Bitvore, a prominent tech company, has recently patented a new method aimed at improving the model of paying for digital content, identified by the patent number US20230342758A1. The method utilizes unique digital tokens, which function like digital tickets, to track the usage of content online, be it games, music, or other forms of digital media.
The problem that this patent aims to fix is the inefficiency and lack of fairness in how digital content creators get paid for their work. Once someone buys a song or a video online, whether they play it once or a hundred times, the creator gets the same amount. This system doesn't consider how different people value different pieces of content. Plus, the money that consumers pay often passes through many hands before reaching the original creator, reducing their final earnings.
Bitvore's new patent offers a solution to this problem by proposing a fresh way of paying for online content. As per the patent, every time a consumer uses a piece of content, the creator gets paid. These payments are made using digital money or cryptocurrency. However, the uniqueness of these digital tokens is that they can't be copied, substituted, or subdivided.
The price for each piece of content can vary based on how much a consumer uses it, reflecting its value to that particular user. This ensures a fairer payment system as the creator is compensated based on the true usage of their content, potentially leading to more earnings. Furthermore, the process eliminates the need for third-party middlemen, ensuring a larger share of the profit goes directly to the creator.
Looking to the future once this system comes into action, imagine buying a music album online. Instead of a flat fee, you pay depending on how much you listen to each song. If you end up loving one song and play it on repeat, more of your money goes to the artist of that song. This transparent and direct system could encourage more creative content generation as well as fair payment for creators.
The proposed system reflected in the images given with the patent shows a streamlined process for content distribution and tracking through digital tokens. However, it's important to keep in mind that while this patent presents a potential innovation in the field, it merely signals a possibility. There is no guarantee that this patent will translate into a market appearance soon or even at all.