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Storichain, Solution for Story Value Assessment and Easier Way to Record Agreement

Currently, in the story industry, there is no reliable data to distribute excess earnings to the story creators fairly. The stories are distributed in the form of publication or videos in the final stage. The subject of distribution is usually the publisher for publications and film (video) distributors for videos. The distributors invest in marketing and infrastructure to maximize the added value of the original material, which is the story. The problem is that while the invested cost used by the distributors are easily measurable, it is hard to measure the labor costs of creators and consumers that was inputted during the process of generating added value. Storichain is a global project that provides a partially decentralized dApp and a shared protocol for the story industry to solve the problems of the story industry through blockchain characteristics. The term ‘Story Industry’ refers to the industry which uses ‘stories’ as a source of their products and includes areas such as movies, dramas, web novels, web dramas, plays, musicals, and radio dramas. 

Market Size of the Global Digital Content Industry is Nearing 1.4490 Trillion

Currently, the market size of the global digital content industry is nearing 1.4490 trillion and is predicted to maintain a high 10% growth rate for the next 5 years to reach the $2.4 trillion mark in 2021. In the case of South Korea, the market size is about 14.5 trillion KRW. However, despite the rapid growth of the market, the industry still has many problems left to be solved. One of the biggest problems is that the story assets (source stories, scripts, novels, webtoons, scenarios, etc.), which is the foundation of the entire industry, are only being traded on an offline platform due to idea theft issues. Currently, almost the entirety of the transactions is made offline between people who trust each other. In this regard, Storichain can be considered as a digital story asset management system which allows the individuals to make transactions online even with non-trustable people by making an ‘idea theft prevention contract.’ One other problem within the industry is the issue related to ‘profit-sharing.’ For example, the webtoon industry, which is one of the biggest story-based industry in Korea, had already exceeded $700 million in market size, but there are still many people questioning the profit-sharing structure of the industry, and many content creators are still having a hard time on receiving sufficient compensation for their work.
There are two kinds of intellectual property rights for stories. The first one is the ‘Master Rights’ which has the concept of ownership, and the other one is ‘Publishing Rights’ which is operated under the concept of licensing. If the owner of the story decides to ‘share’ a part of his ownership with others, the story is highly likely to become a ‘common good,’ allowing others to create derivative (secondary, tertiary) work using the source story. For example, the Bible and the Koran are a type of ‘story commons,’ which allowed the creation of numerous stories derived from its original story. Storichain has watched the blockchain technology securing the trust among participants, and expanding its boundaries to unforeseen territories. Blockchain provides trust beyond borders and ideologies, helping many industries to simplify the problems they have faced in the past and providing new solutions. The Storichain is seeking to introduce blockchain into the story industry to create a world where all participants can feel satisfaction while taking their part of the responsibility. To implement this philosophy step by step, we will now pinpoint the current problems of the industry to find new solutions.

Finding Solution for the Story Value Assessment Process and an Easier and Reliable Way to Record the Agreement Process

Measuring the right value of a story is one a very subjective and difficult task. Storichain is trying to provide a solution for the story value assessment process and an easier and reliable way to record the agreement process. Storichain will use public blockchain to notarize and store the participants’ contracts related to story IP and other story-based contents. The tokens used to guarantee the reliability of data processing and trust of the public blockchain will play a role that maximizes the effectiveness of the Storichain web application service by operating as a trust medium that enables story creators/producers/and readers to keep their promises related to contract conditions.

Solution Offered by Storichain with Blockchain Technology

Storichain will Investigate and ‘datafy’ how the readers feel about the causality of the story by scene. Give an airdrop to the users who contributed to the process of measuring the causality of each scene, as an attempt to form a specialized logic that can measure the quality of the story. At this point, we need to calculate the creative efforts of individuals in a quantified value. Storichain will measure the potential/confirmed/accumulated contribution of each element that consists of the story (i.e., scenes, lines, etc.) based on the Stori Element Model. Among the many forms of intellectual property, transactional story scripts are the only form which the growth value for each stage of creation can be measured. When we introduce blockchain, a trust-based data distributed storage and computation technology, each story script becomes an IP.

Storichain names the story interaction posts that are posted within the platform as ‘Story’ or ‘Stori,’ and if it is converted into a form of ‘Publishing Rights,’ which is a right to produce derivative work using the original story, it is called as the ‘Story IP’ or ‘Stori IP.’ So, from now on, please separate the terms ‘Stori’ and ‘Stori IP’ as you read. In other words, the content as a ‘post,’ which the copyright of the story has not been traded, is called ‘Stori.’ On the other hand, when we are referring to the ‘copyright’ of the story, it will be called the ‘Stori IP.’ In order to present a detailed solution, the problems of each agent who is participating in the story industry must be identified first. Although there are many agents within the industry, Storichain has simplified it into 3 big groups: Storytellers, Producers, and Readers

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