PHOTOCHAIN - The stock photography revolution

Photochain Platform

With all currently existing stock photography platforms, the only way security of transactions can be ensured is via central control. Our platform works autonomously, securely and efficiently based on predefined rules.

We are developing the Photochain DApp [5] on the Ethereum blockchain. Additionally, Photochain also uses computer vision (machine learning) to fulfill the specific technological requirements of stock photography.

The Photochain DApp is a platform on which artists have the opportunity to sell their work to a broad audience at a price they themselves set, and where sellers are also fully and solely liable for the works they sell themselves.

Rulebook of the Platform

To ensure the self-sufficiency of the Photochain DApp and to reduce the governance of the platform to a minimum, a technologically supported rulebook was developed.

Photochain Network Governance

Photochain’s Governance team is tasked with accompanying the Photochain DApp on its way to being a fully-formed DAO. Photochain Governance develops new versions of the clients’ as well as Photochain’s Smart Contracts.  It also implements the rules as well as running the infrastructure (IPFS Node, Ethereum Node), which will be initially necessary.  Furthermore, Photochain Governance offers a team of moderators that will, especially in the initial phase of the DApp, be needed to resolve claims.

Ranking-system and Reward

We have developed a ranking system that serves as motivation, ensuring the maintenance of the Photochain Community through fair rewards. The increase of rank correlates to an increase of trust to the trade partner and also of the Photochain DApp. The minimum requirement for joining the rankings is registration with a name.

• The moderator gets one point for their contribution to solving one claim (+1)

• For each sold image, the seller receives one point (+1)

• The pictures of sellers are placed according to their ranks in the search results

• An increase in ranking by one point (+1) corresponds to 0.1 PHT. Once the rank of the moderator has grown to 100 points, a payout from the reserve will take place, and the amount in PHT will be transferred to their wallet address

Photochain’s Ecosystem

The Photochain DApp is a platform specialized in the trade of stock photography, in which processes are reduced to a necessary minimum in order to guarantee simplicity and transparency.

Photochain Token – PHOTON

PHOTON tokens are the means of rewarding users across the Photochain Ecosystem. Any type of transaction on the platform will require the use of PHOTON Tokens.

Use cases for the Photon Token are:

• Access to the services of the Photochain platform
• Rewarding the resolving of claims
• Listing on a “featured photographer“ section
• Service delivery from Photochain's partners (like our cooperation partner 1World)
• Featured in search results
• Other microservices, which will facilitate the Photochain Ecosystem in the future
• Reward system
• For the photographers and their services
  

The number of PHOTON tokens will be strictly limited by the declared Hard Cap. After the Crowdsale 21% of the PHOTON Tokens will be reserved for the Team, Advisory board, Photochain partners and legals. After this event, no other PHOTON Tokens will be issued.

Due to the common regulatory situation, it is important to note that PHT is purely a utility token, which does not replace fiat currency and cannot be treated as a currency or an investment asset. In no case can PHOTON Token be regarded as a security token or similar. Rather, they’re to be regarded as a means of exchanging services in the Photochain Ecosystem.

Ethereum ERC20 Token

A crypto token is a digital asset that represents a certain value. From a technical standpoint, tokens are implemented as Smart Contracts in the Ethereum public blockchain.  The ERC20 token represents the current standard today [13], and will be used, according to best practices, as the PHOTON Token standard. This standard enables compatibility with other Smart Contracts in the Ethereum ecosystem. This means the token Smart Contracts don’t have to be updated when new tokens are issued. This ensures stability and seclusion of the Ethereum ecosystem. All ERC20 tokens have the same set of functions and can be sent to almost all crypto wallets that accept Ethereum.

Core Properties of the PHOTON Token

We follow Ethereum best practices when designing the PHOTON token smart contracts and attach immense importance to security audits. We subject the token Smart Contract to various security-based audits before we publish the smart contract on the Ethereum mainnet.

The PHT token is based on the following core properties:

• Name: PHOTON Token (PHT)

• Standard: Ethereum ERC20

• Hard Cap: 230,000,000 PHT tokens to be issued

• Release Date: Our Token Generation Event will take place right after the end of the Main Sale Event. It may take up to 60 days to distribute the PHOTON tokens to contributors

• Represented value: tokenization of photography services

We are forming partnerships in the area of token liquidity and we plan to cooperate with projects, such as Monaco, to offer payment options into the Photochain ecosystem using fiat currency. This functionality is especially intended for users that are not yet fully comfortable with cryptoassests, making it easier for them to get started.

Photochain Roadmap

Photochain DApp development is a technologically and organizationally ambitious project and needs careful planning. We run the project with a mixture of agile methods like Scrum and classic IT project management ITIL. Important milestones of the Photochain roadmap are listed below.

Apr 2017	Idea and business case	Develop business plan Market research
Sep 2017	Prototyping	Development of the DApp prototype Start to form team
Oct - Dec 2017	Preparation for crowdsale	Marketing and preparation activities Get support from blockchain and photography community Register company in Estonia Start to form advisory team
Jan 2018	Private ICO pre-sale	Private Pre-Sale at special discounts for early supporters New partnerships Onboarding Beta Customers/Advocates Prepare ICO platform provided by Swisscom Blockchain AG
Apr 2018	Main ICO sale	Execute ICO with different stages and discounts Establishing a connection to the Cryptovalley Regulatory compliance New collaboration in the photography industry Minting of Photon tokens at the end of the ICO
Jul - Nov 2018	Prepare go-to market	Continue developing Photochain DApp Mainstream adoption campaigns for Photography industry Expand development team Photography influencer support campaign Trading Smart Contracts on Ethereum Mainnet Adoption of Photon token/fiat exchange Implementation of new IP Rights management Acquisition campaigns (photography stocks) for fast scaling Prepare operational services
Q4 2018	Launch Platform	Photochain API for better integration with other services Partnering with a famous brand in the photography industry Photochain Web - DApp 1.0 with basic functionality on main OS (iOS/Android/MacOS/Linux/Win) Launch support services
Q1-Q2 2019	Business Development	Client growth strategy Accept new forms of payments 3rd Party Integrations Integrating with other media blockchain DApps Simplifying of UI Paid microservices for strong revenue
Q3-Q4 2019	Market Expansion	Readiness for the complete mass adoption blockchain as protocol in the background Partnerships with agencies Stabilizing the vitality of Photochain ecosystem Supporting hardware gadget for Photochain (camera support for the uploading the photo direct to Photochain)
Q1-Q4 2020	Market Domination	Photochain DApp becomes a standard for the fair photography trading Photography stock Market Share of 10%

PHOTON Token Mechanics

Token Mechanics	Metrics
Token Name	PHOTON (PHT)
Price per Token (in USD)	0.12 USD
Pre-Sale Cap (PHT Tokens)	10,000,000
Main Sale Cap (PHT Tokens)	170,000,000
Hard Cap (PHT Tokens)	230,000,000
Token Privileges	platform utility token

Token Allocation	%
Token Sale	79%
Management & Team & Legal	14%
Adviser	4%
Bounty	3%

Photochain Pre-Sale

We will finance the development of the Photochain DApp through the use of funds collected in the crowdfunding laps. The funds collected in the Pre-Sale lap will be used especially for marketing campaigns and regulatory compliance.

Pre-Sale PHOTON token Hard Cap: 10,000,000 PHT
Currency accepted: ETH, BTC, LTC

Token exchange rate: 1 PHT = 0.000085 ETH (accordingly in other cryptocurrencies, a discount of 50% of the standard PHT price ).

Amount of tokens per one person: unlimited
Minimum transaction amount in Ethereum: 0.1 ETH
Maximum transaction amount in Ethereum: unlimited (within Hard Cap)
Minimum transaction amount in Bitcoin: 0.003 BTC
Maximum transaction amount: unlimited (within Hard Cap)

Start date: January 2017
End date: Now closed

Financing the Photochain Project

Expenses	Total(in $ millions)
IT Development	30%
Marketing	30%
Copyright and Licensing	10%
Infrastructure	8%
R&D and Platform Evolution	5%
Legal, Accounting and Audit	4%
Cooperation with Photo Agencies	4%
Allocation to Contributors	4%
Business Development	3%
Conferences and Meetups	2%

In order to ensure speedy realization of the Photochain project, it’s necessary all Photochain Governance members are financed for full-time work. The team will be continually expanding, especially in areas of developing and marketing. Since, in our opinion, in some Blockchain projects, security considerations fade into the background, we will dedicate a lot of attention to this topic. The development of safe Smart Contracts is only possible through well-planned test phases. We are convinced that the long-term success of the platform can be guaranteed, among other things, by ensuring a safe environment.

Revenue Projections - 10% of market share by 2022

After successful crowdfunding, the development of the Photochain DApp will be provided by an operational company, Photochain OÜ. Different models of transaction fees will be created, mainly depending on the infrastructure usage. The current draft of the fees is following:

 

As the platform grows we plan to add a number of additional micro-services such as advisory, preferred listing, preferred photographer, hosting services and others in order to either generate new revenue streams or to increase the platform stickiness.  

We can introduce revenue projections by deriving key metrics from the photography stock industry. Our assumptions on these figures are very conservative, based on the financial business case, as well as empirical data from the industry.

Year	# Contributors	# photos contributed / a	# Clients	#Transaction	Projected Revenue (Client based)(in $ millions)
2018	750	750,000	9,000	9,000,000	$1.4
2019	50,000	50,000,000	40,500	40,500,000	$6.1
2020	100,000	100,000,000	162,000	162,000,000	$24
2021	500,000	500,000,000	567,000	567,000,000	$85
2022	1,000,000	1,000,000,000	1,417,500	1,417,500,000	$213
TOTAL					$329 million

Team
See website for continuous updates in team section

See website for continuous updates in advisory board section

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