Overview
Publishing institutions, who serve as dependable third parties in charge of payment and distribution are major component of the existing system for digital publication distribution. Although this arrangement works well for most periodicals, it gives these institutions a great deal of editorial power. The cultural positions and ideals of these organizations impact this control, which makes it difficult to achieve genuinely unlimited information distribution. This restriction significantly hinders the transmission of countercultural content by raising distribution costs and reducing the channels open to niche works. Furthermore, the limitations on the dissemination of non-mainstream content naturally raise expenses, which further limits the variety and accessibility of these resources.
Tokens Soulbound (SBTs)
A new type of digital identification tokens called Soulbound Tokens (SBTs) captures the qualities, accomplishments, and capacities of a person or entity. They use blockchain technology and are similar to Non-Fungible Tokens (NFTs) in that regard, but what sets them apart is that they are not transferable. SBTs stand for distinct and non-transferable identities, going beyond the traditional definition of NFTs, which are frequently connected to status and monetary value. These tokens are inextricably linked to a blockchain network, where they safely hold a variety of personal and professional data, including health records, career achievements, age, and educational background.
SBTs in the Age of New Genre Publications
When it comes to content publication, SBTs provide a tactical answer to the problem of multiple illicit accesses to digital works. Content must be encrypted before being stored on a particular blockchain platform, such as IPFS, Greenfield, or Arweave. Then, designated NFTs—that is, SBTs established under specific payment agreements—serve as the only means of mediating access to this content. NFTs are by definition non-transferable.
For users who want to access content, this system allows them to retrieve it from any blockchain-based content distribution platform using their personal wallets whenever and wherever it’s convenient for them. Crucially, the content is restricted to the approved wallet thanks to these SBTs’ non-transferable nature.
Traditional Publishing Methods vs. SBTs
When it comes to publication, the incorporation of Soulbound Tokens stands in sharp contrast to conventional publishing techniques. Conventional systems mostly rely on centralized organizations to handle copyright, verify creators, and distribute royalties. These procedures can be laborious, time-consuming, and vulnerable to fraud and mistakes. SBTs, on the other hand, provide a decentralized method with increased efficiency and security.
Verification of the Creator: Publishers and legal organizations have traditionally been involved in the painstaking, frequently subjective process of creator verification. This is revolutionized by SBTs, which secure and automate the verification process. A tamper-proof digital signature, an SBT assigned to a creator guarantees that content creation is unmistakably connected to the legitimate creator.
Decentralized Smart Contracts
The model in which users pay to obtain SBTs as credentials for accessing content requires the deployment of decentralized smart contracts. Decentralized smart contracts are an Ethereum invention that may programmatically perform complex actions associated with the creation and exchange of Non-Fungible Tokens (NFTs). This space has grown significantly, and many public blockchains are now capable of implementing programmable smart contracts. There is no restriction on which blockchain these contracts can be deployed on. Rather, they provide the adaptability to function on many blockchains, allowing authors to select their favorite chain for content publication. With this method, content creators can control customer payments and issue SBTs to authorize access to their works. As a result, users have the ability to use these tokens to access particular material.
This decentralized smart contract system’s built-in ability to handle payments and generate Soulbound Tokens—which operate as verifiable content access credentials—is a crucial feature. This attribute plays a crucial role in enabling a smooth and safe content consumption process in the blockchain context.
Real-World Asset Tokenization in the Cryptocurrency Space
In the world of cryptocurrencies, the process of transforming an asset’s rights in a digital token on a blockchain is known as tokenization. This new trend, which combines contemporary blockchain technology with classic asset classes, is a crucial step in the financial evolution.
Tokenization is the process of turning a physical or intangible item into a digital representation on a blockchain. The ownership, value, and rights pertaining to the item they represent are reflected in these digital tokens. The distributed ledger technology (DLT) concepts are used in the procedure to guarantee immutability, security, and transparency.
In summary
Their suggested digital publication method allows authorized content access and electronic payments without depending on centralized entities. They use Soulbound Tokens to handle allowed access to the material first, and smart contracts are used to resolve encrypted payments. On the basis of this, they investigate the technological and commercial potential of encrypting tangible assets like copyrights. Any creative can use this method to publish their work and get paid. Direct transfers of works between individuals are possible without the need for centralized third-party institutions. Anyone can distribute and sell content at their own discretion and make commissions doing so. Individuals can also benefit concurrently from regulating NFTs that are copyrighted.