Po.et is a cryptocurrency focused on content ownership.
But is POE cryptocurrency a good investment? And why does content ownership matter?
In this coin review, you’ll discover a beginners guide to what Po.et is, how it works and the reasons for/against investing in it.
Read on or jump to the section you’re interested in.
What Is POE Cryptocurrency?
Po.et (POE) is basically a ledger that tracks ownership of content on the internet.
Their vision is to become the largest database in the world of verifiable content on the web.
It’s kind of like a blockchain version of copyrighting or trademarking.
Po.et’s database could verify digital assets in 3 ways:
1. Ownership: Who owns the content and who created it?
2. Licensing: Can the digital asset be re-purposed or republished?
3. Original Source: When was the content originally published? Has it been altered since publishing?
What Problem Does POE Cryptocurrency Solve?
So let’s say you own a blog or create your own videos and publish them online.
That content belongs to you.
You’ve spent your valuable time creating it.
And of course you know that, but how does anyone else?
The problem is that a lot of content gets stolen on the web.
Someone might find your video on YouTube, download it and then publish it to a channel like Steemit.
And as an outsider who just stumbles onto the plagiarised video, they wouldn’t be able to tell who actually owns that content.
That’s where Po.et comes in.
It creates a database where you can authenticate that you own a piece of content.
It’s kind of like copyrighting or trademarking your content.
How Does Po.et Work?
With existing content, you can see an image’s meta data.
But that’s not really enough to deter plagiarism.
Or you could re-publish someone’s blog, but you can’t be 100% certain who that content belongs to. You kind of just have to take someone’s word for it.
Po.et’s designed to simplify the process.
How Does Po.et’s Blockchain Operate?
Po.et operates via a fork of the Ethereum blockchain.
Their system basically timestamp’s each piece of content that’s submitted with a file hash.
These digital assets are then hosted on an immutable ledger, so records can’t be changed historically.
So if there’s ever a debate over who owns a digital asset, ownership can be proved cryptographically via a file hash and a timestamp.
Finally, if any changes are made to a digital asset, then the blockchain ledger is updated.
For example, let’s say a new paragraph is inserted into a blog.
When you insert a new paragraph, their blockchain would create a unique file hash that identifies the changes you’ve made.
So why is that useful?
Well, this helps identify whether a digital asset has been modified.
In the world of content, there are different types of copyright licences – some allow modifications, some don’t.
So validation using a timestamp could be the difference between facing legal action or complying with copyright laws.
How Does Po.et’s Database Apply From A Legal Perspective?
Po.et’s system is only relevant if it can be enforced legallly.
Otherwise, there’d be no consequences to plagiarising content.
If the law doesn’t recognize the credibility of blockchain based records, then your evidence of plagiarism wouldn’t be admissible in court.
Obviously, this is the difference between being Po.et being credible – or being a meaningless stamp of approval.
Now this really depends on where in the world you and the plagiariser are based.
If you’re a content producer in the US, you’ll struggle to track down a plagiariser in China.
Plus, laws vary state by state.
Also, whilst I’m sure blockchain based evidence in court will become more accepted in the future, right now it’s still an emerging technology.
That means the records on Po.et don’t hold much authority.
Is Blockchain Based Evidence Admissible?
Whilst there’s a lot of legislation around digital evidence, there aren’t many laws focused on blockchain based records.
However, here’s a few examples of laws that have already been passed:
How Will Blockchain’s Legal Credibility Change?
Whilst Po.et’s database has little authority in court now, this could all change.
In the future, blockchain evidence is expected to become a common way of verifying criminal records.
Governments and legal institutions are already looking into this.
So just like how videos or bank statements are used for verification, the blockchain could also become extremely useful.
That’s mainly because of it’s immutability.
What’s The Use Case Of POE?
So who would be affected by POE’s technology?
Here’s a breakdown of stakeholders who would use it:
- Content Producers: Someone who creates digital content such as ebooks, videos, images or blogs
- Publishers: Websites who publicly publish content on the internet. Basically, anyone who owns and publishes on their website
- Editors: People who edit and approve content before it’s published – this could include Amazon’s Kindle service, online magazine’s or content curators such as Udemy
What Does The POE Coin Do?
So now you know how their blockchain works, you might be wondering what the POE token is actually used for.
This token is basically the marketplace currency for buying and selling digital assets.
So just like on Flickr you’d pay or accept payments in dollars, with Po.et you’d use their POE tokens instead.
But how does that work in practice?
Here’s a few examples.
You can stake POE tokens to make your content discoverable on a marketplace.
If you were planning to sell your content or re-licence it, you’d accept payments in POE coin.
Want to republish someone else’s content?
You can also buy licences for content with this cryptocurrency.
So say you want to host someone’s image on your blog:
You’d buy a licence for that image from the marketplace, using POE’s token.
As an owner of POE token, you get voting rights too.
It’s an open source project.
So that means anyone can join their development community, and then modify or suggest changes to the code.
But how does the community decide which upgrades to implement?
Well, if there are upgrades planned for the network and you stake the coin, you can vote for or against these upgrades.
It’s basically a democratic voting system.
Benefits Of Cryptocurrency:
You’d also gain the other benefits of cryptocurrency too, such as more security, fungibility and decentralisation.
So there are a few use cases for POE’s token.
Is POE A Good Investment?
How Could POE Cryptocurrency Fail?
One of the biggest concerns I have about this coin is that it mainly relies on adoption.
If nobody uses the database, it’s obviously not going to be useful.
They can have the best technology in the world, but if no-one uses it then POE’s going to struggle to become relevant.
So in order for it to become successful, they’re relying on other people to use it.
So what have they achieved so far?
The last time I checked, Po.et’s WordPress plugin only has 100 active installations.
Plus they only have 2 reviews (but both of them are positive).
Realistically, their database needs hundreds of thousands of users for it to be successful.
Do Content Producers Care About Copyright?
POE’s success relies on content producers seeing the value in their technology.
But as a content producer myself, I’m not totally convinced.
- When I produce content, if someone republishes my blog they usually credit my work with a link to the original article
- I want my content to be shared – as long as it’s credited back to the original source
- If someone’s stealing my content, then it doesn’t worry me
- Plagiarising content is usually punished in the long-run
- YouTube and Google are already sophisticated enough to check the original source
- These platforms can usually check via backlinks, publishing dates, domain authority and the website’s history of republishing content
- Even if someone steals your content, there’s not much you can do about it
- There’s no internet police and there are no consequences for plagiarisers globally
- For example, if someone from China or India republishes your content, you can’t really take them to court
All in all, plagiarism on the web isn’t really a big deal.
Personally I see much more value in decentralising the web, rather than copyright problems.
What Is Proof Of Existence?
POE coin’s model is focused on Proof of Existence, a technology developed by Manuel Araoz in 2013 via the Bitcoin blockchain.
Proof of Existence is a digital service where you can check a file’s timestamped record.
Now POE’s technology takes Proof of Existence one step further.
They’ve labelled this Proof of Existence 2.0.
You see, the standard Proof of Existence model isn’t ideal.
You need the original file to verify ownership.
And sometimes, that’s not easy to find.
With POE’s model, you’d be able to openly search for the original file and it’s metadata.
So you’d save time, whilst being able to easily verify a file’s origin.
Why Shouldn’t You Invest In POE?
POE Price Prediction
I think Po.et have a long way to go before they gain any traction in price.
Their WordPress plugin hasn’t gained many users, and for POE cryptocurrency to be successful they need to be adopted by a lot of content producers.
For Po.et to be effective, you’d need more legislation for blockchain based evidence.
Legal systems around the world right now just aren’t really developed for blockchain technology.
And because legislation usually takes years to implement, it could be a long time before POE becomes recognised legally.
Po.et ICO Overview
Here’s a few key details about their ICO:
Po.et’s tokens actually sold out during their ICO, raising $10,000,000 in funding.
They’ve stated in their white paper this funding will be used mostly for developer salaries and rewards to their open source community.
For me, that’s a red flag.
Because one of my biggest concerns is that POE haven’t dedicated their funding towards marketing the product.
Po.et’s success is so reliant on adoption.
And marketing is the key to attracting content producers.
Whilst the technology is important, marketing of their product is crucial.
You can have a mind-blowing blockchain product, but if you don’t have the users then you’re going to struggle.
So without dedicating most of their resources to marketing, I can’t see them succeeding.
What’s Planned For The Po.et Roadmap?
POE’s development roadmap is split into 3 key stages.
Let’s take a look at each.
1. The Rosetta Era:
At this stage, they’re creating a template meta-data catalogue of content.
So their tool will allow time stamping for content producers where they can track:
- Word count: How many words published in the blog
- URL: The original link the content was published from
- Author: Author name and their details
- Publisher: Website the content was published via
This stage is all about increasing adoption.
Their strategy is to attract publishers by offering a cheap time stamping solution for their content.
2. The Gutenberg Era:
During this stage (which they’re currently at), more advanced features are being released for POE.
Their plan is to reward content producers with POE tokens, whilst making it easy to sell their content.
- Licensing Options: So publishers can franchise their content via the POE marketplace.
- Methods Of Payment: Users of POE can accept payments or send payments via the marketplace.
- Showcasing: Users will be able to create a portfolio of their content. This is immutable – so historic authorship records can’t be changed or altered. They can only be updated.
3. The Alexandria Era:
This is the last stage of their roadmap.
By this point, they’d expect to have a large user base of editors, content producers and publishers.
- Franchising: Larger corporations could launch merchandise licensing – for example, t-shirts, watches or key rings.
- Resources: More resources, tutorials, video lessons etc will be made available.
- ICOs: Users will be able to develop their own DApps and marketplaces via the Po.et blockchain.
What Is POE Coin’s Price?
You can check out their latest prices here.
Po.Et Vs Tron
Po.et’s often compared to Tron but they’re not the same at all.
Sure, they’re both targeting content producers and decentralizing the overarching power of big media platforms.
But thats’s where the similarity ends. Here’s why:
- Tron is more of a reward platform, whereas Po.et is more of a support tool
- So Tron rewards content producers with tokens for creating digital assets
- Whereas Po.et supports content producers with the ability to timestamp their content
- Po.et is a database used to verify content – whereas Tron is a social media platform
From an investment perspective, here’s how they compare:
- Tron is one of the biggest cryptocurrencies in the world – POE is outside the top 200
- Tron already has millions of users, POE’s user base is only a few hundred
- Tron has a much higher market capitalisation, meaning they’ve received more funding to back their project
Po.Et Vs Media Marketplaces
Media marketplaces like Shutterstock and Flickr already sell images and videos, offer different licensing packages and credit the original source.
So how does Po.et compare?
Personally, I think these media marketplaces are just too well established to beat.
Let’s look at the facts:
- These websites already have millions of users.
- They already highlight a digital asset’s original source.
- And it’s a solution that works.
Despite this, here’s how POE’s verification model is different:
- POE’s verification model would be interoperable with other websites
- Unlike Flickr or Shutterstock, you could see the digital asset’s source from anywhere on the web
- It’s available on content management platforms like WordPress and Drupal
- POE’s model is more decentralized via the peer to peer blockchain – it’s not stored in one single place like Shutterstock or Flickr
- That means there’s no single point of failure
- It also means the POE network is more democratic and there’s no overarching authority
Any Ethereum compatible wallet can store ERC20 tokens like POE’s.
Where Can You Buy POE Currency?
It’s available to trade on most mainstream cryptocurrency exchanges including Binance, OKEx and Bancor.
Where Can I Find The Latest Po.Et News?
Here’s a few useful links for finding the latest updates on POE:
Is Po.et An ERC20 Token?
Whilst Proof of Existence was originally created on the Bitcoin blockchain, Po.et tokens are ERC20.
They were created from the Ethereum blockchain.
Where You Can Find The Po.et White Paper?
You can read the full POE whitepaper here.
Can You Build DApps On Po.et?
Decentralized apps (DApps) could be built on the POE blockchain, which is useful for developers and programmers.
Because you could then easily create your own digital asset marketplace, where users can buy and sell the rights to content.