Event assets. Digital commodities. Digital collectables. CryptoArt.
The invention of bitcoin technology is the invention of digital scarcity. Bitcoin was created to allow people to send digital information between each other in form of a token (btc). The tokens themselves are highly resistant to forgery. None of the participants can retain a valid copy of a token after the transaction has been made and there is no need to trust a centralized service to validate the transactions. All the transaction are recorded on a distributed public ledger.
The fundamental value of a distributed public ledger is the secure environment it provides that allows people to publish/send certain information without trusting any third party. Information that has been written into this ledger is automatically timestamped, anyone can view it and nobody can modify it.
In order to record the information into the distributed public ledger a fee is paid to the those who invest resources to secure it (bitcoin miners). The "objectivity" of a distributed public ledger is measured by the amount of resources the attacker has to use in order to undermine its’ integrity.
The type of information that could be recorded on bitcoin ledger was extended using second layer protocols such as the counterparty protocol. Counterparty protocol enabled the creation of digital assets. While being network agnostic counterparty currently resides on top of bitcoin which means that all digital assets that are created via counterparty gain the security of the bitcoin network. Each transaction of counterparty assets requires a btc fee which increases the utility of bitcoin network.
Within the masterkey framework events are digital assets. The events are "objectively" timestamped by default and timestamping is used to differentiate between particular events. The first to capture the event is the owner of a particular event. It can easily be verified when a particular event was first recorded and there is no need to trust a centralized service to do so. Centralized services cannot provide "objective" timestamping simply by design, information can be edited by service operators and they are easier to attack.
Today we use physical objects as anchor points to culturally significant events. Physical objects have to be authenticated in order to maintain their relevance and value. One cannot be completely certain that the object itself is authentic because there is a need to trust a third party.
The process of authentication without the need to trust any third party is built into the counterparty protocol. That means that within the masterkey framework, digital assets become more concrete representation of events, because they are more easily authenticated than physical objects. Additionally, culturally significant events that have no physical anchor points can now have digital objects to serve that purpose.
Event asset owners are responsible for maintaining the integrity of the general context in which their owned events exist. If the integrity isn't maintained properly the market value of their events will fall. This will be the main incentive in organizing systems that will allow anyone with an internet connection to have access to information they can trust.
Masterkey framework leads to economic activity that rewards creativity the most. Market participants have an incentive to remove obstacles that interfere with the creative process and invest resources needed in order to design an environment that maximizes the creation of greater number of culturally relevant, potentially valuable events.
Today a digital file can be copied and distributed easily on the internet which greatly reduces the ability of content creators to monetize content. A new model for content monetization is available under the masterkey framework. The content creator can link an asset to the content and use the digital asset as an anchoring point for the content itself.
The greater cultural impact the content will have, the higher the probability that it would be reflected in an increased market value of the anchored event asset. To increase exposure, the content creator will have a bigger incentive to provide free access to the content.
Bitcoin: https://bitcoin.org/
Counterparty: https://counterparty.io/
Website template: https://github.com/subwaymatch/typefolio