iQIYI, one of China’s largest online video platforms with over 100 million subscribers, is tapping Ethereum smart contract standard ERC-3475 to solve copyright-related issues, according to a press release on Sunday from the standard’s inventor, decentralized bond protocol DeBond.
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Fast facts
- iQIYI will use smart contracts built under the ERC-3475 standard to resolve copyright-related issues such as disputes, secondary creations and copyright investment in authors’ works, the press release said. The smart contracts run on a private consortium chain initiated by iQIYI and nodes provided by the copyright issuer.
- ERC-3475 is a smart contract standard created by DeBond. It was originally designed to allow issuers to manage multiple bonds of different categories, different interest rates and different redemption conditions within one smart contract, said DeBond’s co-founder Yu Liu. Bonds are debt instruments and represent loans made to the issuer.
- The smart contract, in iQIYI’s application, can allow users to store additional specifications, including metadata, values and transactions in a digital token without the need for external storage on-chain or off-chain.
- iQIYI will debut a public test of the smart contract in the first quarter of 2023, according to the statement.
- Last November, iQIYI CEO Gong Yu said he hoped to crack down on plagiarism of iQIYI’s original TV series, as the platform detected 270,000 videos plagiarized from the platform’s hit drama “My Heroic Husband” in 2021.
- In 2019, iQIYI launched a copyright blockchain that allows users to upload videos for copyright confirmation.
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