With inspiration from the life of Edgar Allen Poe, who wrote some of the most famous poems and literature in the world, yet earned very little, Austrian composer and producer David Brandstaetter was inspired to create Qravity. The blockchain-based platform better compensates content creators for their work.
What is Qravity?
When you think of Edgar Allen Poe, for most people, the poem The Raven comes to mind; this famous literary masterpiece, along with other poems by Poe, have inspired Qravity founder and Austrian composer David Brandstaetter.
But have you ever considered how much Poe made from his work?
On January 29, 1845, one of Edgar Allan Poe’s most popular poems was introduced to the world, and even though it became an incredible sensation back in that time and had a lasting impact on our culture, the author only earned around $24 from The Raven.
Once adjusted for inflation, this would be approximately a total $754.91 in 2018 and Poe’s lifetime earnings amounted to less than $10,000 per year. The small sum received for Poe’s The Raven led Brandstaetter to ponder how he could change the lives of creatives today, emancipating them from low incomes and copyright infringement.
In fact, the traditional model of content production and distribution has basically remained unchanged since, but that’s where Qravity comes in. Headed up by Brandstaetter, who has experience as a sound designer at Rockstar Games Vienna and as a producer at Sony DADC, he possesses the right mindset and tenure to lead Qravity toward revolutionizing the digital content industry.
How does Qravity Work?
According to the project’s white paper, Qravity is “a decentralized content production and distribution platform where creators own and profit from their work.” Founded in 2016, the idea of using blockchain technology come to Brandstaetter when talking to co-founder Sascha Dennstedt about Edgar Allen Poe and how little he earned.
Qravity uses the Ethereum blockchain to track all the digital content creation and project distribution stakes among team members and uses smart contracts to process a fair distribution of the profits. Records stored on the blockchain are received by creators in the form of tokens known as QPT. These QPT are linked to the share of revenue creators receive when their work is purchased, which is paid out in another token, QCO.
For example, if a producer has a five percent stake in the song he provided an instrumental for, a 1 QCO song earns him 0.05 QCO, which he can then trade on crypto exchanges, or spend in the Qravity marketplace.
The content can include movies, music, games, e-books, and applications and what matters the most is to fairly compensate the people involved in the creating these works and earn their fair share of the proceeds.
David says that the blockchain is the only solution capable of solving this old issue. The Qravity platform will protect the creator and all the parties involved by using smart contracts that will enforce everyone’s rights and profits accordingly.
Qravity ICO Details
Qravity, using the token ticker QCO, is launching an Initial Coin Offering (ICO) to gather the needed investment to complete and improve the development of the platform. The Pre-sale started on June 1, 2018 and ends June 15, 2018. The public token sale starts on June 15, 2018, and lasts until July 31, 2018.
- Platform/Protocol: Ethereum/ERC20 token,
- ICO accepts: ETH,
- Restrictions: Unknown or invalid region (total restriction),
- Total token supply: 1 billion QCO,
- Available for sale: 100 percent of the token.
Qravity is set to deliver a new space and new opportunities for creative minds. With their work verified on the Ethereum blockchain, digital content creation and distribution can be tracked, and bring content finalized on Qravity directly to market. Qravity is a project to keep your eye on.
To get more information on Qravity’s ICO, visit the project’s official webpage.
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