{"id":20030,"date":"2018-09-21T01:00:50","date_gmt":"2018-09-21T08:00:50","guid":{"rendered":"http:\/\/writersfunzone.com\/blog\/?p=20030"},"modified":"2018-09-24T11:50:01","modified_gmt":"2018-09-24T18:50:01","slug":"what-is-po-et-poe-beginners-guide","status":"publish","type":"post","link":"https:\/\/writersfunzone.com\/blog\/2018\/09\/21\/what-is-po-et-poe-beginners-guide\/","title":{"rendered":"What is Po.et (POE)? | Beginner\u2019s Guide"},"content":{"rendered":"

This Article is Originally Posted on <\/span>CoinCentral.com<\/span><\/a> and written by <\/span>PAULA PETTIT<\/span><\/a><\/p>\n

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What is Po.et?<\/span><\/h2>\n

Po.et<\/span><\/a> is an Ethereum-based, universal ledger designed to track ownership and attribution for the world\u2019s digital creative assets.<\/span><\/p>\n

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Po.et (POE)<\/span><\/a><\/p>\n

Powered by CoinMarketCap<\/span><\/i><\/a><\/p>\n

In today\u2019s age of instant information exchange, licensing processes and accreditation have become a huge pain point for digital content creators. In a simple click, anyone can copy your picture or paragraph and repost it as their own. If they do seek proper licensing, it can be a highly labor-intensive task, requiring multiple emails and lawyers. Oftentimes, this process is simply not worth it for an article that took a journalist just a couple of hours to write.<\/span><\/p>\n

Po.et has made it their mission to address this problem by creating the first platform that uses the blockchain to digitally timestamp content and serve as a single source for licensing information.<\/span><\/p>\n

How Does It Work?<\/span><\/h2>\n

A Unique \u201cFingerprint\u201d<\/span><\/h3>\n

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Po.et uses \u201cProof of Existence\u201d, the<\/span> first non-financial application<\/span><\/a> of the blockchain. When you add something to the Po.et marketplace, it\u2019s given a unique \u201cfingerprint\u201d that can\u2019t be altered, tampered or edited after being assigned. Thanks to the blockchain, the \u201cfingerprint\u201d has no single point of failure and the content needs no 3rd party or publisher to gain access.<\/span><\/p>\n

A Digital Marketplace<\/span><\/h2>\n

On top of offering an immutable certificate of ownership, Po.et also aims to be a platform for creators to be discovered. You can add your digital content to different marketplaces to be featured and properly licensed. The marketplaces use Po.et\u2019s token, <\/span>POE<\/b>, to uniquely incentivize members to add and fairly rate relevant content.<\/span><\/p>\n

To add content to a marketplace, you must first stake your coins. If the members of the marketplace believe the content is a good fit, they\u2019ll accept it. If the members of the marketplace don\u2019t believe the content is a good fit, they reject it and confiscate your coins.<\/span><\/p>\n

As a member on the Po.et platform, you can create your own marketplace and make it as broad (ie. photography, poems, memes) or specific as you choose (ie. pictures of walruses in birthday hats, songs about climbing rocks in Colorado, etc.). You can then specify the voting terms, requirements, and amount of POE new contributors need to stake to apply to join. The more quality content in a marketplace, the more valuable the marketplace becomes. This incentivizes members to only accept quality, relevant submissions and reject the unfitting ones.<\/span><\/p>\n

This staking process should incentivize you to only submit relevant content as you\u2019ll lose your coins if not. So, don\u2019t submit pictures of \u201cdogs in sun hats\u201d to \u201cwalruses with birthday hats\u201d \u2013 the community won\u2019t accept it.<\/span><\/p>\n

Additionally, if someone submits content to a marketplace that you believe has been plagiarised, you have the ability to \u201cchallenge\u201d the submission. Using the unique fingerprints assigned to each document, members can vote to accept or reject the challenge. If the challenge is approved by the majority of the members, the new content is removed from the marketplace.<\/span><\/p>\n

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POE Token<\/span><\/h2>\n

POE is the <\/span>ERC20 currency<\/span><\/a> used on the Po.et marketplace. At the time of launch, it\u2019s<\/span> three main uses<\/span><\/a>, as described by the Po.et team are:<\/span><\/p>\n

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  1. To bootstrap the network effects of Po.et by creating a community of engaged invested stakeholders and publishers<\/span><\/li>\n
  2. To raise funds for the long-term development of the Po.et Foundation<\/span><\/li>\n
  3. To provide a mechanism to incentivize and reward early adopters and positive contributions to the Po.et network<\/span><\/li>\n<\/ol>\n

    As the network matures, the founders hope that POE can serve as the economic incentive behind Po.et\u2019s need to promote quality, curated content on their trustless platform.<\/span><\/p>\n

    The team minted a total of 3,141,592,653 (the digits of pi!) POE during the ICO in August 2017. The team sold 50% to the community through the token sale event, raising a total of $10 million USD. The rest of the token allocations were as\u00a0<\/span>follows<\/span><\/a>:<\/span><\/p>\n