Over the last few years, we have seen an unprecedented increase in the amount freely available and highly engaging content on the internet. However, for the most part those who created the content have not been paid their dues, with the profits generated from their creativity landing in the pockets of the websites it was shared, and re-shared upon.
Thankfully with the advent of the digital token economy, it has been made possible for content creators to be realigned with the rewards they deserve - evidently with you here on Steemit, reading this now.
Steemit was obviously the first major player in this space, but now we’re seeing further emerging projects that share in the same goal, with the likes of LikeCoin making waves in the space today.
LikeCoin vs Steemit - Similarities and Differences
Both Steemit and LikeCoin use the path of decentralized tokenization to revolutionize the previously unfair dynamics of how content creators were/or weren’t rewarded. However, both approach this end goal in different ways, which is great for us - the content creators, as we’re provided more opportunities to maximise our earnings.
Steemit
Steemit uses the Steem blockchain to reward publishers and curators; the curators being those who discover and upvote quality content to encourage and maintain the network. The Steem blockchain produces Steem and Steem Backed Dollars (SBD) which are tradable tokens. Additionally however, Steemit also leverages Steem Power (SP), which represents Steem that is vested into the platform itself (like shares), and the more SP someone has, the more influence they have over the content they create and upvote, and the more value their upvote has, the more curation rewards are also earned. The system is one that is rather complex, and often considered confusing, but can be highly rewarding once mastered nevertheless. You can find a more detailed guide in understanding the reward system here written by fellow steemian @ilyastarar.Pros - The centralized platform draws both readers and writers to their content, and as the platform grows this traffic will increase along with the potential of earnings. With the additional SP which can be purchased gives users more influence and a higher percentage of profits on the content they both create and curate.
Cons - The reach of content is limited to the one platform, sure it can be shared via links back to steemit, however the fate of the writers are tightly bundled and can be manipulated. The SP can also lead to gaming of the system, and content not being voted according to its creativity but more so to tactically share in the percentage of the creators profits.
LikeCoin
LikeCoin employs a more simple concept, but similarly rewards both the content creators and the curators, but additionally rewards the original content creator again every time their content is redistributed, and through this redistributions further gained ‘likes’, the content gains compounded rewards. This is made possible with the ‘LikeButton’ that can be added to content, and is encrypted with a cryptographic footprint that tracks the content as it moves through its lifecycle across the internet and accumulates ‘likes’.“Say you’re a writer and you need an image in your article. You take an image of someone else to include in your article, and then the readers like your article. Both you and the photographer would get some LikeCoin. That’s the mining part.” - As explained by Kin Ko, LikeCoin CEO & Founder.
Creators are rewarded daily in LikeCoin (LIKE) daily, according to the number of ‘likes’ received. LIKE is a liquid cryptocurrency, so similarly to Steemit is a tradable token that represents monetary compensation for valuable content.
The LikeCoin’s unique ‘LikeButton’ can be integrated with various external and already established channels like Medium and WordPress. As a result, the contents reach is greatly expanded and a creators opportunity to earn rewards is increased also. Whereas content created through Steemit is distributed and rewarded on the native platform alone.
Pros - With the ability to apply the ‘LikeButton’ to supplementary platforms allows for greater variety in the style of content that can be created, and its reach is expandable as the ‘LikeButton’ can and will be applied to many more cooperating platforms in the future. In addition to this, with the compounded ‘likes’, as content is further shared it will continue to earn LIKE indefinitely. So truly high quality, popular and leveraged content is rewarded based on its genuine appreciation.
Cons - LikeCoin can do nothing about gaining traffic, this is earned through the writer’s own initiative and how engaging their content is. You cannot boost your own content by owning more LIKE coin. Furthermore, the project is still in its youth, so unlike Steemit awareness about LikeCoin is yet widely recognised, therefore there are currently less people who can ‘like’ your content, until they are also signed up.
Content Creation Opportunities are Magnifying
Times are changing and the future is bright for content creators, thanks to the innovation of blockchain technology that inspired and enabled projects like Steemit and LikeCoin to effectively trace content and duly incentivize and pay the rightful authors, artists, composers and curators. Furthermore, the options for content distribution and its appreciation are being broadened, thus providing greater opportunities to spread awareness and grow our audience and followers.
Ecosystems such as these are conducive to further enrich and foster growth which will result in a more enjoyable and fulfilling experience for all who appreciate the contribution of engaging content.
More information about LikeCoin here.