NFT Based Licensing Solution
On-Chain Perpetual Royalties
Jengas.io is revolutionizing the outdated digital licensing model by creating secure, NFT-based licenses for software, games, books, music, movies and more on the blockchain. Our innovative On-Chain Royalties system ensures that creators and publishers receive automatic royalties, exclusivity periods and more, built right into our blockchain. Jengas.io provides for the secure resale and rental of digital licenses!
A Paradigm Shift in Licensing
Jengascoin aims to offer a secure, affordable, and scalable solution to the growing need for NFT based digital asset licensing, by creating a sale and resale marketplace system, by generating secure Jengascoin NFT tokens which preserve and enforce creator’s royalties and exclusivity periods on-chain and wallet-to-wallet, and by rewarding miners of the Jengascoin blockchain with block rewards of Jengascoin cryptocurrency.
Jengascoin cryptocurrency acts as the payment layer within the marketplace ecosystem and provides an incentive for non-professional miners to mine the Jengascoin blockchain in exchange for block rewards. Modern blockchains like Bitcoin and Ethereum have pioneered blockchain technology as solutions to real-world problems. Bitcoin provides a trustless system to transfer value from one wallet to another. Ethereum focuses on developing blockchain-as-a-service through its use of smart contracts on tokens. Over time, transaction fees on both Bitcoin and Ethereum have skyrocketed due to network congestion, and mining difficulty has increased significantly, preventing most non-professional miners from having an incentive to mine the blockchains. While Ethereum boasts a rich ecosystem of tokens and smart contracts, the large scale, jack-of-all-trades token system is not specialized to the specific use case required to solve the real world need for blockchain based licensing and royalties.
Jengascoin provides an efficient, specialized blockchain solution which facilitates NFT tokenization of digital licenses/digital assets, embedding enforceable, on-chain royalty percentages and payment addresses, and exclusivity cool-down periods, before which the NFT cannot be resold. Jengascoin also facilitates a system in which NFT based digital licenses and digital assets can be resold on marketplaces or wallet-to-wallet, and on-chain royalties will be automatically distributed upon each re-sale of the NFT. NFTs cannot be resold until the creator specified exclusivity cooldown has elapsed. Because the royalty amounts, addresses, and cooldown expiry are recorded on-chain, they are immutable, unchangeable, and enforceable by the Jengascoin blockchain.
Jengascoin represents a paradigm shift in the current system of digital licensing and digital asset distribution by providing creators with the ability to tokenize digital licenses/assets as NFTs on the Jengascoin blockchain, specifying when an NFT may be eligible to be resold by the original purchaser, and specifying royalty addresses and royalties which will be automatically distributed by the blockchain upon any future resale of the underlying NFT. These specific functionalities of the Jengascoin blockchain allow for the creation of a new market for ‘used’ licenses, automatically distributed royalties back to creators for ‘used’ licenses, and protection of the creator’s desired exclusivity period within which resale of ‘used’ NFTs is not permitted by the blockchain. Additionally, the Jengascoin blockchain and Marketplaces bring much-needed competition into the current digital asset marketplace system which, in many cases, extracts a very large commission from creators to facilitate the sale of their digital assets/licensed content.
Jengascoin Marketplaces and Wallets will support NFT creation, sale, and resale. NFTs that are outside of their on-chain cooldown expiry periods may be sold on Marketplaces and in wallet-to-wallet transactions, with royalties being automatically distributed by the blockchain at the time of the resale transaction. The code for Marketplaces will be released freely and as open-source software. Anyone who wants to will be able to create a Jengascoin Marketplace. Marketplace hosts will be able to specify and receive a ‘commission’, paid in Jengascoin, on NFT creation and sales transactions which are completed on their hosted Marketplace. The competition generated by having many potential Marketplaces in existence will naturally put downward pressure on the ‘commission’ amount that Marketplaces can fairly extract from creators/buyers.
Jengascoin utilizes a voting system as part of the NFT creation process. New NFTs are held in queue until a specific timeframe elapses at which point a majority blockchain based vote determines if an asset may be created. This process is intended to ensure that NFTs created on the Jengascoin blockchain are valid. Voting takes place by sending Jenagscoin to an address corresponding to Approve or Disapprove and is a democratic process intended to weed out bad actors who may attempt to mint fraudulent NFT licenses/Digital Assets. The Jengascoin blockchain also utilizes a blacklist system against NFTs identified as fraudulent or abused to render the NFT invalid for sale, resale, or use.
Gayle S Jenkins