regulates how choices are made!
Why permissioned and private?
A wallet address. Every transaction of royalties debits one wallet and credits another. The account sending the value digitally signs the transaction, and this digital signature is stored in the third column of the TEA. Consequently, the third column forms the CopyrightsChain and the integrity of every transaction is ascertained by reading the CopyrightsChain .
The Internet Media Copyright Association (IMCA) is to maintain a public database of all public keys or encryption keys of digital signatures along with their legally identified owner. To effect this, the IMCA issues digital signature certificates. All transactions which happen on the TEA requires a public key and a private key to digitally sign the transaction, the IMCA now verify the identity of the signatory every time. All of it creates an undeniable, immutable and future proof record of transactions.
Permissions are rules about what a user can do with a data. An identity, which signifies the holder of a unique private key, can be granted a permission for each transaction type.
The CopyrightsChain is set up to facilitate all owners of copyright that are consortium “members” (record labels, music publishers, musicians, collecting societies, and support providers such as lawyers and agents) primary for managing the disbursement of royalties also known as an “enterprise trust network” (ETN). Permissions holds the key to transparency and are usually based upon existing contractual agreements that can be transferred to “smart contracts” in CopyrightsChain.
Some blockchain networks (such as Bitcoin) allow anyone to add their node to the network. That brings the concern that someone could add so many nodes that they effectively control the network. It’s known as a Sybil attack. Bitcoin makes Sybil attacks unlikely by making them prohibitively expensive.
In a CopyrightsChain network, IMCA controls the member list, so Sybil attacks are not an issue.
Each file and all of the blocks within it are given a unique fingerprint called a cryptographic hash.
CopyrightsChain removes duplication across the network and tracks version history for every (content)file.
Each node stores only content relevant to that member, plus indexing information that helps figure out who is storing what.
When looking up content, the network will find nodes storing the content behind a unique hash.
Traditionally with any Copyrighted content the legal rights and obligations are set out in “dumb” paper documents which must be read and interpreted, and acted on, by people.
It makes much more sense for contractual obligations to be represented in code and processed at least in part by computers – improving adherence, easing compliance, and automating performance.
In short, a job for CopyrightsChain – governed by IMCA.
CopyrightsChain creates a consortium that increases its decentralization and resilience based on both jurisdictional diversity and geographic diversity (somewhat similar to existing licensing laws of today) members gets the express authority to validate new transactions and to participate in the consensus mechanism. Consequently, CopyrightsChain creates a system of hierarchy where members have different set of rights.
IMCA are seeking to put in place a business process automation that need a consortium and a network that is capable of moving in different directions and that can be optimized for different ideas as the Digital Service Providers (DSPs) business models evolves.
The CopyrightsChain allow for transparent governance within IMCA only. While this, at times, can be a challenge, it is certainly less of a challenge to ensure evolution of the network in question than where the network was unpermissioned and subject to public governance challenges.
The end result is that it is easier to governance royalties’ processes and registration of Copyrights via the data management solution used by the network.
Smart contracts give IMCA the ability to implement processes which can be executed safely anywhere and remain completely verifiable.
This increases IMCA’s compliance requirements and ensures that royalties transfer is according to copyright owners share (CopyrightShare) in the copyright (identified by CopyrightID).
CopyrightShares are used to formulate a system where the token represent the actual value (share of royalties paid to the CopyrightID). The system is tracking payment of royalties i.e. a verifiable transfer from the DSPs to the owners of CopyrightToken(s).
All participants in the IMCA ecosystem must be able to compute the licensing of Copyrights and achieve the same result.
The two most important factors in computing a Copyright license request is accuracy and timestamp.
Randomness is to be avoided in each node of the ecosystem, something that is not possible in a decentralized blockchain network.
It is also highly unlikely that the members of the consortium ecosystem will have their computer clocks so finely tuned that they are exactly the same – down to the millisecond. Something that are very important to IMCA due to regulative requirements and auditing.
Handling of accuracy and producing identical timestamps is the very definition of deterministic computation and can only be achieved in a permissioned and private network like CopyrightsChain.
Dual integration is the process of integrating a specific legal contract into a specific smart contract running on a distributed data store, such as CopyrightsChain. This allows parties to use established dispute resolution processes in the jurisdiction(s) of choice while also using a smart contract as the primary mechanism for administering the data-driven interaction that attends to the agreement between the parties.
Why implement governance for CopyrightCoins?
Implementing a governance mechanisms for CopyrightCoins will contribute to “controlling” the spontaneous, uncoordinated and unpredictable interaction of users and other stakeholders. Our goal is to produce a greater degree of order in the ecosystem and therefor strengthening regularity and stability of the CopyrightCoin itself.
CopyrightCoins is not a company or a legal entity in the traditional sense, it is more of a financial infrastructure fueled by the CopyrightsChain with CopyrightsShares (or tokens) representing real value in the flow of royalties. Even though it’s difficult to exert undue influence on a financial infrastructure, external governance will make that impossible under the law. IMCA has as a goal that all registrations and trading of Copyrights will be regulated in the same way a stock market regulates companies and their shareholders.
The IMCA governance rules wishes to make a shift in focus from currency regulation to investor protection. It is a clear and present goal of the IMCA that suitable measures of investor protection must be implemented to safeguard the interests of CopyrightCoins owners against those of other, more powerful stakeholders.
A governance system by the law (self imposed and otherwise) can prevent owners of CopyrightCoins from lobbying effectively for an impromptu and by majority governance system. IMCA will not accept large pools of CopyrightCoins owners (as seen in bitcoin where pools of miners have had large and often selfish influence on major decisions) to change the laws of Governance.
Due to the simplicity of “voting practices” in the IMCA ecosystem there will be no differences between owners of CopyrightCoins and their advisers (as in artist and their agents). The ultimate responsibility lies with the receiver of CopyrightCoins, whether they are received as royalties payments or bought as part of a potential “investment” in the hope that the value will increase.