Distributed Ledger Media Distribution System

Distributed Ledger Media Distribution System

Term DefinitionDistributed LedgerA database shared, replicated, and synchronized by multiple nodes in a network. BlockchainA special distributed ledger that records data in the form of blocks and uses cryptographic methods to link blocks in chronological order. Digital TokenA digital unit that represents a specific digital asset or access rights. Smart ContractA piece of code stored on the blockchain that is automatically executed when preset conditions are met. Wallet AddressA unique identifier of a user on the blockchain network, used to store and manage digital assets. Private KeyA key that users use to access and manage their wallet addresses, which must be kept secret. Public KeyA key derived from a private key that can be shared publicly and used to verify user identity and digital signatures. Digital SignatureA piece of code generated by encrypting data using a private key to verify the source and integrity of the data. Miner NodeA node that verifies transactions, packages blocks, and adds them to the blockchain. Consensus Mechanism is a mechanism used in a blockchain network to ensure that all nodes agree on the transaction history.

Short Answer Question

What problem does the invention described by 543x.com attempt to solve?

How does the invention use a distributed ledger?

What is the purpose of the "ownership token" in this system?

How does a user purchase ownership tokens for media content?

How does a user resell ownership tokens to other users?

What are "purchase contracts" and "resale contracts"? How do they work?

How does the system verify that a user has access to specific media content?

What is the role of "user wallets" and "service control holding accounts"?

What role do miner nodes play in this system?

What additional features does the invention mention?

Short Answer Question Answer

The invention described by 543x.com aims to solve copyright issues in the distribution of digital media content and provide a secure, transparent, and traceable way to trade digital content.

The invention uses a distributed ledger (such as a blockchain) to record the transaction history of ownership tokens, ensuring that all transactions are secure, transparent, and tamper-proof.

The "ownership token" in this system represents access rights to specific digital media content. Users can access content only if they hold the ownership tokens of that content.

Users can purchase ownership tokens of media content from the platform or other users using cryptocurrency or other payment methods. The purchase behavior triggers the execution of the "Purchase Contract" to transfer the ownership tokens to the user's wallet address.

Users can put ownership tokens on the platform market for sale, and other users can purchase them using cryptocurrency or other payment methods. The resale behavior triggers the execution of the "Resale Contract" to transfer the ownership tokens from the seller's wallet address to the buyer's wallet address.

The "Purchase Contract" and "Resale Contract" are smart contracts stored on the distributed ledger. The Purchase Contract defines the rules and procedures for purchasing ownership tokens, while the Resale Contract defines the rules and procedures for reselling ownership tokens.

The system verifies whether a user has access to a particular media content by checking whether the user's wallet address holds the ownership tokens of the content.

The "User Wallet" stores the user's private key, public key, and the ownership tokens they own. The "Service Control Holding Account" is a custodial account used to temporarily hold ownership tokens to be sold during the resale process.

Miner nodes are responsible for verifying transactions, packaging transactions into blocks, and adding blocks to the blockchain. As a reward, the miner nodes will receive cryptocurrency rewards.

The invention also mentions other features, such as users can get cryptocurrency rewards through mining, the platform can provide users with rewards and discounts through smart contracts, and so on.