Copytrack (CPY) Review – Copytrack ICO Rating and Details.

Copytrack revolutionizes how creators protect, track and monetize their work by using blockchain and smart contracts technology.

Ticker:
CPY

Token type:
ERC20

ICO Token Price:
1 CPY = 1.19 USD (0.00135 ETH)

Fundraising Goal:
62,900,000 USD (71,516 ETH)

Total Tokens:
100,000,000

Available for Token Sale:
60%

What is COPYTRACK?

COPYTRACK is a worldwide copyright enforcement company that recently released their own cryptocurrency, designated CPY. Their main intentions are to help digital content creators get rewarded for their work and to allow for the easy, legal sharing of images.

COPYTRACK uses blockchain technology to provide unique digital signatures for individual images that can be searched, tracked and easily authenticated. They also seek to provide recourse for content creators who have had their work used without permission, with the end goal being to reach an amicable deal between the creator and the user. If an agreement cannot be reached, COPYTRACK is capable of putting creators in touch with legal representatives that may be able to help the resolve the situation.

They are planning on using the capitol generated from their ICO to create the world’s largest database of images and other digital content. Their hopes that it will be a free, decentralized, open access platform that will be free and usable by anyone.

 How Does COPYTRACK Work?

COPYTRACK allows users to upload their own images into COPYTRACK’s proprietary system and it assigns it a unique digital ID. It also uses a sophisticated image search function to scan the internet for other instances of that image.

If unauthorized usage of that image is discovered by their search tools, then COPYTRACK has a variety of ways to resolve that situation. Primarily, they seek to find an amicable solution between the original creator and the individual that shared the content without proper attribution or compensation.

COPYTRACK works to find a fair rate that those sharing the content won’t mind paying, thus helping them attain legality, while also ensuring that the creator gets both compensation and credit for their work. If, for whatever reason, the two parties are not able to find an acceptable middle ground, then COPYTRACK contacts the relevant authorities and alerts them of the violation, seeking restitution in court if necessary.

Their service is free for individual users, however they do keep a 30% success fee in any case where they find unauthorized use of an image and successfully broker a deal between the creator and the distributor. This is currently the only source of monetization for COPYTRACK.

Features and Benefits of COPYTRACK

The main feature of COPYTRACK is their digital content search function. It is built on proprietary software that is not available anywhere else. Even competitors such as the proposed KodakOne engine do not have the same kind of search capabilities as COPYTRACK, especially in regards to their ability to search for content beyond simply images.

It is a frustratingly common problem online that content creators have a hard time finding out if people are using their work. Millions of digital images are shared per day, and only an estimated 5% ever receive the proper attribution. Most content creators are not even aware that this is happening, let alone have any idea what to do about it if they do.

Even if a creator finds out that their work is being used without their permission, they still may have difficulty reaching the perpetrators or getting compensation for that use. COPYTRACK has pledged to help those users whose intellectual rights are violated seek compensation or legal recourse. They can make local law enforcement aware of the violations, and help to counsel the user about what all of their options are and next steps should be.

As mentioned above, these services are free for all users unless they are able to get compensation for them, in which event COPYTRACK takes a 30% commission on the transaction. This is a potentially huge sum of money overall, given how much different unattributed content there is online.

As potentially enticing as this may make COPYTRACK seem, it is not without its potential downsides. One of the issues that COPYTRACK has faced in the early going is the differing copyright laws from country to country.

Some places take intellectual property rights very seriously, while others have a much more flexible attitude toward the ownership of images or ideas. COPYTRACK has had trouble in the past getting law enforcement to take some violations seriously, much to the frustration of the people that are paying for COPYTRACK’s services.

COPYTRACK’s founder, Marcus Schmitt, was particularly proud of the scalability of his product. Given that their process is largely automated, their engines are capable of scaling as they go.

This means that volume increases are not an issue for the company, while also helping them keep costs at a minimum. There is a total of 50 potential steps in their image search process, and only two of them require any form of human interaction, making COPYTRACK relatively easy to staff and manage on a daily basis.

The purposes of the ICO were to generate income in order to build a new decentralized content database that would help content creators across the globe get the compensation that they are due for their work. It would also create an easy means by which to charge and reward those that interact with the database, giving them a common currency with which to conduct their transactions.

The COPYTRACK Coin Offering

COPYTRACK used an ICO in order to raise money to begin a number of massive product initiatives, including the founding of a Global Copyright Registry. This is a choice that a number of companies are making to subvert the laws surrounding traditional IPOs, though the latter choice is still the more popular of the two by far.

The COPYTRACK ICO is now completed, having run from December 10th, 2017 to February 10th, 2018. COPYTRACK sold just over 16,000 CPY for 12,601 Ethereum, or the equivalent of approximately $10.8 million USD. Their next release will be a token giveaway late in February 2018, followed by a bounty token distribution.

These sales account for approximately 60% of all of the available CPY tokens. The remaining 40% is set to be divided between COPYTRACK’s founding members and advisors, with another portion slowly being released over the next 3-5 years for business advancement purposes.

Their hope is to soon be listed on several of the major cryptocurrency exchanges, including HitBTC, TDAX, and IDEX, however at the time of this article’s publication they were not yet traded externally. They are also preparing for the upcoming Global Copyright Registry launch, however they have not made a target date for its release public yet.

Who’s Behind COPYTRACK?

COPYTRACK was founded by Marcus Schmitt, an entrepreneur that has previously launched several other startups, including FRONT EQUITY, VIDA AG, vjsual, and flightright. None of these businesses are related to copyright laws in any way, however Schmitt does have previous experience in digital media. Schmitt has a BBA from Ashford University and is accredited as a ratings advisor with the Europaische Fernhochschule Hamburg.

Schmitt founded COPYTRACK in Berlin, with offices in New York and Tokyo. The rest of his team are experienced professionals taken from the business and tech world, and seem to be well regarded by other industry insiders.

COPYTRACK may have to deal with some competition in their market, as Kodak and Wenn Digital have recently announced that they will be starting their own decentralized image database using blockchain technologies. The database will be called KodakOne and is still in the early preparation phases.

One of the advantages that COPYTRACK has over KodakOne, in addition to the fact that they are already are an established and functioning database, is that COPYTRACK can be used for any form of digital media, including music and videos, whereas KodakOne is only expected to be able to search images.

Conclusion

COPYTRACK has been in operation for several years now and has demonstrated that they have a strong minimum viable product. There is clearly a need for online rights regulation, which is exceptionally difficult given both the quantity of content that is created and shared every day, as well as the differences in copyright laws in different parts of the globe.

Ideally, COPYTRACK can help both creators and aggregators, allowing everyone operate with more honesty and integrity, while also ensuring that those individuals that deserve proper compensation can receive it. There is also a clear interest in their ICO, as shown by how quickly they reached their sales goals.

COPYTRACK does face issues with the viability of their currency outside of their own economy, and they may face some difficulty effectively monetizing their services. Additionally, they may face challenges regarding bigger name competition in their industry, especially KodakOne. The good news for COPYTRACK is that they have a head start on their competitors and can offer a wider array of features.

Marcus Schmitt is an experienced entrepreneur that has a history of founding businesses that have been successfully monetized in the past. His support team is talented and experienced as well, which also lends COPYTRACK some credibility.

They will be have several more rounds of token releases soon, followed by more gradual releases over the next few years. Their hope is that their decentralized database will be largest depository of content licenses anywhere online, and they have already taken the first steps toward making that a reality.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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