The BookChain Library & Exchange

The BookChain Library & BookExchange creates incentives for readers to discover and consume content while compensating rights holders direct

Founder & Publisher of Lifestyle Entrepreneurs Press since 2014. Published over 100 books by entrepreneurs. International bestselling author

BookChain - Conceptual Framework

Overview of the BookChain Platform, BOOK Token, BookExchange and The Library

Jesse Krieger - February 2021

BookChain is an ecosystem for published content to be consumed, as well as a marketplace for rights associated with books to be bought and sold. Each BOOK on the platform is a blockchain record containing the text content of the book, as well as its associated metadata and rights records. Once a BOOK is "printed" (equivalent to minting a non-fungible token) it exists on the immutable distributed ledger which is the core BookChain platform. BOOKs can be found through searching (querying metadata), added to custom "bookshelves" (like a music playlist) and users are incentivized to consume, recommend and review the books they add to their bookshelf.

The BOOK Token

The BOOK token is the operative cryptocurrency used on the BookChain platform. Publishers, rights holders and authors can acquire BOOK to "print" their books onto the platform, thereby creating a NFT that represents their book content, metadata and associated rights. Readers hold BOOK to access the Library that houses all the content on the platform, and stake to specific authors, publishers and creators to earn interest and compensate the creator.

Royalties accrue to the rights holder in a number of ways:

* When readers "check out" their book and add it to their bookshelf, the rights holder is rewarded a nominal amount of BOOK

* When readers consume, engage with and share books they are rewarded with BOOK

* When readers stake BOOK to a Creator (an author or publisher) that token is used for decentralized finance liquidity and generates a yield that accrues to both the Reader and Creator

* Creators can run contests and incentivize readers to check out additional content by offering BOOK for reading and reviewing

The BookExchange Marketplace

Publishers, self-publishing authors and catalog rights holders can "print" BOOKs on BookChain by holding/staking BOOK tokens. The number of BOOK tokens required is determined by the catalog size (number of books) being "printed" onto the platform. Users can make any rights associated with the book available to the BookExchange marketplace, where buyers and sellers can transact business directly, securely and verifiably, solving the biggest problems in rights transactions.

An example of this in action would be an American publisher who has a best-selling business book on BookChain. A French language publisher could make an offer, negotiate terms, and electronically execute a smart contract transferring the French language rights for that book in the process. Transaction data can be parsed and presented in such a way as to show availability of rights, the verifiable owner of all rights, and as much or little price or terms data as desired. As a result of this transaction, the French publisher can now sell a French language version of that book in whichever formats they acquired the rights for, including listing it on BookChain and being compensated for consumption accordingly.

The BookChain Library

The BookChain Library is a blockchain-powered book consumption experience for book lovers that lets them earn while they learn. Readers hold BOOK token for access to content in the Library, and can stake their BOOK tokens to authors and publishers they love most. By staking their token, they generate interest, get access to bonuses, and compensate the creators in the process. For example, a reader could stake their token to Lifestyle Entrepreneurs Press and get access to exclusive content, meeting and learning directly from authors, and any other creative idea to drive an engaging and empowering experience.

The text content of the book is stored in such a way that it can be read in the native environment on the Library, as well as ported to other devices, dApps or platforms that agree to smart contract-based licensing rights for usage. The metadata can be queried and used to present the books in different environments, and the rights records can be made available to a licensing marketplace. In such a way, other developers and creators are incentivized to create unique book-based user experiences and have access to a growing body of world-class content to use in a variety of ways.