STORICHAIN - Valuing the story industry through Blockchain

Story telling and story writing have a vast history but it was not very long ago when stories started generating economic value. With the current surge towards blockchain in the tech world, alot of products and services are moving towards blockchain technology. But why only use Blockchain for technical projects? Why not something for the untechnical ones or specifically the content producers? Well, that’s what Storichain is executing!

-Introduction to the Prevailing Problems

At present, the major problems faced by the story industry are illegal copying of ideas and content, publishing of illegal content, profit sharing issues and lack of rewards for contributors. Content and ideas are copied from the original source, without the owner even knowing, and is published on different forums to earn illegal revenues. On the other hand, content creators have failed to get the actual compensation for their work as the profit sharing structures still remain mismanaged. Similarly, whenever readers read a content, share their reviews with the writer and other readers and suggest other readers to read that content, they should be rewarded for the contribution. Previously, the industry was not able to collect reliable data to reward such contributions. Due to all these issues, most people prefer to trade their story assets through offline mediums in order to assure trust.

Content creators and story writers remain underrated for their efforts and work. They are unable to truly value their content as they are unaware of the fact that well-organized and structured narratives generate greater values. This problem arises specifically for the non-professional writers as their efforts can be easily undermined and remain underpaid or not paid at all. Till now, no such online platform existed that would facilitate the non-professional writers in a way to polish their skills and value their work honestly.

-Storichain- Securing the Story Industry

The project Storichain brings forward the idea of implementing blockchain technology in a field other than development and management. By using the versatile characteristics of blockchain, this project aims at solving the existing problems of the story industry. They have explained the term Story Industry as “the industry which uses ‘stories’ as a source of their products and includes areas such as movies, dramas, web novels, web dramas, plays, musicals, and radio dramas”. By 2021, the digital content market is expected to grow from the current $1.449 trillion to $2.4 trillion as stated by National IT Industry Promotion Agency in its 2017 digital content market report.

In the light of all the issues stated above, in 2017, a team of professionals including senior content creators, directors, lawyers and developers decided to take a step forward and create a new platform- “Storichain”. It connects the non-professional content writers with great ideas and story sources to professional writers who have the capability of turning those ideas and sources into polished stories. Storichain bridges stories to Blockchain Smart Contracts, turning them into ‘Story Assets’ while enhancing security. It also prevents ideas from plagiarism and theft by dividing the required contract terms for each process in the story industry into Open Stories, Pro Stories, Contesting Stories, Funding Stories and Viral Stories. It focuses on the contributions made to the story creation, transaction stage and the transfer of ownership more than the story itself. Hence, Storichain does not keep the stories within the blockchain but other important information (contributions to the story creation, transactions and transfer of ownership) only.

-At the Core of Storichain

Storichain will ensure that it systematically measures the contributions made towards a story in a manner that the system records who, when and how of the contribution. It will prove the value of the creators’ efforts by analyzing each creators’ contributions to the story in the case of collaborations. This data is defined as the “Activity Metrics” and will be used to distribute the profits generated by the story. This data can not be altered as it will exist on blockchain. Implementing blockchain technology saves costs and time for story writers and contributors, removes the need for a third party interference and also ensures honest reward and profit distribution.

-Token Allocation & Distribution

Storichain utility token is named as TORI. All on chain transactions/funding will be done using TORI. It is an Ethereum ERC-20 token. It has high utility and value within the ecosystem and can be used for various services and can allow owners to buy digital items and voting right within the network. This token can be bought from a listed exchange and can be utilized in the Storichain dApp.

Coin Stats are as follow:

Initial Supply: 4,000,000,000 TORI (4 billion token issued initially)
1 TORI = around 0.0034~0.0035USD
Sale:
Initial Sale 15% 600,000,000
Sale B 10% 420,000,000
Sale C 9% 360,000,000

-Road Map

Storichain has divided the overall development of the project into 4 stages:

1. MVP Central App
2. Alpha Platform dApp
3. Beta Platform dApp
4. Open API & Protocol Launch

Currently, the project is on the MVP renewal phase. Starting from 2017, the project aims to be fully developed by the end of 2020 with the protocol launch and opening of its trade menu.

-Conclusion

Storichain aims to implement smart contracts inorder to code the terms of the contract between the content creator and the distributor and to review whether the terms have been fulfilled or not. In conclusion, Storichain is a story creation and consumption platform that is based on blockchain and is a collection of protocols for the contracts. This idea needs alot of input before it can actually be implemented.

The challenges that Storichain has to face include but are not limited to;

Identification of the difference between the code language of smart contract and that of natural language.
Legal validity.
Practical implementation of the entire idea.

For updates on development:

Request MVP Experience: https://storichain.typeform.com/to/OadAEx
Design Prototype: https://invis.io/QCMXOJ0YHEK
GitHub: https://github.com/storichain