Phase one – Moving CREATIVES®
CREATIVES® was sparingly being traded, primarily as OTC and was (still is) dependent on content licenced and royalties transfer. It is time for CREATIVES® to spread its wings in a more independent way. Moving CREATIVES® to Ethereum (as an ERC20 token) will accomplish that.
Phase two – NFT Registration of CopyrightShares
A user-friendly and visual way of transferring CopyrightShares. Copyright Flow (part of NIM group) is commercialising the minting of NFT as CopyrightShares and offer investors a high ROI potential in “leasing” (limited in time) copyrightshares with the accompanied royalties income, giving much-needed cashflow to the creative communities.
Phase three – Launch of Internet Media Foundation (IMF)
Internet Media Foundation (under formation) is an incredibly exciting phase where the creators’ representatives themselves are in governance, making sure the revenues reach their rights-holders.
While the NIM ecosystem is built to generate More Money, Faster The IMF responsibility is to make sure that this always is done Secure, Transparent and Correct.
Avalanche instead of Waves
The last year has not only taught us to work efficiently remotely.
It has also taught us to rely more on new technology and future roadmaps than the old technology and failed roadmaps 😊
Lessoned learned is never wasted…
We were well established on the Waves platform and ready to launch, able to ingest content provided by the Copyright owners on a large scale.
However, it became increasingly clear that the Waves platform had several disadvantaged that was difficult to ignore. And there was still time to look for a new home!
Avalanche handles all Ethereum tokens and dApps exactly like Ethereum does, with much less cost and much faster transaction finality (Sounds familiar😊).
We looked at the following four important functionality (in priority) below:
Decentralisation is a key component and it increases security, censorship resistance, enables trust and is more inclusive.
There can be no trust/immutability/censorship resistance without decentralisation.
When we set out on rebooting the music industry, one very important criteria was to move away from the centralised and siloed systems we have today to an ecosystem that benefits all creators.
At the same time, we wanted (as much as it was practically possible) to keep the backwards compatible to use already established and registered metadata.
We have always believed that the way forward was multi-chains without compromising decentralisation.
This is why we choose Ethereum for CREATIVES® and the rest of NIMs ecosystem to find a new home on Avalanche.
There is a huge repository built on Ethereum parred with an ever-growing community of developers/coders, and combining that with a rapidly growing ecosystem with high throughput, sub-second finality, low costs and crucially WITHOUT sacrificing decentralisation!
The choice was easy.
Homogeneous blockchains offer very little in the way of customisation in the underlying platform, and they offer a single solution using the same protocol (as we had experienced with Waves).
We needed something much more flexible to be able to keep as much as possible of backwards compatibility. At the same time keeping localised legal requirements (another important lesson learnt from working in Zug last year).
What we found with Avalanche allowed us to focus on the applications and user experience (UX) whilst able to interoperate with other blockchains as needed. We tailor-make apps and solution for the requirement needed to achieve NIMs mission goal!
Priority number one was payments of royalties and trading of CopyrightShares.
Something we are achieving with Avalanches X-Chain functionality with a performance of > 4500 tps and sub-second finality.
Compared with today’s up to 60% less royalty payments and up to 36 months delay on payments – impressive.
Avalanche (C-chain) is 100% compatible with Ethereum, with the added benefit of high throughput, sub-second finality and low fees.
NIM is deploying these functionalities in subnets.
The NIM ecosystem (the CopyrightChains) is a mix of permissioned and permissionless blockchains that interoperate in a seamless fashion. Each subnet manages its own membership (again for backward compatibility in a transition phase) if it is required to be located in a given country or holding a certain license (as was the case with FINMA in Switzerland).
Why is security no 3 in priority for NIM?
The core functionality is a permissioned private network and as such not at all vulnerable to attack as the public blockchain.
Sybil Resistance — Avalanche uses Proof of Stake instead of Proof of Work (Bitcoin and Ethereum). Proof of Stake is not only more secure than Proof of Work. It also requires far less energy consumption.
Sharding —Avalanche consensus is inclusive and not restricted to a small number of validators like other blockchains and can scale to millions of validators, all securing the network and participating in consensus for every transaction. In Avalanche, the entire network reaches consensus, and transactions are irreversible and final in less than a second, offering immediate transaction security of the entire network.
Speed isn’t everything, I (for one) would rather have low latency.
It’s pointless to say you can process more transactions than VISA when it takes 60 seconds for the transaction to be final. Can you imagine buying an item at a store and waiting 60 seconds for the payment to clear?
Do you like waiting? – No!
Check this out:
- Bitcoin: 60 mins
- Ethereum 2.0: 6 mins
- Cardano: 5 mins
- Polkadot: 60 secs (60 mins to external chains)
- Elrond: 51 secs
- Solana: 13 secs
- Avalanche: less than 1 second
Granted it is not crucial for someone who was used to wait up to 3 years.
However, I like it – so let me have my idiosyncrasy?
Why build on one single blockchain when you can have a platform with thousands of them?
Each dedicated to the task of More money, faster – for copyright owners?
Stay safe and enjoy a lovely spring!