The idea of placing social media or blogging platforms on a blockchain is not a novelty for the industry. Steemit was the one which set up a trend, followed by the likes of Sola, Akasha, Selfllery and many others.
Although they are still unable to compete with the powerhouses, such as Facebook or Twitter, blockchain platforms for content producers have one distinct advantage over such formidable competitors which lie in the provision of opportunities for monetization of creative efforts of all users, not just the ones who are considered as influencers.
However, like any emerging concept, the blockchain-based social networks experience growth issues. For instance, the inability of platform developers to efficiently control the quality of published content, provide a fair remuneration for the creative input, and ensure the full compliance with the copyright law, which allows for the abusive use of bots, article spinners, identity theft, and other maleficent practices.
The resolution of these and some other issues might disrupt the industry of content publishing which is currently run by the aforementioned exploitative corporations. FidelityHouse might be the project capable of successfully building on the foundation laid by its predecessors.
FidelityHouse is a social content network that operates on the Ethereum blockchain. The project was initiated by the Horizon Group S.r.l., the Italian company that specializes in the provision of digital services. Judging from the fact that such a reputable publication as Financial Times placed Horizon Group at the 490th place among the best 1000 European companies in terms of the annual growth rate, it would be safe to say that FidelityHouse has a very solid underpinning.
FidelityHouse devised a comprehensive scheme that addresses the most important issues mentioned above: the proof of authorship, quality control, copyright infringement, fair and understanable compensation scheme, and the capability for tracking the further use of published content. This social content platform operates in the following way.
The registered authors must choose one of the services provided within the framework of the FidelityHouse Chain. The services include timestamping and hashing of the content, plagiarism checking, legal advice, and compiling of digital curriculum.
It is obligatory for the author to purchase one of the services using the platform’s native FidelityHouse token (FIH). The Chain utilizes a state-of-the-art proprietary algoritms responsible for plagiarism detection, evaluation of writer’s expertise, content approval, and calculation of remuneration.
FidelityHouse also heavily relies on its Community of moderators to carry out a rigorous evaluation of content before approving it for publishing on the blockchain. After passing the plagiarism checking procedure, every article must be proofread and appraised by two human moderators.
Once the content is approved, it gets published on the FidelityHouse platform with a subsequent monetization by the virtue of advertisement placement. The reward is calculated on the basis of the number of views as well as the overall reader engagement and paid in FIH to the FidelityHouse Wallet. The earned tokes can be used either to purchase the intra-platform services or convert to other cryptocurrencies on partnering exchanges.
The FidelityHouse ICO is currently in the public sale stage having already reached the softcap of $50 million. The sale will last until April 13. The price of 1 FIH is estimated at 0.0004 ETH. All FIH holders will receive extra tokens through the airdrop that will take place later this year. Citizens of the U.S. and China are not allowed to participate in the ICO.
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