What is Ethereum? What is Ether?
We have built LiveTree ADEPT — the world’s first blockchain film and TV rights funding and distribution platform — and its token, LiveTree Seed, on the Ethereum blockchain. All smart contracts built within the platform will employ the live Ethereum network. If you’re scratching your head and wondering what Ethereum is, look no further.
What is blockchain?
Blockchain is a technology that for the first time in human history enables the transfer of reconcilable information between two parties without the need of a third party intermediary. Most know blockchain technology for enabling the trade of value to be securely, automatically, transparently logged on a distributed ledger which details all relevant transactions over time. This without the need of a bank, corporation or 3rd party. As ethereum.org says, “an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.”
What is Ethereum?
Ethereum is an open-source platform based on blockchain technology. It is a decentralized platform that runs ‘smart contracts’ — applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. Ethereum apps are run on a custom-built blockchain, which was first invented by Vitalik Buterin and is now run by the Swiss non-profit Ethereum Foundation and launched in 2014.
Smart contracts enable developers to do things like create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past — such as a will or a futures contract — all without need for a middleman or risk of tampering.
What is ether?
Ether is the fuel — or technically, a piece of code — that powers the Ethereum platform and all transactions made on it. It’s the payment token used to authorise and execute operations on the platform — or more technically, it is used to pay for the computational resources required to carry out these transactions.
As well as being something people can invest in an trade as a cryptocurrency or digital asset, it also incentivises developers to write quality apps (as wasteful code costs more ether to complete transactions) and ensures the network stays ‘healthy’ (as people are compensated with ether when their resources are used to maintain the network’s stability and flow of information).
What is ether mining?
Mining is a process whereby people can receive a reward (in this case paid in ether) in exchange for using their computer’s processing power to verify the complex, encrypted transactions on a given network (in this case the Ethereum platform).
Ethereum.com states that approximately every 12 seconds, a total of 5 ethers (ETH) are allotted to the miners that verify transactions on the network — generated whenever a miner ‘discovers’ a block of transactions. Eighteen million ether, at most, are mined per year.
How does this all relate to LiveTree ADEPT and LiveTree Seed?
After much debate, LiveTree has decided to employ the live Ethereum blockchain network as the foundation for ADEPT. Ethereum is most closely aligned with LiveTree’s objectives in terms of mainstream adoption. LiveTree believes the wide appeal and adoption of Ethereum
provides access to developers and long-term sustainability.
LiveTree ADEPT uses Ethereum as its basis, utilising its smart contracts to create a protocol to secure content rights for TV & filmmakers. In practice, this means film & TV content creators and producers will be able to utilize the blockchain to protect their intellectual property and to introduce new ways to get funded and distributed. As the content creator is now center of the licensing, audience participation is transformed from being passive to active — be that is for advertising the film project through to funding or even distribution. Content is only as good as the audience and utilizing our proven track record we are building marketing into every step of the production helping improve audience engagement. The blockchain provides the transparency for how much and to whom the participants in the project receive.
Users can buy LiveTree Seed and receive residual income from the revenues of the platform — whether the film or TV projects using the platform succeed or not. LiveTree Seed holders can also use it to watch content on our Netflix-style platform Blossom TV. They can also use it to fund film & TV projects on ADEPT that they want to see brought to life, and in doing so profit from the project’s potential success by giving them a share of the sale and distribution profits. All the information about share of rights and profits will be automatically encoded within our blockchain so everything is secure, transparent and guaranteed.
LiveTree Seed can only be purchased using ether.