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POE Coin (Po.et): In-Depth Crypto Guide 2018
Have you ever head of the POE Coin?
No? Then you have missed out on a true gem of a crypto.
The POE crypto is one of the few cryptocurrencies actually doing something worthwhile. Instead of simply minting money on the Blockchain, it is using the technology to solve a pressing problem: Piracy.
Because of its unique premise, the likes of Yahoo and Vimeo are backing the project. Follow us as we explore why you should invest in the po.et coin too.
What the POE Coin seeks to achieve
It is only too easy to copy content. A tap, a click, and that wonderful blog post is now under your name. Simple, right?
But not for long.
The POE cryptocurrency intends to create a foolproof and efficient digital licensing system. By using the immutable nature of the Blockchain, time-stamped information would be stored for posterity. This would make validating claims of authorship a cinch, eliminating plagiarism.
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Also, a blockchain based licensing system would be much faster and more efficient than the current copyrighting system, making it easier for authors and publishers register their works on it and therefore boosting adoption.
And yes, it would work for all kinds of media, not just text. So no more stealing memes either 😉
The internet has made it very easy to discover content. You just type your wishes into that search box, and that jinn scoured the web to find it for you. Worked like a charm.
Until one day it didn’t.
Too many people started calling the web their home, and brought in their own stuff. Soon, the whole place was littered with trash, with the occasional useful thing peeking through. Now we trawl the wild badlands of the internet all day, hoping to stumble across some treasure.
Entire ecosystems have popped up around the discovery and distribution of this content, sustaining the billion dollar empires of Google and Facebook. And not even they can get it perfect, with their professional content analysts hard-pressed to sort through the deluge of information.
That is where the POE Coin comes in.
The POE Crypto will form the base for user-created marketplaces, sharing and curating content for their followers. Furthermore, increased user participation would drive up the value of these ‘tokens’, intrinsically marking the quality of their content.
This one follows from the last two points: once content cannot be easily stolen, and discovered on the blockchain itself, it becomes a trivial matter to monetize it.
Creators would be able to create their own marketplaces, as well as participate in established ones by staking some tokens. If the content proves popular, it brings in revenue for the creator, with each and every access request earning micropayments.
Above all, this would let content creators say goodbye to pesky advertisements, and distribute their content safely.
Unlike social media, you can hide nothing on a blockchain. Every action undertaken on the network leaves an inedible record, viewable by everyone. As a result, nefarious entities would be easy to spot on the chain, effectively regulating the network in the absence of centralized gatekeepers.
For normal users, this reputation will play a positive role, earning them the trust of the community.
How far has po.et come in achieving its goals?
The Gutenberg Era
The team at po.et has divided their roadmap into ‘eras’. Each era corresponds to an important phase of the project’s development.
Currently, the project is in ‘The Gutenberg Era’. This period of development focuses on scaling up the Po.et network, by migrating from the testnet to the Bitcoin Mainnet.
In phase I, POE Coin will add the support for claim batching and an automated workflow, allowing production level scale to be deployed without being limited by the underlying Blockchain. This will be followed by a comprehensive internal security review and protocol updates to ensure the reliability of the claims mechanism.
Phase II, on the other hand, will be about the actual migration to the Mainnet itself.
Due to the wide variety of tools that have already been developed (Poet Publisher, Frost API, etc.), the move will likely be a smooth one. In time, tools will be released for migrating content from the testnet to the Mainnet, allowing content to be protected on the most secure decentralized ledger in the world.
The Rosetta Era
Prior to the Gutenberg Era, the focus of the project lay in actually rolling out a basic form of its services. Consequently, the Rosetta Era saw the foundations of the Po.et network being laid.
First, the POE testnet was launched on the Ethereum Blockchain. This paved the way for the POE token sale, raising more than $10 million in crypto. Also, the testnet allowed the POE team to experiment with their protocol, roping in alpha partners to understand the needs of their custumers.
As a result, POE rolled out the Frost API, followed by a WordPress plugin that lets content creators timestamp their blog posts.
The Ptolemaic Era
This is where it all began.
From the very beginning, people recognized the potential for Blockchain to be used on other things than just finance. The first step in this direction was Proof-of-Existence, or POE.
By hashing documents into the Bitcoin Blockchain, users could create a tamper-proof record of their intellectual property. With time, the idea was further refined, leading to the establishment of the po.et foundation.
After raising seed funding, the POE engineering team got down to work, unveiling the alpha version of Poet Publisher.
Who is backing the project?
To bring the project to fruition, the po.et team has joined hands with many titans of the industry. Some of these are:
- Vice Media: Mike Fermano
- BTC Inc: David Bailey, Tyler Evans
- Samsung, Razorfish, BBS: Richard Titus
- Viacom, Fox, Vimeo: Greg Clayman
- Ethereum, JAXX: Anthony Di lorio
- Fenbushi Capital: Bo Shen
- Ethereum, Smartwallet: Steven Dakh
- Augur, Blockchain Ed. Net.: Jeremy Gardner
- Maven, Yahoo, MySpace: James Heckman
- BLOQ: Jeff Garzik
- Let’s Talk Bitcoin, Tokenly: Adam Levine
- BLOQ, Tally Capital: Matthew Roszak
- Blockdaemon, Ad Ledger: Konstantin Richter
- Madhive: Adam Helfgott
- Proof of Existence, Streamium, Dentraland: Esteban Ordano
- Block Assets: David Lee
- BNK To The Future: Simon Dixon
- ChainB: James Gong
How does Po.et work?
At the core of the Po.et coin ecosystem lies the Frost client and API. This is because Frost is the bridge between web technologies and the POE network, allowing developers to easily integrate their offerings with the POE crypto.
You see, it is quite difficult to interface directly with the blockchain. Due to this, products built on the blockchain are seldom used by the mainstream.
Po.et aims to solve this problem by providing a set of APIs that simplify calls to the Blockchain. By wrapping up obscure functions into an easy to understand syntax, Frost enables the blockchain to be used like the Internet.
To make it even easier for developers and publishers to register their content on the Po.et network, the team behind the POE coin has released a mobile app. Developed in collaboration with the community, the Poet Publisher enables anyone to use the Frost API to register creative works on the Blockchain.
How will the POE Coin be used?
So what is the role of the POE Coin in this network? Let me explain.
Po.et is primarily a content certification service. But that’s not all it seeks to achieve.
The POE crypto aims to become a full-fledged content publishing, discovery, and monetization platform – a decentralized content marketplace, if you will.
But this poses its own set of problems. In the absence of centralized ‘gatekeepers’, how do you ensure the quality and relevance of content? How do you prevent the entry of plagiarized content? And most importantly of all, how do you signal the intrinsic value of content, sifting the good from the bad without appointing a watchdog?
By using the POE token.
The idea is basically this – the POE coin will double up as the currency of quality in a decentralized, economically curated marketplace.
Marketplaces are simply a curated collection of Po.et assets. Anyone will be able to create a marketplace, setting their own rules and criteria.
Now, this is where things get interesting.
Because each marketplace is actually a smart contract, it is (in other words) a token built on the POE crypto. The greater the popularity it attracts, the higher its value will climb, creating an economic incentive for curating relevant content.
Furthermore, submissions to any market will require a certain quantity of POE tokens to be locked in, which would be confiscated in case of not adhering to the guidelines of the marketplace in question. As a result, spam submissions would be weeded out, while also rewarding the voters of the marketplace for their curation.
Po.et Development Labs
Any technological product is useless unless it is used by many people. This is especially the case for POE. In order to become relevant, Po.et needs to amass a critical mass of content creators on its network.
Due to this, the POE team has started the Po.et development labs.
The Po.et Development Labs is an initiative to boost the adoption of the POE crypto by supporting and actively engaging with the products and platform that are looking to take advantage of the Po.et network. While the effort is still in a nascent stage, expect the POE team to take on more projects under its aegis once the transition to the Mainnet is completed.
With 16 team members and more than 51,000 community contributors, it would be impossible to document all the people behind the POE coin in this article. Therefore, we would limit ourselves to examining the key leadership.
Jarrod Dicker – CEO
Jarrod Dicker is a leading media executive. Before joining Po.et, he was vice president of innovation and commercial strategy at The Washington Post. While there, he founded RED, the company’s research and development group.
Earlier to that, he led product and technology teams at RebelMouse, Time Inc and The Huffington Post. He is also an adviser for MOGUL Inc, a global content sharing platform for women.
Eric Elliott – VP of Engineering
Not only that, but he has also worked with the likes of Adobe Systems, The Wall Street Journal, and BBC among others.
In his highly successful career, Eric has scaled software products to tens of millions of users. Because of his mentorship skills and high engineering standards, he has played an instrumental role in various high-growth startups and Fortune 500 companies
Most of all, his experience with open protocol design and remote teams make him uniquely qualified to guide the decentralized architecture of the POE crypto project.
David Turner – Head of Product
David Turner has been a social publishing and technology leader for the past eight years. He is best known for building enterprise software that people love to use.
He was previously the CTO at Guff Media, and the VP of technology at Unified, the social advertising platform that powers Spotify, AT&T and iHeartMedia.
David especially loves building companies that put people before profits, such as the Y Combinator backed PageLever S11, acquired by Unified Social. Even now, he is an adviser to many promising early-stage startups.
As a result, he has experienced the pain points around the attribution, discovery and distribution of content, prompting him to join the po.et coin.
Should you buy the POE crypto?
We usually shy away from advocating the stance of any particular crypto project, and for a very good reason: Cryptocurrencies are notoriously fickle. The project you support today could very well just tank tomorrow, taking with it your hard earned savings. So always remember to do your own research before diving into any project.
That said, the POE crypto is actually a pretty good bet to make. Unlike most cryptocurrencies, its goals are very relevant. Even more importantly, its aims are realistic and achievable.
By identifying a niche for itself, POE has ensured that it retains a disruptive monopoly over its field. No other crypto project comes close to what Po.et is trying to achieve, which says a lot about the originality of its premise.
Above all, the project is backed by a solid team with years of experience and is making impressive strides every day. It is only a matter of time before the complete breadth of features becomes available, at which point the price of the POE token can be expected to shoot up dramatically.
So should you invest in the POE cryptocurrency?
That’s on you, but hopefully this article has equipped you to make a strong decision.
How to buy the POE Coin?
As of now, the POE token is your generic Ethereum token. So if you are experienced with trading Ether based tokens, you should have no problems getting your hands on some POE Coins. For the rest of you folks, we will be rolling out a complete buying guide soon, so stay tuned!
Most cryptocurrencies in today’s world are exploring well-trodden territories. By jostling in an already jam-packed space, such cryptos reduce their chances of ever finding success.
The POE crypto, in contrast, strikes its own path. It uses the Blockchain in a way where it naturally fits, instead of trying to force it into financial applications. Also, it combines this basic premise with an ambitious, yet achievable goal, seeking to change the way we find and consume content.
The POE Coin is, therefore, one of the most mature and well thought out crypto project out there, unrivaled by any of its peers. Even if the cryptocurrency world mostly goes bust, the Po.et coin could survive and even thrive.
Below we’ve listed some key resources relevant to Po.et coin.
? Safest Po.et Coin Cryptocurrency Wallets
The safest way to store your coins is by using a hardware wallet. The two main brands are Trezor and Ledger and we are happy to recommend both. If you need help choosing between the two just read our Trezor Vs Ledger guide.
? Best Free Wallets
As POE coin is a ERC-20 token, you can use any wallet that is compatible with Ethereum. Find our top two choices below:
- MyEtherWallet – if you need help getting started we have you covered with our MEW wallet guide.
- The Ethos Universal Wallet – store over 100 cryptocurrencies in one place.
? Best Crypto Tracking App For Po.et
Want to learn more about POE coin and get into the nitty-gritty? Just dive into the whitepaper.