Traditional currencies, such as USD or EUR.
The CopyrightChains ecosystem is a blockchain ecosystem with the main blockchain “CopyrightChain” and two sub-chains “CREATIVES sub-chain” and “CopyrightShares sub-chain”. The ecosystem is developed, administered and commercialised by New Internet Media.
A CopyrightID serves as a uniform identification of copyright within the CopyrightChains ecosystem. The CopyrightID is the identification of the copyright smart-contract. It is roughly the equivalent to International Securities Identification Number (ISIN) as defined in ISO 6166. For backward compatibility and metadata retrieval from the back catalogues in certain industries such as music, it contains a reference to international reference standards (such as ISWC and ISRC in music).
A CopyrightShare is a tradeable financial asset representing the share in the ownership of a copyright owner on copyrighted content. CopyrightShares give the owner the right to receive royalties in the form of CREATIVES.
CREATIVES® are the vehicle for the payment of royalties to owners of CopyrightShares. All royalties in the CopyrightChains ecosystem will be paid in CREATIVES®. From CREATIVES® anybody can exchange into any currency of their choice at their convenience, through a cryptocurrency wallet and via a cryptocurrency exchange. CREATIVES® are not regarded as security by the Estonian finance inspection and are under governance by IMCA. To facilitate nano-payments, 1 CopyrightCoin® is divided into 100 million ThorBits.
The relationship between CopyrightID, CopyrightShares and CREATIVES®
A CopyrightID is a proof that a legal entity (person or company) have registered an intangible asset (creating a uniquely identifiable reference) representing copyright or intellectual property right. CopyrightShares are non-fungible assets of that CopyrightID and CREATIVES® are fungible assets that represent dividend in the form of royalties that a CopyrightShare produces.