How GazeCoin is planning to create a decentralized Attention-Based VR/ AR Economy

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An international team of developers has announced that they are coming up with a new age revolution in AR/VR monetization attempts by using eye tracking and a patent registered technology.

GazeCoin, a company that claims to bring a new decentralized attention based VR/AR economy, the first of its kind platform into the market. GazeCoin is a monetization, adtech, and DRM solution for VR/AR. It measures and employes user gaze as a unit of exchange and digital record among advertisers, content owners/creators and users.

How does it work?

The platform calculates the exact amount of time users dedicate in the virtual world. The calculated time is curated and sent to the developers of the ad and he, then charged for that particular time period only. All of this is possible with a patent registered technology which enables the company to track the content of person in which his interest area lies in. Not only necessary for ads, it can also be used to make a profile friendly content and deliver it to the user according to his interests. Since GazeCoin is built on blockchain platform, the transactions are handled seamlessly and it can be exchanged for other Ethereum coins as well. The ads are not necessarily to be there in a content but the value addition which GazeCoin is bringing up in its technology is much deeper than just monetization of the ad-tech market. It is trying to build a platform which can actually build a super strong content line up according to the user interests.

“For too long, VR/AR monetization has been constrained by last-century models that work for web and mobile, but miss the mark terribly in VR/AR, where literally everything you see or touch can be monetized.

We designed GazeCoin to bridge the gap between the promise of virtual worlds and the ability for brands and content owners to capitalize on it, at the heart of how the medium is actually consumed.” said Founder, GazeCoin, Jonny Peters.

What does GazeCoin offer?

GazeCoin allows right holders to:

  • Track the content as and when it is created in VR/ AR for the purpose of displaying it in its platform in a remixed, versioned, altered, transferred, licensed, sold, discontinued etc. with also a feature of tracking its consumption.
  • Collect meaningful data on content usage, lifecycle and audience engagement.
  • manage correct, appropriate payments to respective parties.

The GazeCoin blockchain makes sure that advertisers, content owners, and users receive payments and the data which is calculated is openly maintained in order to create a transparent transaction record within the block itself.

Precisely calculated and accessible transactional data, together with precise monetization calculations, is the VR/AR business model holy grail; an engine that funds the expansion of content and elevates the synergy between stakeholders.

  • Advertiser is incentivized to place ads/branded content by growing user reach/engagement,
  • Content owners are incentivized to provide quality content by advertiser patronage and growing user reach/engagement,
  • Users are incentivized by content owner rewards and quality content, resulting in larger reach and engagement that advertiser wants.

Economics and token flow of the system

Using eye tracking, GazeCoin calculates the exact amount of time users spend either looking at specific content (including objects) and/or the specific amount of time they spend immersed inside content. It then creates a micro-transaction that:

  • charges the advertiser for that time,
  • pays the content owner, and
  • rewards the user for consuming the content.

GazeCoin’s immersive advertising allows brands to:

  • Calculate precise Returns On Investments on VR/AR advertising and other VR/AR activations.
  • Collect correct data on user behavior inside the Virtual world.
  • Reduce the ad fraud industry which is currently overpowering the market and not allowing the actual loyal marketers to trade in.

GazeCoin has a mechanism which determines and follows up with the content as it is changed or added inside VR/AR – keeping that information in an encrypted format in its blockchain.

GazeCoin’s API allows its users, developers and content providers to monetize their content in a respective manner. It allows the wallet transactions to be safe and transparent keeping their stakeholders value at a higher level than any other competitors in the market.

GazeCoin is going for a public token sale from November 28. During the token sale, the team expects to sell about 5 million coins with the presale money going towards the development of the technology to the point of release and team growth. They are expecting the ICO to be 30 million dollars and minimum goal of 2 million dollars. If the minimum target is not reached then all the ETH will be refunded.

DISCLAIMER: Opinions expressed by Coinschedule Blog contributors are their own.

Hira Saeed on Twitter
Hira Saeed
Founder of Tech Geeks Pakistan and Digital Doers. Hira is also a public speaker and columnist who shares her views on Startups, AI, chatbots and Blockchain technology on VentureBeat, The Next Web and Tech In Asia.

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