DEIP is a protocol for activities related to rewarding creators of intellectual assets. The protocol will facilitate the transition from Web 2.0 — where the value of intellectual assets is captured and stored by centralized structures (publishers) — to Web 3.0: a decentralized internet where creators are empowered by increased control over their work. DEIP will equip the creator economy with a way to capture more of the value of their work.
DEIP will enable the liquidity of high-value intangible assets
DEIP has 5 main aims:
- Increase the liquidity of high-value intangible assets
- Provide increased protection for intellectual property
- Facilitate collaboration between creators and business
- Provide a governance model framework for the assessment of assets
- Create a transparent reward mechanism for creators
Let’s take a closer look at DEIP’s aims and ways to achieve them.
Intellectual capital is the new gold powering the creator economy, but much of the value of this capital is locked up and intangible. However, with the advent of technologies that allow to tokenize assets, we can now tokenize intellectual property to make it more liquid.
This is done through non-fungible tokens: NFTs.
Designed as a tool to make high-value intellectual property liquid, DEIP allows the owners of intellectual creations to tokenize the value of their work and sell it off in fractions as fractionalized non-fungible tokens (F-NFTs). Fractionalizing the asset makes it even more liquid and allows creators to raise more funds on the back of the work they have created.
Distributed ledger technologies provide assurances about facts that cannot be manipulated. This is because they pair complex cryptography with decentralization of data storage. While complex cryptography ensures that data is difficult to decrypt and alter, decentralization of storage of the data makes it even harder to locate precise pieces of information to then manipulate or alter it.
This means that when you place high-value intangible assets on the blockchain within the DEIP network, the record of your asset and ownership rights to it becomes immutable (unalterable and everlasting). By recording this information with DEIP, you are asserting your intellectual property rights with a timestamp and this can be used as evidence should you ever need it.
Imagine, you create a piece of intellectual work, like an invention, and document it, saving it to the DEIP network. Should another person later try to patent this invention, you can contest this and assert your right as the person first to invent, using the data saved to DEIP.
To bring about increased collaboration between creators and businesses, DEIP has created an open-source network of portals. Anyone is welcome to create their own portal which should have a specific intellectual theme to it.
For example, VEDAI has created a portal on the DEIP network that enables companies and individuals to invest in coding-bootcamp income share agreement (ISA) programs and receive a share of the bootcamp profits in ISA returns. This novel investment mechanism allows to align incentives for all participants of the educational market and advance the development of global human capital.
In order to simplify the creation of portals and bring about further collaboration in the Web 3.0 environment, DEIP has created a special constructor.
As a point of entry for developers and businesses to quickly get involved in Web 3.0, DEIP has created a low-code or no-code constructor, the use of which depends on your skills. This modular instrument has been termed “WordPress for Web 3.0” due to its simplicity for the creation of next-generation content.
Provide governance model
Due to its decentralized nature, DEIP created a governance model with DEIP Council at its head. Members of the council are appointed depending on how much they stake in the network and the members govern an ecosystem fund which is used to facilitate the development of the DEIP network by distributing funds to be invested in the network.
Moreover, the DEIP Council will provide over any decisions to alter the governance model and other aspects of the DEIP network.
Creators can receive direct rewards from their work by recording them to DEIP protocol. The authors of the works can tokenize their assets, to create derivative F-NFTs. These fractions of the original assets can then be sold and traded on decentralized exchanges. This process unlocks much more of the value from the work and, as a result, the creator receives more of the value.
As an example, a university chooses to publish a research paper to the DEIP network. Following assessment and appraisal in accordance with governance rules, the derivative NFT of the paper is given a value. This value is then broken into a number of fractional tokens and sold to the market. The university receives the value from this sale and can disburse the funds for new, promising research projects.
Foundation of DEIP: CIL
To facilitate the adoption of DEIP’s technologies, DEIP has just raised $2 million to ensure the growth of the protocol to maturity. The funds raised will be used to create Collective Intelligence Labs (CIL): an innovative laboratory dedicated to boost the adoption of Web 3.0 technology stack. The lab develops protocols — like DEIP — and acts as an incubator for technologies.