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Diary of a Blockchain Fan – November 28th 2021

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LikeCoin

I mentioned LikeCoin briefly a few days ago and promised to come back with a fuller update after I’d had time to do some more digging. Well, the digging has been done, so here’s my run through what the project offers.

Likecoin is built on its own blockchain, based on Cosmos SDK, so it’s part of the Cosmos ecosystem (which, as you ought to know by now, I think is a very good thing). It provides the infrastructure required to support decentralised publishing. It does this by acting as a depository for digital content metadata, allowing content creators to assign an ISCN (International Standard Content Number) to each piece of their content. Data recorded includes timestamp, author, title and publisher. The type of content for which an ISCN can be assigned includes articles, photos, videos and music. Their own coin, Likecoin, is used to pay for any and all fees incurred, for example when assigning an ISCN to a piece of content.

In addition, Likecoin provides plug-ins that can be used to deliver content to publishing platforms, including news media, social media and blogs, and there’s also a plug-in that can be used to allow consumers to reward the content owners.

Consumers can access content through Likecoin’s Liker Land app, which runs on Android and iOS. This includes the option of becoming a Content Jockey, identifying and recommending content for others to read.

From the content creator’s perspective, there are a number of attractions. For starters, your content is being stored in a decentralised environment, with all the usual advantages that brings. Assigning an ISCN to your content also allows you to exercise greater control over your content; indeed, the system allows anyone to verify ownership of a piece of content, thereby helping to address the issue of piracy.

I also particularly like the fact you can use plug-ins pretty much anywhere you like, such as on your own website or with your YouTube videos, to allow consumers to tip or sponsor you. This sort of thing is something I am especially keen to explore because I would love to be able to offer my readers, of both fiction and non-fiction, a simple, consistent means for them to tip or sponsor me, without relying on someone else’s platform. Patreon lets you do this but you are, of course, using their platform, not one you control.

Whether or not this project would make a good investment, I wouldn’t like to say. It’s a bit of a tiddler right now, with a market cap around the $35m mark. Whilst clearly having lots of scope to grow, you would also expect to see a good deal of volatility in the price of the coin, as relatively small changes in sentiment tend to have a large impact on price when turnover is pretty low.

But I haven’t approached Likecoin from this perspective. What has interested me is the potential it has to be of practical benefit to me as an author, both for my fiction and non-fiction content. Whilst I’ve spent a couple of hours today and a little time earlier in the week checking it out, I think I need to explore it more before I can be convinced it is worth adding to my life. The idea is excellent, but I want to know how well it works in practice because sometimes even the best of ideas fall short when they are implemented.

I suppose the only way I can really find that out is by giving it a go, which is precisely what I am minded to do. For now, I’m adding it to my watch list, with a note to identify some content I can use to give it a go and when, in the fullness of time, I’ve done that I will be back here to let you know how I got on.

Until tomorrow…

Renaissance Man

Why this Diary?

I thought it might be an interesting exercise, as much for myself as anyone else, to keep a diary of my interests and activities in the land of the blockchain and all things crypto, so I’m going to give it a go at writing a short diary entry each day for the current month, November 2021. It will give me something to look back on and assess and it might offer up some entertainment and topics of interest to anyone who happens to read it.

The Usual Disclaimer

Please don’t take any of the above as financial or investment advice. It is intended to be nothing other than a little entertainment and information sharing. Always, but always, do your own research before committing your money to anything.

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