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This coin, with the cash tag of $POE, is something that’s come across my radar in recent days. So, the purpose of this overview will be to disseminate what the heck this token is.
From their website, see the definition below:
So, the above description of the token is fairly straightforward. It appears that the purpose of this project is to ensure that individuals will be able to protect their work from copyright violations and to potentially separate the ‘real’ news from the ‘fake’ news via economic incentivization.
Seems simple enough.
Let’s dig a bit more into this project to see how they plan to do this.
Here’s a really solid overview of what Po.et (POE) does, as written in a globalcoinreport article:
“Po.et (POE) is a shared, universal ledger that tracks ownership and attribution for digital creative assets. Utilizing the blockchain, Po.et bridges publishers and content creators, reclaiming value and eliminating middlemen in an otherwise controlled third-party space. With the ability to verify content or discover new content, the system of attribution created by Po.et’s (POE) development team is truly transparent.”
The article goes on to say, “Po.et (POE) helps content creators to license their material while helping publishers to verify the authenticity of content before publication. As content is typically verified piece by piece, publishers have in the past relied on legal staff to filter suitable material from the creative works sent to them. Po.et (POE) has designed a verifiable, immutable timestamp secured by the decentralized nature of the blockchain.”
Here are the proposed use cases on the website as well:
My Initial Thoughts:
I don’t doubt the statements that have been stated about $POE at all. However, I question whether something that fulfills this purpose is actually needed.
Now, one thing that I think the globalcoinreport article truly failed to touch upon that makes $POE a potentially promising project that folks may want to buy at some point in time is the crowdsourcing element of it.
More Useful Information on Po.et
This article that I found was a bit more helpful in assessing Po.et and the potential for this coin in the future: https://blog.po.et/poe-an-economic-tool-for-crowdsourcing-truth-3b085e4bf7cc
This appears to be a link directly to a Medium-hosted blog re: Po.et coin and everything related to it. Also, the author is someone whose credentials show that they are directly related to the project itself:
Something that I Found Interesting Immediately
Po.et works via ‘Proof of Existence’.
As an author that consistently has their stuff plagiarized, this is something that I like. As defined by the Medium post referenced above, “Proof of Existence is a service that verifies the existence of a piece of content at a point in time. As a standalone service, proof of existence is valuable for proving the authenticity of a digital document at a later date. However, it doesn’t allow users to understand anything about the accuracy, truthfulness or usefulness about a particular digital asset.”
The fact that a specific piece of content can essentially be ‘archived’ in an immutable blockchain is invaluable in a world where people consistently erase and alter articles after publication as well as outright steal them from others while claiming that they are the original author. This is also a service that holds a lot of value for individuals that are writing about things that could potentially compromise them or their families if their identities are discovered.
Understanding Proof of Existence a ‘bit’ (haha get it?) More
So, I ran into this cool website that purports to offer ‘Instant & secure Proof of Existence for any document’: https://poex.io/
Po.et, conversely, states that they are Proof of Existence 2.0.
The basic directions are on the website, but we won’t dig too deep into this.
Back to our Review of Po.et
So, the article asks three very pertinent questions, which are:
The article then asserts that this problem can be solved via ‘crowdsourcing’ and providing ‘economic incentives’.
Below is a direct outline of how the Po.et team asserts that they will solve this issue.
My Review of it
So, to start with, I wanted to post everything about the project first, and I did it through screenshots because it makes no sense for me to simply re-state the way that this works when it’s all laid out above.
The business model (if one could call it that because the creators of the coin themselves don’t profit from this) seems a bit ponzi-like. I know this is something that individuals don’t want to hear, but the premise is essentially that one must rely on the other members of their community to create value as well as enforce what can be considered ‘copyright’ or not.
The problem with this idea is that human beings, as always, will represent a centralized point of failure due to greed, ulterior motives, and other inherent qualities that we have.
Thus, these groups could be manipulated with relative ease. There are even groups that can be run in an autocratic manner. I think the assumption that no foul play/dishonesty will occur in these groups because they will be financially incentivized is a misguided claim that’s based on the false premise that dishonesty and profitability are mutually exclusive concepts.
Regardless, it’s not a ‘bunk’ idea — it’s not a scam or vaporware. This is something that could work. Whether people actually buy into it and use it in the long-term is something that remains to be seen in my opinion. Perhaps I’m wrong and this will receive a lot of adoption.
What’s Going On Now?
Looks like they erected a new CEO on February 13th, 2018.
Not only that, this person appears to be someone of repute according to this BitcoinMagazine article:
“What happened to the old one?”
One can imagine that this individual must have had a lot of faith in the Po.et protocol in order to leave such a prestigious position at the Washington Post, so this is something that should be weighed heavily in one’s mind when evaluating the project as a whole.
I’d imagine that someone like this wouldn’t stake their career on any ideas/concepts that they find to be shaky or prone to failure. However, it should be noted that his presence is no guarantee that the project won’t fail.
One thing that can’t be understated though is the exposure that Jarrod Dicker (new CEO and guy int hat picture above) can bring to the company. Through his connections with the industry and personal journalistic experience, he probably has more than enough of a capability to spread the word of this coin to other journalists that may be interested.
His involvement also enhances the sense of legitimacy behind the project as well.
Below is an example of how Jarrod can fulfill this promise:
“What happened to the last CEO of the company?”
I’m not sure and I wasn’t able to find any concrete information about it. If anyone reading this finds any reliable information about him that they’d like to share, please hit my inbox with it! I’d appreciate it greatly.
Below is a podcast that is featured by the website, Techdirt, where this CEO was interviewed.
Other Notable Recent Good News for Po.et
General Company/Coin Information:
Media & Strategy Lead: Max Bronstein
Chief Coin Officer: Jarrod Dicker
Marketing & Communications Director: Jill Richmond
Mobile Developer: Alvaro Crespo
Product Development Lead: Justin Litchfield
Full Stack Developer: Patricio Mosse
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Date of ICO Start: August 8th, 2017
Date of ICO End: August 8th, 2017
Token Reserve Split (50%):
22% — Foundation
10% — Integration Partners
10% — Angel Investors
8% — Founding Team
Use of Proceeds from ICO
45% — Po.et platform
5% — Legal
15% — Business Development
15% — Marketing
20% — Poet Platform
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Price Information (at the time of writing)
USD Price: $ 0.0341982
BTC Price: 0.00000436
USD Volume: 4547770
USD MarketCap: 77182607
Circulating Supply: 2256920162
Total Supply: 3141592653
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Pertinent Resources/Links Related to the Project
Bitcointalk Thread: https://bitcointalk.org/index.php?topic=2027214.0
Telegram Channel: https://t.me/poetofficial
Official Website: https://www.po.et/
ETH Explorer for the Token Itself: https://ethplorer.io/address/0x0e0989b1f9b8a38983c2ba8053269ca62ec9b195
— — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Other Team Members
CTO: Esteban Ordano
Business Developer: Konstantin Richter
Head of Product: Pat Riley
Full Stack Developer: Lautaro Dragan
Mobile Developer: Ãlvaro Crespo
Media & Strategy Lead: Max Bronstein
Adviser: Bo Shen
Adviser: Anthony Di Iorio
Adviser: James Heckman
Adviser: Jeff Garzik
Upcoming News & Events
Title: Licensing Marketplace
Date: 30 April 2018 (or earlier)
Description: Po.et will support custom content licenses, in addition to Creative Commons and other industry standards.
Title: Revenue Sharing
Date: 31 July 2018 (or earlier)
Description: Multiple owners for a digital asset can share in the profits and licensing revenue from that asset,” planned for July 2018.
Title: Payment Channels
Date: 30 September 2018 (or earlier)
Description: Po.et will open up payment channels dedicated to supporting frictionless micropayments on its platform.
Title: Asset Marketplace
Date: 31 October 2018 (or earlier)
Description: The Po.et content marketplace launches with 20+ integrated publishers,” by end of October 2018.
Title: E-book Registry
Date: 28 February 2019 (or earlier)
Description: Po.et platform is set to release an open source e-book metadata format, similar to, but less expensive than today’s ISBN codes.