LikeCoin: LIKE Cryptocurrency Token Rewards Content Creators?

Like Coin, found online at Like.co, aims to reinvent the like button to change the way we create content online. Find out how this token-based project plans to do that today in our review.

What Is LikeCoin?

Like Coin is a cryptocurrency that aims to change the way we approach “likes” on social media. The project aims to reinvent the like button by rewarding online content through “proof of creativity”.

Two of the core features with Like Coin (LIKE) include its reinvented Like button and a unique algorithm called LikeRank. Together, these features help Like Coin trace the footprint of content across the internet, then reward content creators using its proof of creativity mechanism.

LikeRank aims to offer a Google PageRank-style content ranking system, while the reinvented Like button features a slider from 1 to 5 along with a payment mechanism. Content creators, meanwhile, will receive LIKE tokens through the proof of creativity reward mechanism.

A token sale for Like Coin is scheduled to take place in May 2018.

What Problems Does LikeCoin Seek To Solve?

Like Coin seeks to solve a crucial problem on the internet. Today’s internet decouples rewards and creativity. Communities of freelance content creators and online journalists produce high quality work, but they only receive “likes” for their work – not actual income.

With these problem in mind, Like Coin seeks to create a system where likes can be equated with value. Content creators can build their online reputation through LikeRank and earn value for their hard work through systems like proof of creativity.

How LikeCoin LIKE Token Rewards Content Creators

Like Coin will create an ecosystem where content creators, service providers, and other individuals can interact with one another to create value.

Content creators can publish photos, illustrations, articles, videos, or sound clips online. People can consume this content under certain copyright terms – like the Creative Commons license. Each piece of creative content in the Like Coin ecosystem is represented by a unique content fingerprint.

Meanwhile, service providers interact with the Like Coin ecosystem by creating web apps or native applications supporting Like Coin. Developers can incorporate the Like Coin attribution protocol or the reinvented Like button, for example, to expand the Like Coin ecosystem.

Like Coin’s technology stack will include decentralized apps and services built on the Ethereum blockchain and an IPFS node. Here’s how it breaks down:

Decentralized Apps: Decentralized apps used within the Like Coin ecosystem include the “oice Visual Novel,” puttyimages, and blogchain.md. All three online properties are currently in development by the Like Coin Foundation. Developers are also encouraged to build their own decentralized apps using the protocol.

Like Coin Services: Like Coin’s services include the reinvented Like button, Like.co, and the Like Coin token.

Ethereum Blockchain: Like is built on the Ethereum blockchain and uses Ethereum’s smart contracts to process transactions. Like Coin also uses the Ethereum blockchain for fingerprint processing and metadata hash information.

IPFS Node: Finally, all of the data above is spread across a decentralized storage network – InterPlanetary File System or IPFS. There will be an oice node on IPFS, for example, as well as a node for puttyimages and blogchain.md.

If you haven’t heard of puttyimages, oice, or blogchain, then that’s okay: none of these online properties have launched. They’re three online properties in development by the Like Coin team. Puttyimages will be an open stock image decentralized app, while blogchain.md will be a blogging DApp that records each post on a Like Coin smart contract.

Oice, meanwhile, is an “asset remixing storytelling editor”. Development of oice is also being funded by the Like Coin Foundation.

Puttyimages is scheduled to launch in Q3 2018, while blogchain is expected to launch in 2019. Core Like Coin services, like the Like Coin token, the ID verification system, and Like.co, all launched in Q1 2018. The Like Button is expected to arrive before the end of Q4 2018.

How LikeRank Works

One of Google’s biggest contributions to the online ecosystem was the introduction of PageRank, a ranking system that allowed Google to organize the internet based on the perceived authority of a website.

LikeRank aims to revolutionize the internet in a similar way. LikeRank is based on content footprint tracing. It measures the importance or creativity of a piece of creative content.

How does LikeRank calculate the value of a piece of creative content? How can you assess the importance of creative content? Like Coin came up with an innovative solution: the creative value of a piece of content is based on the number of derivative works that piece generates. In general, the more derivative works a piece of creative content generates, the more creative that content is, and the higher its LikeRank will be.

How LikeButton Works

Along with LikeRank, the reinvented Like button is one of two major innovations introduced by Like Coin. The Like Coin Like button is designed to combine two user experiences into one. You can tap or click on a Like button 1 to 5 times, or long-press on a like button and drag from 1 to 5. The more you like a piece of content, the higher your Like number will be.

If you drag the Like slider all the way up to the highest level, you’ll find an additional “Super Like” option above 5. That Super Like option will allow the user to pay the content creator a certain amount of Like Coin from his or her own wallet.

What Is Proof of Creativity?

The final innovation introduced by Like Coin is called proof of creativity, or PoC.

PoC focuses on rewarding content creators by measuring the importance of creative content. It allows content creators to “mine” Like Coins with their creative content.

PoC defines creativity in two ways:

• The higher the LikeRank of a creative content, the more creative it is
• The more likes a piece of creative content receives, the more creative it is

Like Coin will set aside a pool of 1 billion Like Coins specifically to reward content creators through the PoC algorithm.

LikeCoin ICO Details

The Like Coin ICO is scheduled to begin on May 7, 2018.

The company is releasing 800 million Like Coin tokens (LIKE) upfront, with new tokens minted gradually over the next 10 years (until 2028). The total supply of tokens is capped at 2 billion. 1 billion tokens are set aside to be rewarded to content creators through the Like Coin “proof of creativity” system.

Of the total supply of 800 million Like Coin tokens, 75% are allocated to the token sale and 25% are allocated for ecosystem development.

The tokens will be sold at an exchange rate of 1 ETH = 40,000 LIKE during the ICO, with 600 million LIKE available during the token sale. They’ve set a hard cap of 12,600 ETH for the token sale and a soft cap of 4200 ETH.

Who’s Behind LikeCoin?

Like Coin’s team was formed in Q3 2017. The team is organized under the name LikeCoin Foundation Limited, which is registered as a tax-exempt NGO under Section 88 of the Inland Revenue Ordinance of Hong Kong.

Full team information is listed online at Like.co, although the Foundation does not have traditional executive-level positions like CEO or CTO. Listed team members include Kin Ko (Product Design), Aludirk Wong (System Architect), Jacky Ko (CMO), Edmond Yu (Operation), and William Chong (Full Stack Developer), among others.

LikeCoin Conclusion

Like Coin aims to reinvent several key mechanisms of the online ecosystem in order to encourage the creation of creative content. First, Like Coin has launched its own token reward algorithm called proof of creativity, or PoC, which rewards content creators when they launch creative content. Second, Like Coin is launching a reinvented Like button, which features a slider from 1 to 5 and a “pay with Like Coins” button that anyone can use to pay content creators. Finally, Like Coin is launching its LikeRank ranking system, which aims to rank creative content similar to how Google’s PageRank ranks web pages.

The token sale for Like Coins begins on May 7, 2018. To learn more about the project and its ongoing development, visit online today at Like.co.