HK-based LikeCoin uses token to reward online content creators

April 09, 2018 15:10
Internet entrepreneur Kin Ko wants to use LikeCoin to enable attribution and cross-application collaboration on creative content. Photo: HKEJ

It's tough to be an online content creator. One has to deal with various challenges such as making income sustainable and fighting plagiarism.

Internet entrepreneur Kin Ko, who founded game developer Lakoo in 1999 with the backing of  Tencent and Sequoia Capital, now offers a way to make things easier for them – through blockchain technology and a crypto-token called “LikeCoin”.

With a reinvented "Like" button and "LikeRank" algorithm, LikeCoin traces content footprint and rewards creators, enabling attribution and cross-application collaboration on creative content.

In an interview with Hong Kong Economic Journal, Ko explained that the new digital currency is created for slash workers, freelance photographers, artists, designers, citizen journalists, and others “to give them the peace of mind of having an income so that they can focus on their high-quality work”.

LikeCoin allows content creators and adopters to curate content and record the data on blockchain for distributors to use. It supports various formats including photos, illustrations, videos, and articles.

In the blockchain-powered LikeCoin ecosystem, original creators and content adopters receive LikeCoin from content adopters further downstream, and from content distributors. Also, LikeCoin users can show his/her appreciation by clicking LikeCoin’s "Like" button or paying directly to the content creator a certain amount of LikeCoin from his/her own wallet.

According to LikeCoin’s whitepaper, a LikeCoin token is a utility token based on Ethereum and is exchangeable with Ethereum. The total number of LikeCoin tokens is capped at 2 billion, with a certain number of tokens minted daily.

LikeCoin is launching a public token sale in the second quarter of this year, targeting to sell 600 million LikeCoin tokens in exchange for 12,600 Ethereum from investors, valued at US$5.1 million, with Ethereum trading at US$411.71 as of 1:40 p.m. on April 9, Hong Kong time.

Meeting with potential investors and counterparties in his roadshows, Ko said the crypto craze has given the general public a wrong notion of the cryptocurrency, with some calling it a Ponzi scheme. 

Ko said he wants to restore the reputation of the digital currency: “Crypto businesses should not be vilified or isolated in Hong Kong."

“LikeCoin does have a real use and it serves as a meaningful application,” Ko said. “We want to share the idea to the public that in this case, the crypto token is preferred over fiat currency.”

Ko and his team have personally adopted the digital currency: part of their compensation is paid in Ethereum. He believes the scheme can help promote the use of cryptocurrencies for payments.

The full article appeared in the Hong Kong Economic Journal on April 9

Translation by Ben Ng with additional reporting

[Chinese version 中文版]

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