PUBLIQ ICO details
Start Date: 2017-11-15
End date: 2018-2-15
PUBLIQ introduces a peer-to-peer distributed network that implements a new vision and approach to the media industry. It changes the way people interact and stay informed, specifically in the fast growing online media environment where no disintermediated way to transact and exchange exists.
The incredible growth of Internet access and speed around the world allows more and more people to be connected to media, anytime, anywhere. However, the media environment is currently under threats. Over centralization, unfair remunerations, poor customer experience, and absence of quality contents are on the rise. The situation is not only affecting our approach and trust towards media, but also our understanding of what is really happening around us.
The PUBLIQ team is building our future media ecosystem based on blockchain technology combined with analytics and artificial intelligence (AI). PUBLIQ is rebuilding trust in media by empowering authors and readers to be part of a safe, impartial, and fair ecosystem.
The PUBLIQ Ecosystem
We think at PUBLIQ Foundation that authenticity and independence of media can be achieved by using blockchain and its decentralized nature. The PUBLIQ ecosystem is designed as a decentralized reliable media platform equipped with an analytics reputation assessment engine as well as AI algorithms to analyze viewer preferences and suggest articles with diverging opinions.
Blockchain as a source of distributed trust
PUBLIQ will use its own independent blockchain based on a modified Proof-of-Stake (PoS) consensus algorithm. The blockchain will hold account related information, transactions and content metadata. It will also introduce and support the PUBLIQ “PBQ tokens” (cf 4-B-PBQ Token) to be used into the PUBLIQ ecosystem. PBQs will be partially distributed to Token Sale participants and also issued and distributed from the mining process. The consensus algorithm in the PUBLIQ network is PoS style, but with modifications. The main idea of the consensus is that miners will have a chance proportional to their stake size of being chosen to mine the next block.
Blocks will be mined every 30 seconds or 2000 operations: whichever comes first, but not faster than every 3 seconds. This will allow the blockchain to speed up when the number of transactions are growing and not generate lots of empty blocks when the network is idle. Blockchain operations in our system include PBQ transfers, content submission, daily rating adjustments, content view statistics, and other operations.
To participate in the mining process, miners are required to first obtain “mining tokens” from the PUBLIQ network using the wallet application. Mining tokens correspond to a random ripemd-160 hash. To obtain mining tokens, miners should put a fixed amount of PBQ on hold in a segregated account. Everybody who has enough PBQ can get mining token(s). The number of mining tokens that a miner can hold is limited only by the number of PBQ that has been placed in the mining account. The PBQ collected through mining will be returned to the miner when the mining tokens are returned.
The miner of the next block is chosen from all miners. In order to rightfully mine the next block, a miner should possess the mining token which is closest to last block’s hash, and since all miners are registered in the blockchain, everyone knows who the next miner is.
The mining algorithm processes the blockchain updates and for each new block finds T tokens that are closest to that block’s hash from all available mining tokens (T will vary depending on the size of the network and the total number of miners). Those miners will have the right to sign the block and broadcast it to the network.
The network peers will receive T possible candidates signed by different mining tokens. In case all miners trying to sign the block are online for each next block, peers will always select the block that is mined with the token closest to previous block’s hash over other candidates.
Ideally, if all miners are always online, T should be equal to 1. However, some miners may be disconnected from the network, hence selecting a number of elected potential miners to apply to the status of miner for the next block, helps to make sure there is no latency or connectivity issues into the block generation process.
The incentive for the PUBLIQ “nodes” is to sustain the platform and maintain its reliability by providing validation and distribution of the blocks. They receive mining rewards (cf 4-B-PBQ token) for their involvement. Everyone who owns PUBLIQ PBQ tokens can potentially become a node if he or she decides to participate in the process.
Our mining algorithm has an advantage over proof of work as it does not require significant resource spendings, such as electricity costs. Compared to existing proof of stake methods, our method has an advantage, since the miner selection is randomized and not only linked to the size of the stake. Hence, if ill-intentioned actors would want to corrupt the network, they would need to take over a very high percentage of the network to have any guaranteed results of becoming the designated miner in the network.
PUBLIQ will use a distributed storage infrastructure to store all content—articles, news, and advertisements. Storage will consist of participants who will lend their free storage space to the PUBLIQ ecosystem in exchange for PBQ tokens. Becoming a distributed storage provider is an alternative way of sustaining the ecosystem and being rewarded at the same time.
Content will be given a permanent hash ID when added to distributed storage and is referred using that same ID everywhere within the PUBLIQ network. Distributed storage relies on blockchain for content discovery rather than a distributed hash table. Distributed storage uses up all clients’ located storage to its advantage. Any given piece of data can be replicated with a 5-10 coefficient to ensure redundancy and availability. In a more enhanced version, the distributed storage will replicate files based on geolocation of storage to also optimize for latency and speed. The amount of rewards collected by the storage provider depends on his or her availability to sustain more reliable global storage on the network.
One key aspect of our distributed storage technology is that we allow the p2p network to become multicast based on some nodes. This allows a more efficient deployment of storage farms. Our storage protocols automatically adjust and seamlessly integrate the multicast-based portions of the storage network. The higher-level multicast protocol is actually the same one used on the p2p network. So on binary level they look the same, but the propagation is more efficient.
It is important to mention that the hash of the data is stored in the blockchain, so any corruption of data will be detected right away.
The blockchain immutability also acts as a support for independent journalism. No centralized entity can remove writings that are already posted unlike on most existing platforms (cf 4-D-The PUBLIQ governance). If any amendments or notes need to be performed in an article already disseminated into the blockchain, PUBLIQ allows authors to add notes that will be linked to the initial content. Each of these notes will be highlighted to the readers in order to maintain clarity in the reading experience (cf 4-B-PBQ Token).
The PUBLIQ blockchain and distributed ledger technology will strongly protect contents and transactions from any unnecessary points of friction. The work of an author, and his or her pieces of work are transparent and available to everyone in PUBLIQ. Authors can now protect their writings and have their pieces safely distributed.