The problem ONCHAIN_MEMES solves

Our team’s decentralized platform transforms how we handle meme and music royalties. We know traditional systems can be opaque, often leaving creators unsure about how their work is monetized and what they’re actually earning. They’re also bogged down by multiple intermediaries and complex IP management. Centralized data storage can be insecure and prone to failures.

We address these issues with our blockchain-based solution, ensuring transparency and fair compensation by tracking every transaction on an immutable ledger. By cutting out intermediaries, we speed up and accurately direct payments directly to creators. Our platform simplifies IP management with clear, verifiable records of ownership and usage. Plus, decentralized storage enhances security and data resilience. Our approach democratizes access, making sure all creators, no matter their industry status, receive fair benefits from their work.

Challenges we ran into

1.Technical Complexity: Integrating blockchain technology with decentralized data storage and smart contracts required overcoming significant technical hurdles. Ensuring that all components work seamlessly together while maintaining security and performance was a complex task.
2.Scalability Issues: As our platform grew, scaling the blockchain infrastructure to handle a large volume of transactions and data without compromising speed or efficiency proved challenging. We had to optimize our use of Polygon and The Graph to manage scalability effectively.
3.User Adoption: Educating creators and users about the benefits and functionalities of a decentralized system posed a challenge. Many were unfamiliar with blockchain technology and needed guidance to transition from traditional systems.
4.Regulatory and Legal Concerns: Navigating the regulatory landscape for digital assets and intellectual property rights involved intricate legal considerations. Ensuring compliance with various jurisdictions and regulations added complexity to our development process.
5.Data Privacy and Security: Protecting sensitive data while ensuring transparency was a balancing act. We needed to implement robust security measures to safeguard user information while maintaining the transparency of transactions on the blockchain.
6.Cost Management: Operating a decentralized platform involves costs related to blockchain transactions, data storage, and infrastructure. Managing these costs while keeping the platform accessible and affordable for creators was a key consideration.