Zeepin ICO Review – The Distributed Creative New Economy

What is Zeepin?

Zeepin is focused on becoming a new disruptive platform that will improve innovation efficiency in the creative new economy. They are aiming to become a digital eco-system that creates the best possible environment for collaboration between individuals and organizations on creative projects.

Zeepin will have similar offerings to platforms like Upwork, Kickstarter, Basecamp, Shutterstock and other major platforms servicing the digital economy. However, Zeepin will differentiate by using blockchain, to enable digital identities, crypto payments, copyright protection and decentralized projects teams. As Zeepin will be offering all these services together, it will become an eco-system, rather than just another freelancer or crowdfunding platform.

The Zeepin blockchain platform is based on the open source framework of the NeoContract smart contract system.

Zeepin’s founder Zhu Fei and co-founder Shenbi Xu were the former CEO and CSO of Arting365. Arting365 is a Chinese design platform that has a userbase of 1.2 million with big brand clients like Lenovo, Hp, Epson, and Baidu. Zeepin is planning to work with Arting365 to enable its users to offer their services on the Zeepin platform.

There’s a lot of terminologies used to describe Zeepin and its target market, so before we go any further let’s take a look into that.

An introduction to the creative new economy

Zeepin describes itself as ‘The Distributed Creative New Economy’, their slogan is ‘Smart work, creative life!’ and they state that ‘Zeepin = Creative industry + Smart economy’ on their website and whitepaper.

But what exactly do these phrases mean? Let’s break them down and take a closer look.

‘Creative’ – The cultural and creative industries

When they use the term creative, they a referring to the cultural and creative industries (CCI).  The CCI are worth £84.1 billion per year to the UK economy alone and a staggering $2.25 trillion to the global economy.

Often when people think of the creative industries, they only think of the arts, but there is a lot more to it than that. Sectors within the cultural and creative industries include design, visual arts, photography, publishing, advertising, architecture, books, performing arts, gaming, video, music, radio, software, fashion and more.

The creative industries boast broad participation, employing people of all ages and backgrounds. CCI are inclusive, entrepreneurial and the most significant driver of the digital economy.

‘New Economy’ – The smart digital economy

New economy is a phrase for describing a new, high-growth industry that uses cutting-edge technology and is driving economic growth.

The digital economy and the smart economy are two perfect examples of new economies today.

The digital economy refers to an economy driven by digital activity. This includes digital sales of goods and services and the use of digital technology to help business. The internet is the backbone of the digital economy, creating a highly interconnected world.

The smart economy is a next-generation economy that uses smart contracts to facilitate trade in a trustless environment. Trade agreements are written in programming code and stored on a blockchain, where they cannot be changed. They allow two or more entities to trade directly with each other safely and without the need of a middleman.

So, to clarify, when Zeepin uses the phrase ‘The Distributed Creative New Economy’ they are saying they are:

A digital trustless platform, designed specifically for those in the cultural and creative industries that enables users to work together directly and trade digital assets, without the need for middlemen and as participants in the smart and digital economies.

The Zeepin eco-system

To achieve its goal of becoming a digital eco-system for the CCI, Zeepin is developing multiple different projects simultaneously, including six dApps (decentralized applications).

Below are all the different projects Zeepin are developing and their estimated launch dates:

Zeepin Chain – Estimated launch: March 2018

This is the Zeepin platforms blockchain-based infrastructure that uses the NeoContract system framework. A decentralized blockchain developed specifically for the creative industries and sharing smart economy. The Zeepin Chain will support digital assets, asset swaps, payments and the various dApps that Zeepin is developing and planning to release. Copyright confirmations for digital assets will be recorded on the blockchain with a timestamp.

ZeeWallet – Estimated launch: April 2018

A digital wallet for Zeepin users that will allow them to hold ZPT tokens, make or receive ZPT payments and invest in projects.

ZeeRights (dApp) – Estimated launch: May 2018

A dApp that uses blockchain technology to enable copyright protection that is low cost and effective. ZeeRights will also be a decentralized transaction site, allowing users to license or sell their digital copyright assets.

ZeeCreate (dApp) – Estimated launch: August 2018

A design interconnection platform. ZeeCreate will bridge creators with those in need of creative ideas. It can also be used for peer-to-peer transactions of digital assets with payments made in ZPT. Zeepin will work with Arting365 to enable over 1.2 million designers to offer their services.

ZeeSure (dApp) – Estimated launch: October 2018

An insurance platform where users can get cover and legal consultation from insurance companies offering their services. This will help users fight back against any rights infringements, and even claim for compensation.

ZeeCrew – Estimated launch: January 2019

A public facility in the Zeepin platform that will enable individuals or organizations to form decentralized project teams. ZeeCrew is a modern alternative to the traditional company operations setup, which allows users to manage a virtual, autonomous team efficiently.

ZeeFund (dApp) – Estimated launch: April 2019

A platform where teams, if approved, can launch crowd-funding for their project. Support and investment will be received in ZPT. Smart contracts can be set up to release the funds in stages as project milestones are met. ZeeFund is aiming to make crowdfunding more open and effective.

ZeeTalent (dApp) – Estimated launch: October 2019

A platform where individuals or organizations will be able to recruit the talent needed for their project. Participating users will have a digital identity and blockchain technology can help assure the authenticity of information like education and work experience. Individuals or organizations looking to hire can post job listings and those looking for work can submit resumes.

ZeeProof (dApp) – Estimated launch: December 2019

A dApp that uses blockchain technology to prove the existence of copyright without having to disclose the copyrights content. This will reduce the risk intellectual property violations.

Zeepin token & token sale

Zeepin had a successful token presale reaching their hard cap of 420,000 NEO tokens worth $62.8 million on 18th January 2018, the first day of the token sale. Zeepin sold 500 million ZPT which is 50% of the total 1 billion supply.

The remaining 50% of the Zeepin Tokens (ZPT) will be allocated in the following way:

20% will be used for community development, 20% will go to founding members, and 10% will be for research and development.

The Zeepin Token (ZPT) will be the currency used within the Zeepin ecosystem. Participants on the Zeepin platform will be able to earn, pay and invest with ZPT.

Creators will be paid in ZPT, individuals or organizations will pay for the talent they hire with ZPT and investors will participate in project pre-sales or crowd-funding with ZPT.

ZPT can be bought and sold on the KuCoin exchange.

Challenges for Zeepin

Zeepin’s team and founders have a lot of relevant experience but only with projects in China. They want Zeepin to become a global platform and a highly ambitious one at that, so there are obviously risks involved with developing such a complex project.

Zeepin wants to become an eco-system for the creative new economy, but by doing so, they will be taking on some well-known and established platforms. The likes of Upwork, Skype, Kickstarter and more are all extremely specialized in their offerings. Zeepin will have to compete with the quality of the services they offer, even if they are considered expensive or inefficient.

ZPT will be the currency used within the Zeepin platform. Cryptocurrencies are well known for their volatility, and daily price movements of 20% or more are common. It would be harsh for holders to see a 20% drop in the value of their tokens, after a successful crowd-sale or just as they are paid for their work on a project.

Users will be able to transfer their ZPT out of the platform and exchange them quickly, but I feel it would be beneficial if they felt comfortable holding onto ZPT, so they can use it on projects as and when they need. The risk here is that users feel they must become part-time traders.

Zeepin outlook

Zeepin is a great idea that has the potential to be incredibly useful to those who work in the cultural and creative industries. The centralized platforms that service the digital economy currently, like Upwork and Kickstarter all have extremely high fees that users would rather not pay, amongst other limitations. However, these platforms remain extremely popular, they are very easy to use, and I’m sure will not go down without a fight.

The experience and knowledge of Zeepin’s founders and the fact they can tap into Arting365’s 1.2 million user base is a major strong point for them. Copyright protection through ZeeRights and ZeeSure that become digital assets which can be sold or leased is another exciting proposition. The idea of Zeepin as an eco-system will appeal to many. The question is will they be able to pull off a project of such complexity and build that userbase they need? I for one am excited to see and eagerly awaiting their launch.

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