What is the Privé copyright token?
The Privé copyright token represents a fractional undivided interest in copyright of and to the Privé software platform, or simply, it is a certificate of pro-rata ownership of the Privé software platform.
We believe that the most valuable of digital asset types is software itself, that is, the very applications that are deployed on the Ethereum network. Copyright is to software what ownership interest is to real assets. A tokenized copyright, in our view, is the ideal legal and technical solution for holding and trading software assets on blockchain.
Is the Privé copyright token a utility token?
No. The Privé software platform is not designed to utilize Privé tokens in any way other than for the distribution of royalties to copyright holders.
Is the Privé copyright token a security?
No. A purchase of the Privé copyright token does not constitute an investment in a common enterprise. It is an investment in intellectual property on AS IS and AS AVAILABLE basis, whereby all copyright holders are entitled to use and derive the work thereof.
How does the use of a copyright relate to the open source paradigm?
The source code of the Privé software platform is made open source in order to be available to all Privé copyright holders, which is perfectly in line with the the concept of copyright ownership.
How are the rights and obligations of the copyright owners regulated?
In addition to the applicable copyright laws, the Privé Joint Copyright Ownership Agreement regulates the mutual rights and obligations of Privé copyright holders. The agreement legal prose can be retrieved from the Privé token (see: https://github.com/irresident/prive-token), and is also shown in our decentralized application (available at https://www.irresident.io/pax/) in which the token holders are free to accept the agreement at any time.
What happens if a Privé token holder does not accept the Joint Copyright Ownership Agreement?
The legal title to a pro-rata copyright ownership is contingent on holder's acceptance of the agreement. It is not sufficient to simply hold the Privé tokens. In order to hold an interest in the Privé copyright, a Privé token holder must accept the agreement and all the rights and obligations provided thereby. The part of the royalty distribution mechanism that is employed by the Privé token is designed to afford the distribution of royalties to a specific token holder only after the token holder accepts the Joint Copyright Ownership Agreement (again, see https://www.irresident.io/pax/).
What are the obligations of Privé copyright holders?
By accepting the Privé Joint Copyright Ownership Agreement, a Privé token holder becomes a copyright holder and is thereby entitled to derive work from the Privé software platform. With this right comes the obligation to share any derived work source code and any economic benefit generated by the use of such derived work with other Privé copyright holders, on a pro rata basis as provided in the Joint Copyright Ownership Agreement.
Which assets are planned for the royalty distribution to copyright holders?
The Privé software platform is designed to accrue royalties from license fees that it collects from specific types of transactions. Royalties are therefore denominated in digital assets that are used in Privé transactions (e.g. stable coins, ETH, etc.).
Is the PriveCrowdsale smart contract a part of the Privé software platform?
No. The purpose of the PriveCrowdsale smart contract is to distribute and sell Privé tokens. The PriveCrowdsale smart contract does not employ any part of the Privé royalty distribution mechanism either directly or indirectly. Therefore, it does not constitute a part of the Privé software platform, but is a property of Irresident.
Is the PriveToken smart contract a part of the Privé software platform?
Yes. The PriveToken smart contract is a fundamental component of the Privé royalty distribution mechanism. It is the registry that stores Privé copyright holder accounts and it employs the part of the mechanism that is responsible for the record keeping of the royalties claimed by copyright holders throughout different royalty distribution rounds.