchanges like Binance, Bittrex. Or, local exchange based on your location such as; BX.in.th (Thailand), Upbit or Coinone (Korea). Please follow the exchange instructions on how to open the account, do KYC, and buy those accepted currencies.
- If you’ve already got some ETH or XLM but it is in the exchange wallet address, you need to transfer it to your personal crypto wallet first. *This is very important since WE DO NOT ACCEPT WALLET ADDRESS FROM CRYPTO EXCHANGE*.
- For example, the ETH wallet could be Myetherwallet, Metamask, or mobile wallet like JAXX, or Exodus (Any wallet that you own private key or seed should be fine). We also write a step by step on how to create ‘MyEtherWallet’ here.
- Register to https://ico.six.network/ The wizard will let you do KYC. After you complete the KYC, we will send you an email to let you contribute to the SIX ICO.
- Following these instruction on how to transfer
- Transfer with Stellar Lumen or YouTube video here (Thai language)
- Transfer with Ethereum or YouTube video here (Thai language)
After you successfully transferred, the transaction will be automatically update to your dashboard as the following photo.
What document is required for KYC process ?
As part of KYC (Know-Your-Customer), Anti-Money Laundering & Suitability requirements, a verified identification document may be required. We recommend uploading a photo of your valid passport and photo of utility bill to verify an address . In case of your are Thais, national ID card is required.
If there are any issues with your identification documents. We will sent you an email to do re-submit the document .
Where is SIX.network corporation incorporated ?
We register our holding company in Singapore and our operating company in Thailand.
Why should I contribution in SIX ICO?
Consider making a contribution in SIX if you believe there’s a possibility that blockchain can disrupt the creative industry like we do. We’d been in the digital and creative industry for a while with millions of creative workers working with us. Our alliance commit to adopt SIX in our ecosystem as an example to show the industry and other startups how we all can get benefit from the blockchain technology. We believe SIX will be a big part in transforming the industry and bringing back power to the digital creators.
SIX Token details
Token name: SIX
Type of platform : Stellar
Total number of tokens: 1,000,000,000 SIX
Token main sale price: 1 SIX = USD 0.10
Minimum Investment sale amount: 1,000 SIX tokens
Emission Rate : No new tokens will ever be created
Circulating Tokens : 520,000,000 tokens
Accepted currencies: Ethereum (ETH), Stellar (XLM)
Soft cap: USD 15,000,000
Hard Cap: USD 42,905,579
Pre-Sale start: April 3 2018 11:00 (GMT+7) until the end of the allocated time period or allocated tokens are sold out, whichever is earlier.
Public ICO: Start immediately after Pre-ICO tokens are sold out until May 31, 2018 11.00 (GMT+7)
Token distribution: 47.45% ICO & Pre-ICO / 4.55% Early investor / 13.00% Team & Advisor / 10.00% Company / 25.00% Bounty & reserve
What is ICO ?
An initial coin offering (ICO) meaning of raising capital through a crowdfunding campaign with the use of crypto-assets as an investment. A digital asset, the coin or the token, is issued for a purpose and are sold to raise money for the said purpose. Each project creates a new cryptocurrency in the form of tokens, which are then sold to the public to raise funds for project development.
After the ICO process is done, the coins are traded on crypto-exchanges and market supply and demand decides on their fair pricing. If the product itself is then successful, these tokens can potentially become very valuable.
How could I participate to SIX.network ICO?
- Please visit https://ico.six.network/
- Please following the instruction on how to contribute to the ICO
Other Frequently Asked Questions from the Communities
Who/What are the potential competitors to SIX.network?
- May be ‘time to interact’ could be our biggest potential competitor as blockchain is fighting with other fast web. Lol
- Existing centralized payment platform providers like itunes, paypal, also could be defined as our direct competitors.
- For blockchain projects, the one like Status.im have some similar layers to us but with big different in architecture and business partners
Why do you choose to use Stellar instead of the famous Ethereum?
SIX.network will use Stellar for the payment and transaction, and Hyperledger Fabric for the smart contract.
- Why Stellar? : Using the strength of XLM, we could bring the transaction cost down to 0.0001xlm per transaction with much higher speed than Ethereum. The co-founder of SIX posted a personal views based on his testing [here]. Tx speed and tx fee is the big thing that freeze the blockchain usage at the moment. Think about what if you have to wait 5 minutes after the payment for just a song. We could do this for 3–5 secs now with Stellar. This is not yet include the fact that lightning and DEX will be ready soon too. While casper roadmap move to q4 2018.
- Why Hyperledger? : Readiness to implement for real-world applications. There are a lots of solid businesses using Hyperledger in their private blockchain such as financial industry, insurance, supply chain, logistics, and more, while the Solidity (Ethereum’s smart contract shows lots of flaws based on the researcher testing.)
What are benefits of using stellar-blockchain? I saw several projects using Ethereum for the digital contents smart contracts; such as gaming, music services, etc. Why do you need to choose a different technology?
- We do lots of test on existing blockchain. While Ethereum and Solidity seem to be possible for doing lots of things; such as game, music, etc., the cost of executing smart contract on Ethereum mainnet could be very high, with unfriendly experience in estimating the fee. (Gas limit vs Gas price)
- For example, executing basic multisig smart contract on Ethereum may cost around $10-$30 usd. Plus if you estimated the gas limit wrong, that execution will be unsuccessful and you lost the execution fees for free to pay the miners.
- With XLM + Hyperledger (the method SIX.network use), we could do many things cheaper, faster.. this means a lot as you can think about those micropayment like streaming music, buying a chapter of cartoon, etc. Those revenue of micropayment cant be possible with high cost of executing smart contract.
- You can try executing smart contract on ‘proof of work’ blockchain and you will see what we are talking about. There is a good comparison here.
- We think the concept of SIX Digital Asset Wallet won’t be possible without blockchian.
- Let’s think about one important concept of the blockchain, ‘proof of originality’. Most of the digital assets today (music, file, photos, ebook, cartoon) are infringed by the internet era since we cannot track the originality + we could not give the penalty to the fraud creators. With blockchain we could originate the copyright to the real creators since the beginning which would make the digital products transactions and copyright flow along its supply chain move perfectly.
Is the power to control of the centralized platform providers consider to be a problem?
- The problem of the middlemen with too much power are always be the problem to all industries. As the centralized middlemen can sqeeze the creators or the customers by their rules (contracts). To reinvent this ecosystem, we need to make the Digital Asset Wallet that have creators at the center. They will have their own right to choose a fair middlemen to work with through smart contract.
Will your platform have its own marketplace where the content creators will be able to receive tokens for their works?
- On SIX Digital Asset Wallet (DAW), the concept is one place to store all your digital assets, including all business tokens, cryptocurrencies, digital content copyrights, and more. What we provide is a decentralized and open source SDK that an existing marketplace, platforms, could integrate SIX DAW on to their existing system. Therefore, we don’t need to reinvent building various types of platforms, rather we aim to be the blood vessels that bring liquidity to their system. So, the creators that work with an existing platform providers could get another option to receive tokens for their works.
- The digital platform providers such as freelancer websites, template marketplaces, fiction app marketplaces, music store, and more, could benefit from integrating SIX DAW onto their system, or even use our API to do launch their own tokens as well.
- As all of these digital businesses connected, the DAW and SIX tokens could be the medium of exchange to bring more liquidity to all token users, while the businesses will gain upside sale and cross-border opportunity from the network.
Intermediaries often take on the quality control function. And who will control the quality on this platform?
- SIX didn’t completely cut off the intermediaries. We trust that the intermediaries that work with the creators are an important part of the ecosystem who should receive a fair income distribution as well. However, what we are trying to do is ‘how not to let an inefficient middleman took a power of control over the creators’ copyrights and business model’. To make this concept happened, we will use SIX Digital Asset as a single point of entry to save all digital assets, while providing services that let the creators engage with the business platforms and their customers through the wallet.
- So, to answer this question, the intermediary still could provide their quality control as a service and use smart contracts to manage revenue model with the creators. The creators will have a choice to use any intermediaries that give them a fair business model as long as they really own their rights of the digital assets.
The concept of Single Wallet? Is it safe that all data will be in one place?
- To understand the concept of blockchian and distributed ledger, the data (in this case it could be tokens, smart contracts) is distributed to all the nodes which won’t have single point of attack.
- What if the creator was hacked?
On the creator side, they could do the kyc to get proof of ownership as well. So, if the creator was hacked their seed (or private key), the multi-sig wallet won’t allow the fraud hacker to access the assets. The creators could resolute to claim their assets and rights back later.
What if the creators in SIX.network steal the copyrights from the others and submitted to the ecosystem?
- Don’t forget that we can attached penalties to the identities. For paid creators, you may need KYC. Things like you mentioned have to be carefully thought as it will be an immutable record as they got report from the community.
- Things like this happened everyday in real world too. But with blockchain, we could reduce lots of proof of evidence for legal processes which is all about inefficiency.
Liquid Payrolls : Can you tell me more what it is?
- Liquid Payrolls is the product in our roadmap that offer the creator option to get an instant payment from the business (platform providers, agencies, customers) which normally have the payment terms.
- For example, Bob works with one agency for helping in the online marketing campaign. Since the agency got a payment term with their client (i.e.,60 days), they have a cash flow liquidity problem to offer Bob instant payment after the job. In most case, Bob will be offered payment terms 30–60 days ore more as well.
- The Liquid Pay use two product functions in the SIX Platform (Smart Payrolls + Liquidity Pool) to let the creators (or even businesses) get an advanced payment before the payment terms. This is one of big the global problem that all middlemen businesses and creators faces, so we think this could help bring a better liquidity to the people.
Why hasn’t anyone tried to solve the Double Payment Processing Fee problem in this sector before SIX?
Many people are trying to solve this problem. Unfortunately, as they have to touch the national currencies who demand a strict regulation and taxation, the cost and liquidity of circulating multi-sided payments cannot be possible. With Bitcoin and blockchain technology, moving money borderless is possible now, but the cost of ‘proof of work’ model is too heavy. We minimize those cost structure by allowing business to use SIX tokens within their own ecosystem. While allowing an ease of integration through SDKs and APIs which will let most startups and creative platforms engage to use our tokenization platform to implement it in real world easily.
How could SIX determine the ownership of submitted creative work ?
Thanks to blockchain, we can track the originality with timestamp. This could help proof of ownership for most case. Here is how it work.
- IP or copyrights (which is in smart-contract form) will direct to relate asset classification. This could run by a machine. With some vetting system for some certain type. (This service could outsource to permissioned network of copyrights lawyer and provide some incentive back)
Where can I track your development? When should we expect to see the PoC version?
- Please check it out at our https://github.com/thesixnetwork/docs We will keep you update.
What will happen if the core team disappeared in the future?
- It is open source. The core team is just the originator. Like Bitcoin, Ethereum and other solid open source communities, without the core team the community could help the product keep going by mission and vision.