LKS Foundation (an Italian non-profit foundation specializing in promoting and spreading the culture of blockchain and fintech to innovate in various sectors) has quite recently announced the creation of a new cryptocurrency called LKSCoin (LKS). The cryptocurrency looks forward to protecting the Copyright of those individuals who create content and publish it online. With LKSCoin, it will become possible in the future to track content within social media platforms, along with the general content posted by the publishers on the web. Therefore, it is, without any second thoughts, a fast payment method for digital content published on social media platforms.
As a result of the growing demand on the part of an increasing number of social media users, the market for digital content is continuously growing, that too, at a high pace. Hence, in a self-contradictory or seemingly absurd way, it is not the content creators who are going to extract benefit from the cryptocurrency but above all the social media platforms that publish the content. Furthermore, in the present highly competitive environment, it is undoubtedly arduous to protect the copyright of digital content created by users. Consequently, the LKS Foundation went ahead to provide the content creators with a tool that shall help them significantly by ensuring that they are the beneficiaries of this growth and their unique creative works and not the platforms on which they publish the same.
The solution involves and discusses the LKSCoin cryptocurrency, specifically designed to be a currency of non-fungible tokens (NFT – an exceptional type of cryptographic token representing something unique) and content, which shall efficiently solve all the copyright-related matters by clearly defining and stating the authorship of the creative works. The LKSCoin is looking forward to having a social impact as well by observing that, at present, there are several hundred million users who produce online content, and neither do they earn anything from that content nor can they protect the authorship in any manner. Additionally, it can also be well integrated within social media platforms to enable remuneration for its users.
The first social media platform to integrate LKSCoin is Cam.TV, where the cryptocurrency has been tested for over a year now. Cam.TV is the video chat platform where you can come across new people, make friends, and earn money with your passions. Currently, Cam.TV records 20,000 LKS transactions on an average every day, which results from the likes (donations on Cam.TV) and users who purchase and sell digital products and services within the platform.