Publica - Blockchain revolution for the publishing economy
What is the Publica platform?
The best parts of traditional publishing and self-publishing, with a difference that makes both better
Traditional Publishing, Self-Publishing, and The Internet Of Value - Blockchain Revolution
Why Blockchain? About PBL, READ and RIGHTS tokens
First we’ll explain the three types of
tokens that Publica makes. To learn how
they work in the business of publishing,
skip ahead to the chapter titled How Publica
Works. This chapter assumes familiarity
with blockchains, cryptocurrencies, tokens,
and smart contracts. And just a little familiarity
with the business of publishing.
At the start of a book project,
whether crowdfunded or supported by
an institution or patron, Publica makes
a number of READ tokens for it when the
project leader or author defines the terms
of their smart contract.
Therefore each book project can be thought of
as a token launch of its own.
When an ebook owner wants to read the book,
Publica’s ereader app uses their READ token
as a digital key to decrypt the book.
Publica’s ereader apps are also digital wallets.
Publica’s decryption technology uses two keys:
the digital wallet’s and the READ token.
Books can have a long and varied life.
Their contents may lead to derivative
products like audio books, movies, episodic
television, games, merchandise, theme park
attractions, expanded editions, illustrated
editions, updated editions, learning system
editions, sequels, prequels, spin-offs,
At the start of a derivative rights project like
those, Publica makes a number of RIGHTS tokens
for it when the project leader or author defines
the terms of their smart contract. Therefore
each derivative rights project can be thought
of as a token launch of its own.
When revenue from a derivative rights project
is sent to Publica on the project’s behalf,
Publica distributes it according to the project’s
Initial PBL token distribution
51% Sold to the public (“ICO”)
25% Retained for incentivizing the ecosystem (“Treasury”)
20% Retained by Publica and locked for 5 years (“Reserves”)
2% ICO bounty program distribution
2% ICO costs
PBL Tokens in circulation
The amount of PBL tokens in circulation will start below half of the total supply and will gradually increase as tokens are released from the Treasury to incentivize the ecosystem. In the first five years, if required, Publica may also exchange PBL tokens for fiat money to pay its bills outside the Publica ecosystem. Time
Short, medium, and long term positions in PBL
As the Publica platform develops, PBL tokens are committed (“locked”) in more and more time-based transactions. The number of people locking various amounts of their PBL tokens (“positions”) increases in proportion to the growth of the Publica platform’s user base and the value of goods and services sold from it and within it.
For example, an author’s supporters may have PBL tokens left in their wallets after a crowd funding event. Authors may have PBL locked in escrow subject to milestone deliveries like a serial. Illustrators and other service providers paid in PBL may choose to hold on to some or all of them before converting them to other currencies.
Average amount and duration of PBL positions
The average amount of PBL that a person might hold in the short term is likely to be the same throughout the platform’s initial development phase.
When PBL demonstrates that it’s a stable currency within a stable ecosystem, people might hold PBL for medium and longer periods in response to relative instabilities in other currencies.
In simple terms, think of how much cash balance you leave in your bank, or the unspent limits on your credit cards, or how many crypto currency addresses you have.
Total amount of PBL locked from circulation due to short, medium, and long term positions by its
While the average amount and time of PBL holdings might not increase considerably, the number of people holding PBL in locked positions might be expected to increase exponentially as the platform grows and more and more people use it.
The total amount of PBL tokens locked out of general circulation for a given timeframe is likely to grow exponentially following the growth of its user base. If the adoption rate is more moderate, the growth pattern will be the same yet with a more linear than exponential growth curve.
Value of goods and services exchanged within platform
The value of goods and services exchanged within the platform is likely to grow. Even if Publica starts with just a few presale crowdfunding campaigns, eventually we can expect to see thousands of them which might amount to hundreds of millions of dollars in new books alone.
Because new books are a process, not an event, we can also expect a corresponding or compounding growth in the service-providers marketplace also using PBL for their transactions.
Demand for PBL tokens within a given timeframe
While precise numbers will depend on the platform activity, the overall trend under a positive growth scenario is that the demand for the PBL tokens will increase proportionately to the amount of goods and services exchanged within the platform ecosystem where the only form of payment is PBL.
Value of goods and
services exchanged within the Publica platform Time
Available supply of PBL tokens for sale
Although the amount of available PBL is likely to increase slightly at the outset, it is likely to shrink considerably in the medium and long term because of the growth in number of PBL tokens locked in short, medium and long term positions by an increasing number of ecosystem participants seeking an increasing supply of valuable goods and services.
As seen in the previous graph, the total amount of PBL tokens locked from circulation is likely to grow. Because a fixed amount of tokens were created, the number of available PBL tokens on the supply side can be expected to decrease over time.
Inquiry into the demand curve for PBL tokens
One might argue that the demand for PBL tokens is relatively inelastic as it reflects the need to obtain tokens to support the purchase of a READ or RIGHT token or any other commodity on the platform. An approximation, say, the dollar value of the purchase will be the same irrespectively of the PBL price while quantity will adjust to make the equation hold up. However, to portray the curve, we have to take into account the quantity of PBL tokens that Publica’s users might need at a given token price.
Let’s take an example of an author from the USA offering a presale of her book and looking for an advance roughly equal to $10,000. If the corresponding PBL price will be $0.01 then the quantity to be raised will be one million PBL tokens. It’s a hypothetical example because the price of the token is likely to rise in the face of such persistent demand. However, if the price of the token is, say, $10, then only 1,000 tokens will be demanded and purchased.
As a result, we have a traditional downward demand curve suggesting users would buy less when the price is higher. In Publica’s case, PBL is a vehicle for value exchange but the quantity of PBLs purchased is inversely proportionate to the price. The higher the price, the fewer PBLs that are necessary to complete a goal set in PBL, which is in turn pegged to a consumption basket approximated in fiat currencies.
What is likely to happen to the demand curve in the scenario of positive platform growth? Based on the need to purchase more PBL tokens to pay for a growing amount of services and goods within the platform, the curve will shift to the right reflecting that at a given price, consumers will look to buy more PBL tokens.
Supply curve for PBL tokens
The supply curve for PBL tokens is likely to represent a traditional upward curve reflecting the readiness of the market to sell more when offered a higher rate. In Publica’s case, it is more likely to portray it as a curve that reflects that when a supplied volume of PBL is growing, the price will increase reflecting its relative scarcity as described above.
Due to the limited supply of tokens and also larger and larger amounts of tokens being locked in short, medium and long term positions, the supply curve is likely first to aim at the maximum available supply and then shrink once the number of tokens in circulation decreases (under positive growth conditions). An imagined shift of the supply curve would go upwards reflecting he supply side’s reaction to the reduced volume in circulation.
Potentials in PBL token price dynamics
Once we portray both demand and supply curves and their potential shifts over time, we see that the equilibrium price is moving up from P1 to P2 reflecting that a number of tokens demanded and supplied is likely to increase. P2, however, is not a permanent point of price equilibrium either.
In the positive growth scenario, such an iteration of price and quantity will occur constantly, reflecting the growth in value of the goods and services exchanged within the platform and the corresponding demand for PBL tokens, in a shortening supply due to a growing amount of PBLs locked for a period of time in wallets or smart contracts of platform participants.
Even if we assume a perfect velocity of money, it won’t impact the main line of conclusions. Furthermore, Publica is likely to hold PBLs that it accumulates from platform service fees for the first years and then release them in exchange for services provided to the platform once the PBL exchange rate stabilizes.
- September 5: Announcement
- October 19: Pre-sale opens
- October 25: Public sale
- November 15: Sale closing
- December 1 : Token distribution
- January 2018: Trading available