Security, cooperation, and opportunities
I hope everybody has had a great summer so far. Many of you seem to take the opportunity to ask questions and try to understand NIM’s ecosystem. And what better place to do so than over a drink poolside!
Web3 has repeatedly appeared in NIM’s newsletters over the last year.
However, how many have entered the world of Web3, and what are accessible with Web3?
NIM’s approach to Web3.
Using the Metamask wallet to create an address and getting the “old” CopyrightCoins transferred for some of you. Seeing your “stash” of CopyrightCoins in your wallet means a new world has opened up.
An excellent start, but it is not the whole Web3.
Metamask is the key that opens the door to Web3.
Web3 is a decentralized collaboration model. It enables everyone to remove the restrictions and “control” of centralized institutions and finally own (aka control) their data and identity. It’s the development of a value-driven economy.
Decentralized = information security
The Internet has enabled the interconnection of the global world, and tens of trillions of data information are generated. Your computer can not cope with your data, and cloud storage services have become a savior with their storage facilities for uploading and downloading data. However, it was (and is) notoriously unsafe, with numerous information leakage incidents.
The rise of major public chains
Unlike cloud storage, public chains refer to consensus blockchains that anyone can read, send transactions, and obtain confirmations. A decentralized place where data is open and transparent, and no individual or institution can control or influence the reading and writing of data. Something impossible to achieve with traditional Internet services.
Decentralized identity protects personal privacy
Passports, ID cards, and other documents are the certificates to prove our identity in the “old” world. In the Web3 world, the (Metamask) wallet address can be used as an identifier. NIM will generate different verifiable credentials (VCs), which can be customized according to different access scenarios. Consequently, users are no longer disclosing personal information, only large-scale VC results.
The Web3 wallet access is an excellent tool to manage on-chain accounts for receiving royalties, creating copyrights, reports, etc., in a unified manner.
NIM uses this in copyright registration and royalty collection, supercharging the NIM’s royalty income model.
Web3 creates a new income model
Since Web3 is a new collaboration mode, individual contributions require a new rewards model to incentivize collaboration and investment. The participation method requires content for NIM’s technology platform (allnim.net). Other parties that want to access the content will have to pay for the privilege. That payment can then be monetized by selling the copyrighted content to end users.
In a panel discussion at PRS for Music in spring 2016, I called this business model MaaS (Music as a Service) for the first time. Today we call it CaaS (Content as a Service).
It’s the essence of what the Internet is about, users enjoying the content and paying for it so the creators can continue to create great content in the future.
The creator economy.
Whether a songwriter, artist, writer, graphic designer, or creator, the Internet has given them a unique opportunity to offer their creations to the general public. Today, content creators are forced to use centralized platforms that set the rules and decide which audiences to target and what payments creators will receive.
NIM aims to dismantle this model, replacing it with a user-centric economy for creators through Web3 technology. NIM’s challenge is that the market is focused on capturing value and hoarding it via centralized platforms. NIM’s answer is a technology platform that allows easy access to resources for creators. Shifting the creator economy towards a model focused on value creation.
By providing an environment that enables creators to earn fair pay for their work, NIM allows all creators (art, music, photographers, journalist, writers, blogs, etc.) to retain greater control over their work, monetize it, and collaborate with others.
NIM has integrated technology platform infrastructure with communities ecosystems into Decentralized Autonomous Organizations (DAOs) and subDAOs. Unlike traditional organizations’ collaborative models like the old Coop, the most significant advantage of DAOs is their permissionless nature.
NIM’s first and primary service is to the music industry.
|Environmental impact and sustainability|
|Thanks for all your questions (and information).|
I understand Web3 is a hot subject these days. Let me dig a bit deeper into NIM’s relationship with Web3 technology and sustainability.
As discussed earlier, we have changed the primary name from CopyrightChains to allnim.net. You might see both words in descriptions. They are the same.
I will also take the opportunity to introduce NIM Academy, as we are now approaching the launch of partnerships. Background NIM’s allnim.net (CopyrightChains) allows for smart contracts and is an instance of the Ethereum Virtual Machine (EVM). When evaluating different chains in preparation for the earlier move from Waves, three criteria were critical: cost-efficient, fast transactions, and climate impact. The Bitcoin network can conduct roughly five transactions per second for an energy cost per transaction of 830kWh Ethereum can conduct around 15 transactions per second for an energy cost per transaction of 50kWh. Avalanche can conduct about 4500 transactions per second for an energy cost per transaction of 0.035mWh The transaction cost was overwhelming when we decided to move, so cost-efficiency was important. We soon realized this was directly linked to NIM’s sustainability (environmental, economic, social) as a service provider.
NIM today! NIM uses two blockchain technologies (in addition to “traditionally” cloud-based, decentralized and serverless technology). Avalanche and Ethereum, where Avalanche was chosen for allnim.net due to speed and sub-chain technology.
All our USA-based technology and DAOs (including subDAOs) are developed on Ethereum, mainly for legal and regulative reasons, as all references in Wyoming’s Bill 0038 is to Ethereum. Since Ethereum is moving to much greener blockchain technology (up to 99% reduction), we saw no problem with this.
Consequently, NIM has moved all DAO development and testing to the Goerli test network before (and after) the Merge.
You can read more about it in the Newsroom
Introducing. Education and enlightenment is always a key foundation for use and adaptation. More so when introducing new ways that seemingly change the way things always have been done!
NIM is not necessarily changing rules and how things are done; we focus on changing the result.
NIM has established the NIM Academy, which will educate you through writing and videos in NIM’s Web3 approach. NIM Academy will be entirely online and accessible for all Copyright owners and holders as per NIM’s existing practice. The courses will be video presentations with walled (Web3) access.
Learn to Earn
NIM will use NIM Utility tokens (NUT) to access the more advanced courses. And since creators and owners of Copyrights will receive free NUTs when exchanging their Royalty Tokens to CREATIVES (NIM public currency) – NIM Academy will be free for the creative communities.
Sign up for the NIM Academy newsletters below, and we’ll let you know when launched.