Storichain is an international project introducing a shared protocol and partially decentralized DApp for the story industry to address issues using blockchain characteristics. The story industry leverages “stories” as a source of products and covers areas such as radio dramas, musicals, web dramas, plays, dramas, movies, and web novels.
The trillion-dollar global digital content industry is expected to maintain a high 10% growth rate over the next five years to hit the $2.4 trillion mark by 2021. The size of the South Korean market is approximately 14.5 trillion KRW.
But despite the market’s rapid growth, the industry still experiences various issues. Among the most significant is that story assets (scripts, scenarios, webtoons, source stories, novels, and others) are traded mostly on offline platforms because of idea theft problems. In that regard, Storichain may be deemed as a “digital story asset management system” that enables users to transact online even with non-trustable individuals by creating an “idea theft prevention contract.” Another issue is related to “profit-sharing.” For instance, the webtoon industry had already surpassed a market size of $700 million, but many individuals are still questioning its profit-sharing structure, and several content creators are struggling to receive enough payment for their work.
Furthermore, in areas with high production costs, such as the drama or movie industry, it is customary for production firms to take the risk of the future by shouldering most of the necessary cost during the story gathering and development process. In the story industry, readers’ role is as vital to that of the production companies and writers. If a reader shares their experience and emotions with others, it can bring about a networking effect, which can contribute to the story. Other activities, such as writing reviews and sharing their stories, may also be considered a contributing action.
Such reader contributions are still considered a fundamental foundation of the story industry. Unfortunately, the sector failed to collect reliable data to compensate readers who contribute to the content creation process. The Storichain will place the token’s value base on story creation, reducing the trust cost among participants—production companies, writers, and readers. It will deliver transparency, address the existing unfairness within the industry, and create new values.