Hi, this is Dev Protocol Team.
We’ve continued the development of Dev Protocol since 2018, aiming at the world where all innovators are evaluated and can sustainably challenge their goals.
Dev Protocol is an open source middleware and it
- is a decentralized protocol built on Ethereum.
- allows creators to tokenize their assets and turn them into sustainable.
- enables creators to monetize and share with the entire community.
It is a technology that makes it possible for people to monetize internet open assets such as Open Source, Open Access, Creative Commons and so on.
Dev Protocol is now corresponding to GitHub repository, so OSS developers all over the world have been successfully raising funds.
Official Application using Dev Protocol (Dapp) Stakes.social
Challenges of monetizing open assets
We’ve actually had various ways of monetization for creators’ open assets.
For example, we have
- ad revenue from streaming (YouTube)
- Sales of contents at blog platform and social tipping (Buy Me a Coffee, Coil)
- Service for production and sales of merchandise (Redbubble)
- Crowdfunding (Kickstarter, GoFundMe)
- Donation service (Patreon, GitHub Sponsors)
There are many types of support services for creators, and people can easily start using them. Despite high familiarity of such service, we’ve had a desire to develop a decentralized protocol instead of a web service.
As a means to pay for free assets
Our main reason for it is that in such web service, supporters simply pay for provided “contents” and “products” as well as contribute to their advertisement value while creators’ daily activities themselves are not monetized (in spite of the fact that their activities are the biggest source of value that creators provide us with).
All of us can use assets like OSS that are open and free on the internet without any payment. Therefore, more than 83% of projects are terminated within a year although there are a number of methods for monetization, which is a critical condition in terms of the crisis of sustainability. (Reference:The money for the openable and shareable era)
Why are open assets free of charge?
I have a question for those who have used assets such as Open Access and Creative Commons. “Do you think we can use these assets for free because they have no economic value?”
If assets are closed, monetization becomes much easier. You can just say to your users, “If you want to use it, pay for it.” It is an extremely simple transaction, but why do creators make their assets open? You can find the answer if you look at the situation in the OSS world.
Because of the openness, users from all over the world participate in collaboration, and innovation is on the rise.
Open protocol to circulate funds for free assets
So far, we’ve talked about Dev Protocol’s ability
- to monetize creators’ assets per se
- to pay compensation for free assets
- to ensure sustainable creators’ environment for their activities
- to realize sustainable support for supporters
These 4 points were required goals to achieve the development of Dev Protocol.
Transaction based on the closed trade has been the basis in our economic system. In order to accurately evaluate potential market value of open assets which have already shown a rapid expansion, we came to a conclusion that we need to develop an open economic system, in other words, a new protocol.
Create an Open Asset economy to change existing economy
New & sustainable incentive model
Dev Protocol is a whole new ecosystem designed for creators. It enables creators to tokenize open assets, and to use great features to grow their projects.
Overview of Dev Protocol’s scheme
What Dev Protocol is dramatically changing creates an opportunity to change for both creators and sponsors.
If you support creators through DEV tokens, both creators and supporters receive more DEV tokens. In other words, it is a structure in which “both creators and supporters have incentives”.
Profit by supporting creators
When it comes to traditional donation, “money is gone” from the perspective of supporters, so it is difficult for creators to expect continuous donation as it is based on supporters’ good intentions. However, with DEV tokens, new DEV tokens will consequently increase in accordance with the period of support. That means we have incentives to continue support instead of a system relying on good intentions.
*For more details, have a look at our latest Policy on whitepaper.
Sharing ownership and profits
Another remarkable feature of Dev Protocol is its ability to produce a quality like “corporation” for assets. It is called OSS token.
Functions of OSS token are like this:
- Proof of ownership and sharing with others on a voluntary basis.
- While assets are being sponsored, DEV tokens are automatically distributed to all OSS token holders.
- DEV tokens will increase every 15 seconds according to the ownership rate of OSS token.
Since OSS token is ERC20, you can sell or buy it at DEX, etc. Thanks to this system, all the people involved, including creators, contributors and supporters, can share incentives.
As Dev Protocol is decentralized, all of us can utilize this network and create an application equipped with a sustainable incentive model.
No administrators intervene in this process. Everything is operated openly and in real time on blockchain. All users, including creators, supporters and community members, can increase their DEV by 1 block (every 15 secs), so there is no need for them to manage reward.
This structure is made for creators to focus on “creating” without worrying about extra work since it is our goal to change the world where they can sustainably “create”.
Past and Future of Dev Protocol
A year has passed since the main net launch of Dev Protocol. Its ecosystem keeps largely growing with many supporters. Through our blog, INITTO, which has just started recently, we’ll share our information to spread the usage of Dev Protocol for creators. 🐇
Thank you for reading our blog post!
If you are interested in the activities of the Dev Protocol Team, please join our Discord. We’re also looking forward to your comments on GitHub, because Dev Protocol itself is an OSS of which anybody can propose changes.
DevRel Team, which runs INITTO, shares information on its team tasks at GitHub. If you want to work with us for translation, writing documents and blog articles, community projects, we’ll post your activities as ambassadors.
Please feel free to send a DM to us on Twitter(@devprtcl) if you’re interested in joining our team. We welcome feedback from you.