Po.et Logo (PRNewsfoto/Po.et)

Po.et, a new protocol designed to accelerate solutions for the digital media industry utilizing blockchain technology and timestamped metadata to create proper attribution and licensing opportunities for publishers, has announced its invitation-only POE token sale for the 8th of August, 2017.

The core objective of Po.et is to create a platform which simplifies the process for publishing, licensing and authentication of digital assets. Simplifying the publishing process necessitates solving the issues of document integrity, licensing, arbitrage, analytics, syndication and attribution of digital assets. Po.et aims to create a Bitcoin blockchain-based platform with added smart contract functionality and applications to facilitate distribution of digital creative works and remove marketplace friction for publishers, editors and content creators by solving these issues, as well as creating greater cost efficiencies in hashing metadata than previously introduced.

Po.et’s platform includes a digital media licensing marketplace and its core product – the immutable portfolio, an asset wallet for all creative digital assets where territory and search parameters are considered for licensing and monetization. Po.et is aiming to lay the foundation for an open, blockchain-based protocol for decentralized media applications.

The Po.et native token (POE) serves several purposes: To bootstrap the network effects of Po.et by creating a community of engaged, invested stakeholders and publishers. To raise funds for the long-term development of Po.et and to provide a mechanism to economically reward early adopters and positive contributors to the Po.et network.

David Bailey, CEO of BTC Media, remarked: “There is a foundational race right now to solve key vertical challenges for the publishing industry. Po.et is born out of a pain we felt deeply at Bitcoin Magazine and we have partnerships identified to work in tandem to create solutions through the Po.et protocol – attribution and licensing marketplaces,”

Po.et has previously raised $1 million USD in a pre-sale of tokens from media veterans, institutional investors, and blockchain entrepreneurs. Now Po.et is aiming to raise an additional $9 million USD through the sale of the POE token, which represent a share of revenue generated from commercial activities on the Po.et network.

Of the 3,141,592,653 POE tokens released, half will be distributed to the community. Of the remaining POE tokens, 10% will be distributed to the early investors who funded Po.et development prior to the token sale. An additional 10% will be distributed over time to publishers, journalists, alpha publishing partners and others who contribute to growing the Po.et network. The Po.et Foundation will retain 22% of all POE tokens for long-term development, with the remaining 8% going to the early team and founders.