Distributed Ledger Technology
A distributed ledger also called a shared ledger or distributed ledger technology(DLT) is a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, or devices. There is no central administrator or centralized data storage. By maintaining a record of who took which image and when and where it was captured, we secure the data on several synchronized systems, on application end we compute the worth related metrics of image data to perform consensus agreed transactions, users get full control over their image data, the consensus algorithm which only allows authentic and valid image data to be recorded in the ledger. The key here is to trust the entire network of distributed computers to secure your data, not one party is entitled to make rules.
Consensus Algorithm
In order to form the rules for the consensus algorithm, we must look at things at a larger-scale, try to include a vast amount of similarities and organize input data points. Image data in the format of JPEG is vastly used and accepted by image sensors. Indexing six such data points available in the metadata of JPEGs, we lay a universal rule to identify image data and its base worth, six metrics to validate image data as authentic to be recorded on the distributed ledger. Every computer in the network agrees only to allow image data with these six data points before moving to the second step in the consensus.
The next if or else step in reaching consensus is to evaluate six metrics with each other to determine the quality, some scientific measurements to evaluate the luminance and dynamic range via computing the exposure
value(EV).
EV = log2( (AV^2) * (1/TV) * (ISO/100) )
TLDR;
“What if all you ever needed was a single camera application and updates for a lifetime, no more need to buy a new device every year? One camera application to administer all your image data.”
Smartphones are an amazing way to connect billions of people, wireless internet enables people to stay connected to the world 24/7. The number of smartphone users is forecast to grow from 2.1 billion in 2016 to around 2.5 billion in 2019, most popular usage of smartphone is smartphone photography, which just puts the smartphone cameras in the center and on the driving seat to manure the market.
Mostly all smartphone marketing Campaigns are packaged around its picture-taking capacity. Smartphones tend to solve most of the problems that, where today’s Pro-Cameras hit a concrete wall and companies like Canon and Nikon have lost the market shares to companies like Oppo and Mi. What the smartphones enabled was the access to instantly share the moments, reducing the labor time to Realtime, with an app like Instagram and snapchat people were keener on sharing their everyday moments rather than perfecting their pictures.
Consensus of a DAO
We rate the image quality based on how dark or bright it is in relevance to the respective #hashtags they are tagged with, all this without actually running a computer vision algorithm to rate the quality and identify the scene, we look at the back end of an image data to rate it, with maturity of large image dataset we can improve the prediction of luminance of any image as we would have categorized images in space and time, any image taken at a location at a given time has to fall under a window of exposure value, its physically impossible for the image to escape the parameter of AV vs TV vs ISO.
The third and the very step which requires an actual social platform for people to vote and follow a consensus, the image data must be supported by at least five social hashtags for them to record, five independent sets of rules and consensus to attain a full consensus. Each hashtag follows its own set of rules, e.g. #sunset means image can only be taken in the evening, #building to have an identifiable structure in the field of view, #food to have image orientation pointing down. Our basic layer for public #hashtags is to evaluate average exposure value for all images, the new images exposure value is compared with the average exposure value of a #hashtag, its granted that the average exposure value yields most worth in terms of demand. Until the image has not attained the predicted demand, it has technically not reached the average favor to be inclusive with the #hashtag.
Defi Structure
In order to automate the whole process of money in exchange for photographs, we ended up dividing the liquidity available into three tiers.
What is a NsFT?
Pixels
Pixels are stable coins, for every dollar you get 1 Pixels. Pixels are only way you can buy liquidity tokens for money. You bring your dollar and exchange it for Pixels through dollarswap.
Pixel Range
Pixel Range(Pr) is a liquid token, fungible in nature, you use Pr
for every image related transaction. You can provide liquidity to pools of images and own share of the entire pool.
Pixel Token
Pixel Token(Pt) is the very Non-Fungible token that Pixelate issues against each valid photograph. Pt changes its fungibility depending on what the consensus layer it is fed to
- Everyday boring tokens (FT)
- Your unique tokens without utility (NFT)
- Extra awesome Pixel Token (NsFT)
How does Pixelate issues Pixel tokens(Pt) a Not so Fungible Tokens against each unique photograph?
First understand the different types of fungible tokens,
there are :
Not-so-Fungible
What if a NFT is owned by multiple FTs in a pool, creating their own pool of liquidity. We added a lifecycle to how NFTs should behave, through these stages of maturity it goes from being fungible to non fungible to being fungible again. One word bonding curves, refer to technical paper for more. We issue one Pixel token(Pt) against each image uploaded. We rate images on the basis of how good the exposure data is, the ratings are given relative to the image swap pool it’s being pegged. // A photograph pegged under #sunset will not have similar exposure to that of #sunny. Pixelate lends this base price and the token is available in an open market, open market is the gateway for the token to gain enough value to match the average selling price in the image pool. Pt can gain consensus and be considered “sold” if, 1) it gains 100 like votes or 50 comment votes or 30 share votes or 1 save vote or 2) the total amount of Pr is greater or equal to the average price of any Pt in the given image swap pool. If the image has enough Pr after the weekly cycle the image is minted as a NFT. In the last cycle this token now provides liquidity to its nave pool(s), these Pt can be mined for its data and the liquidity providers can earn dividend until the author of the token decides to burn the token. Well our Pixel tokens are not so fungible.
Pixelate issued Pixel Tokens (Pt) unlock the capacity for an average person to take part in a global economy. Financial inclusion of all with a smartphone camera, according to Stasta, the current number of smartphone users in the world today is 3.8 billion, and this means 48.37% of the world’s populaon owns a smartphone. Our protocols provide unmatched security and privacy as compared to tradional social networking sites. Pt can also trade physical commodies, imagine a decentralized Amazon. The enre landscape of blockchain industry is seeking to discover a commercial applicaon for blockchain. With this ongoing growth in DeFi’s NFT marketplaces and art, we are at a vital juncture where we might discover another ICO like bubble to pop. These marketplaces do lack an abundance of regulaons, Copywrite is one of the eminent fundamental of an art aucon. What is open and what is commercial? How does one enty illustrate all the guidelines? How do we describe a legimate distributed protocol, if we need to carry on interfering the policy? We adopt an asset class and govern that asset. The asset’s universal acceptance makes it truly decentralized. Jpegs are proof-of-spaceme, we just establish that at one stage and it decentralizes rest.
Decentralised👥 – As in no one person owns, Autonomous📑 – As in the decisions made will be inclusive and collective, lastly Organisation🏢 – As in an entity which is formed by a group of individuals.
Decentralised Autonomous Organisation(DAOs)
Any individual🙎♀️ can form a DAOs and minister🧑⚖️ the rules, participation with DAOs in form of uploading an image or social interaction results in staking your autonomy🦸♂️.
Brands and businesses🏭 can form DAOs and can engage with customers, from selling the products to getting feedback, all can be managed under one #hashtag.
DeFi ->
<- DAOs
Decentralised Finance, in regular finance🏧 banks hold all our money in a pool and lends💷 to those who need, in the decentralised way the pool🏊 is owned by nobody, everyone knows how money is there in the pool. The pool of money fixed⌛ with math formulas🧩 to automated a reward mechanism⛓️ for the ones providing liquidity🔏 to the pool.
The rewards mechanism and rates is autonomously governed📐 by the ones providing funds. The most common usage of DeFi is to exchange💱 two currencies, two 🧊pools🧊 of liquidity are created and balanced.
One side people demand👍 images other side photographers demand🤑 currency, two pools of liquidity to form one🌊 decentralised pool.
One Photo at a Time
A picture is a digital article, an electronically created commodity that exists between multiple devices and serves a spectrum of duties for many internet and offline entities. The impact of images on our lives is immeasurable, its a great source of proof. In times where consumer behaviour in the multimedia market is driven by the image quality and the social pressure to share our day-to-day schedule on social media, a sense of accomplishment drives capital markets for smartphones and social media. It has become wild out there with minimum or no regulations for what image data is shared, no authentication of such images often lead citizen journalism to cross borders and result in fake news.
Authentication is our first priority and our very foundation of the architecture. While handling user data and generating value out of it, it’s unethical to mine their data for capitalistic growth metric. Shoving advertisements on faces of users is understandable to carry the systems operations, but keeping the entire portion of the pie for self is evil.
Our open market structure allows users to earn dividends over their data, full control over whom the data is shared with.