A new protocol for content ownership: The benefits of POE

Po.et, the decentralised protocol for content ownership, has many benefits, but what are they?

POE is the token used by the Po.et platform, an open, universal ledger for content ownership and monetisation in media. With the large demand for credible platforms that are able to support and manage the huge array of digital creative assets, it is no surprise that projects such as Po.et have appeared.

The Po.et platform applies blockchain technology to supervise and cache its users’ digital creative assets. It aims to construct a valid document of content for the advancement and usage of media apps. The platform’s main mission is to create the first-ever verifiable web, a creative and independent world where sustainable publishing and the next generation of technologies will exist. It claims to be “the bridge to the better web.”

Po.et is a Singapore-based platform first established in April 2017. It was later officially revealed in May 2017 at the Maven Media Summit in Seattle. Later that year, in August, the POE token sale took place.

POE token

POE is the ERC-20 token used in the Po.et marketplace. The token’s purpose is to build incentives around Po.et’s need to promote quality content that is curated on their trustless platform. In 2017, Po.et raised $10 million in their POE token sale. POE tokens are available to purchase on many well-known exchanges, including Binance, Bitrrex, and OKex. They can be bought in exchange for ETH. This is because POE is an Ethereum-compliant ERC-20 token, meaning it can also be stored and kept on any Ethereum wallet such as MyEtherWallet and Jaxx, which are desktop and mobile wallets, respectively.

POE’s current price at the time of writing (January 2019) is $0.005365, with a market capitalisation of around $13 million.

Benefits

One of the major benefits Po.et brings is it uses a shared ledger and data layer techniques to record metadata and ownership for the assets it stores. This allows users to create a certificate of ownership for their data, discover new assets that are verified, and license their own assets.

The platform was created to be extremely flexible, and it allows its users to form their own terms of payments. Content creators then have the capability to manage and store their content correctly and on their own accord. This licensing, through the use of cryptography, automates the process and eliminates the need and use of third parties.

As always, any platform that operates on the Bitcoin blockchain is transparent. It is a trustworthy and secure way of storing data and can be accessed from anywhere as it is distributed completely. Another key aspect of the platform is that all the data stored on Po.et is immutable and verifiable. This abiding portfolio works on the decentralised blockchain network to provide ownership to the user of their content.

Po.et is also a practical function of the Proof of Existence protocol, meaning it uses the Bitcoin blockchain to store data forever in a hash without the need for timestamping. This also allows developers to create metadata and make commercial apps discoverable.

Next steps for POE

For Po.et, the next step in their journey is to bring the platform to the Bitcoin mainnet. Their site says: “Prepare for anchoring claims at scale and ensure that everything you put on the Po.et Network is secure.” As they have grown, and with the help of feedback from their users, they realised the next big step was to get Po.et ready for mainnet, so this is where all their focus will be.

From their site, we can see they have already finished making mainnet hashing active. They have been hashing claims to the Bitcoin testnet, where they’ve built a variety of working integrations, including the Frost API. Po.et’s next goals are to work closely with its users to identify issues and find out the features they would like to see most. Security is an important aspect in the future of the platform, and so the company is also performing a public security review where members and security researchers will be eligible for bug bounty rewards if they follow the platform’s reporting guidelines.

Even though the platform is relatively young, Po.et is already making an impact on the blockchain ecosystem.

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