【Libraro】Platform to Transform the Way Authors, Publishers, and Fans Read / Enabling Crowd Reading / Using BSV Blockchain
The use of web3 in the publishing industry.
Good morning.
Mitsui from web3 researcher.
Today we researched Libraro.
🔴What is Libraro?
⛓️How to use blockchain
💬web3is the time for niche products to win!
🔴What is Libraro?
Libraro is a platform that brings blockchain to the publishing industry and transforms the way authors, publishers, and fans work together.
Writers can publish their own work without a publisher, and fans can collect their work as NFTs.Libraro calls this mechanism "crowd-reading," meaning that if a book attracts significant interest from a wide audience, it is a clear indicator to the publisher that there is a dedicated and interested readership.
By utilizing blockchain for this platform, "Libraro" is working to preserve authors' works and make fan enthusiasm visible.However, the platform has already been released, but its mechanism seems to be still in the process of implementation, so we will explain how to use the blockchain based on what is described on the website and in the interview article.
Before that, however, we will first explain the platform itself.
①Read (Reader/Fan)
Account registration is easy with an email address and password.From the following screen, search for the category you are interested in and discover the books you are interested in.
When you go to the page of a book, you will find its description.You can read the synopsis or the full story.
②Author
From the same account you can go to the publication page.From here you can describe the text or update the file.Then set the title and cover image.
And to publish as an author, you must be set up on a subscriber plan.Each is limited to the number of publications you can publish.
Once these are set up, we will publish the rest.
⛓️ How to use blockchain
Now, here is how blockchain can be used.As mentioned above, the blockchain functionality has not yet been implemented, so this is what is envisioned for the future.
First, the blockchain we use is the BSV Blockchain, a blockchain that features scalability, micropayments, and low fees, providing the best solution for enterprise-grade applications and services.
It is based in Switzerland and is often used by European companies and governments.Libraro" is a UK-based startup that uses this BSV blockchain.
The following are some of the ways that blockchain is mentioned as being used
Ability to collect manuscripts as NFTs
Access to pre-release and exclusive content
Protection of publication rights
Others mentioned that publications in the process of being written could be made public and brushed up based on comments and feedback from fans.If blockchain were to be used here, it might be possible to see the trajectory of his own contributions in a certain book.
In terms of funding, in April 2023, nChain, a UK-based technology company, announced that it would invest £2 million in Libraro and acquire a 20% stake to drive the development and adoption of Libraro's solutions.The company also announced a seed round of financing led by Ayre Ventures in October 2024.The amount is undisclosed.
The new funds will be used to expand the web3 royalty program and on-chain author authentication capabilities, prevent piracy, and improve transparency of content ownership and publishing rights.
💬web3 will be a time when niche products win!
The last part is a consideration.
Although the project was still in the conceptual stage, I found it very interesting.The mechanism itself seems like something that could be done with Mirror, etc., but I expect that it will become more publication-specific in the future.
I am also thinking recently that the web3 era will be an era in which niche products will be able to win.By "win," I mean a product that is viable as a product, generating revenue, satisfying users, and being continuously updated.
In the Web2 era, there were niche products, but it was more of a winner-take-all era.This is because the mainstream business model was one that was profitable as it scaled.Synonymous with this is the advertising business, a popular model of collecting for free and earning through advertising.
I don't think that will go away in the future, but I do believe that web3 can be a viable more niche model.
The reasons for this are "lower operating costs" and "higher profitability".
As for operating costs, blockchain eliminates the need to store user information on servers.It will never be exactly zero, depending on the service, but server costs and security costs to protect them will be reduced to a certain extent.
And marketing costs are also reduced through token rewards.In addition, and this is a different technology, AI will also reduce programming costs.
Thus, labor, server, and marketing costs are expected to be lower than before.
In addition, web3 services will be more profitable.In addition to the profit from allotment of token issuance, it is easy to get people to pay for the service since finance is close at hand, and if the community is enthusiastic about the service, it may be possible to make money from token transaction fees as well.
Naturally, it depends on the design of the service, but I personally believe that this is an era in which niche services are becoming more viable.Or rather, as I have written somewhere before, I believe that blockchain is a technology that enables niche and closed communities, so I am more comfortable with minimal services than with mass services.
I believe that it will probably become a "minimal service/application" with "mass infrastructure".
With this background, I find "Libraro", which I researched this time, very interesting.There is definitely a global community of people who love books, love publishing, love writing, and love reading.This is a UI and a service for them, so it is possible to create a culture.
There is no mention of tokens, but if it grows as an ecosystem, such as with the addition of NFT functionality, it may quietly but surely penetrate the industry.
This is our research on Libraro!
🔗Citation/image credit: HP
Disclaimer：I carefully examine and write the information that I research, but since it is personally operated and there are many parts with English sources, there may be some paraphrasing or incorrect information. Please understand. Also, there may be introductions of Dapps, NFTs, and tokens in the articles, but there is absolutely no solicitation purpose. Please purchase and use them at your own risk.
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mitsui
A web3 researcher. Operating the newsletter "web3 Research" delivered in five languages around the world.
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The author is a web3 researcher based in Japan. If you have a project that is interested in expanding to Japan, please contact the following:
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*Please note that this newsletter translates articles that are originally in Japanese. There may be translation mistakes such as mistranslations or paraphrasing, so please understand in advance.