Qravity (QCO) ICO Review – ICO Token News
Qravity provides a space for creative visionaries to collectively develop original monetizable digital content, including movies, music, games, e-books, and applications. The platform uses virtual tokens on the Ethereum blockchain to track digital content creation, distribute project stakes among creative team members, and bring Qravity-produced content directly to market. Blockchain technology makes the platform’s transactions transparent in terms of revenue, product distribution, and profit sharing. Generally speaking, Qravity improves collaboration and eliminates obstacles as producers and creators conceive, develop, and distribute unique content that consumers crave.
The Qravity team is devoted to helping creatives overcome the myriad challenges that hinder digital content projects. To accomplish this mission, we are developing a truly unique and powerful digital content production and distribution platform – a platform that harnesses blockchain technology to unite remote resources and provide the tracking, trust, and security required for successful collaboration. We want to give remote creative teams the same transparency and trust during collaboration as localized teams, with Qravity acting as a meeting point that enables creators to bypass chronic obstacles such as little to no exposure or recognition in their field, doubts about project success, reduced individual accountability, and uncertainties when equating contribution to equity.
For individuals and start-ups, the market remains challenging. Financial hurdles (such as large overhead and a lack of private investment funding and government grants), inadequate infrastructure, difficulty finding sufficient resources with core skills (design or development), and limited access to major development companies often cause project postponement, abandonment, or cancellation.
How Qravity Works?
The Qravity platform is a decentralized digital content development and distribution platform with integrated project management tools, including asset production and approval, file sharing, and messaging for community and team communication. Project team members use these features according to their role. For example, founders can use the platform to direct their creative teams, while creators can track their progress and stakes. Upon project completion, Qravity brings the content to market, making it consumable through its platform, selling rights to distributors, and selling directly through third-party digital marketplaces like app stores and streaming services.
Qravity smart contracts contain several components, including QCO, QPT, and account, project, and task data. In order to continually improve the platform through upgrades and feature additions, the smart contracts must be partially upgradable. To maintain the integrity of the token, the QCO token will not be upgradeable. Smart contracts require adjustments to be made to typical software development practices, such as recording revisions and bug fixes. Qravity uses a specific coding pattern to allow for Ethereum smart contract changes and upgrades. This pattern consists of setting some contracts up in a relay or registry contract, as outlined in the best practices by ConsenSys . This allows for references to be made to new smart contract addresses. When a reference is changed, or a new address is defined, the old contract becomes obsolete or derelict, but remains accessible in the blockchain. As a part of the coding pattern for revisions, a shutdown function prevents people from attempting to use the old contract. This shutdown function is often called a “kill switch”. To prevent excess contracts from floating around without a purpose, as few changes as possible will be made.
QCO and QPT
The platform uses tokens called Qravity QCO (QCO) for all monetary transactions. Anyone can buy these tokens with ETH during the Qravity ICO token sale. After the sale, QCO will be available on third-party exchanges. Qravity Project Tokens (QPT) are project-specific tokens that track project ownership; in other words, they represent shares in a project. QPT are for internal use only and cannot be purchased. These tokens are created and given to content creators in exchange for the work they complete for a project. A content creator can complete tasks for, and therefore receive QPT from, multiple projects. Every time a consumer or distributor buys content on the Qravity platform, creators receive a portion of the payment in QCO based on the amount of QPT they earned for their contribution to the content’s production. The more tasks they completed for a specific project, the more QPT they earn for their work on that project.
Project Completion and Monetization
To complete a project, its founder must ensure that all tasks have been completed, approved, closed, or, in the case of obsolete, abandoned, or redundant tasks, removed. The founder can declare the project finished when there are no tasks outstanding. They then receive the amount of QPT that corresponds with the percentage they allocated for themselves on the Project Share Distribution slider while initiating their project. Once a founder has confirmed project completion, Qravity monetizes the produced content by selling or leasing its rights through the Qravity platform. Individuals pay QCO for the right to consume or use content listed on the platform.
Qravity also sells its platform’s content to distributors and marketplaces, who also pay with QCO, which will be available for purchase through exchanges. Every time content is purchased via the platform, Qravity transfers QCO to the content’s QPT holders through smart contracts.
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- Reinhard David BrandstaetterCEO & Founder
- Christian Sascha DennstedtCFO & Founder
- Bryan W. HollmannLegal Advisor
- Andreas PeterssonSmart Contract Advisor, Security Infrastructure - Capacity
- Franz EigeBusiness Advisor, Project Manager - Capacity
- Christopher BarberEconomy Consultant & Blockchain Advisor
- Patrick SeguinContent Advisor & Lead Writer
- Igor TestenBusiness Development Advisor
- Christian HaasCreative Advisor, Creator of Lizzard Maddoxx
- Łukasz CimerSolidity & Smart Contract Advisor
- Michael SormannPlatform Advisor, Art Director of Lizzard Maddoxx
- Kieran CostelloBrand & Marketing Advisor
- 1February 2016
- 2August 2016
First round of angel funding.
- 3September 2016
Wireframing and MVP
- 4July 2017
MVP milestone reached.
- 5September 2017
Phase 2 platform
- 6July-September 2018
Token presale / sale.
- 7September 2018
Platform launch, production
of “Lizzard Maddoxx“ starts.
- 8October 2018
Exhibting Qravity and LM at
- 9January 2019
Qravity accepting new digital
content project submissions.
- 10Q4 2019
Distribution & monetization
of “Lizzard Maddoxx“.
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