Project Imusify Music Blockchain
Licensing and Monetization
Outdated laws surrounding licensing and rate-setting systems fail to utilize availabletechnology to track licenses and deliver royalties. Digital music services do not haveefficient systems in place to obtain and keep track of all licenses related to the varying types of digital consumption: radio, on-demand streaming, radio-like streaming, digital purchases and more. Smaller artists lack the resources to enforce control over their content and rights. With limited information about how their content-related payments actually work, they are often left with little to nothing.
A Decentralized Solution
The music industry has been facing existential challenges over the past decade and the landscape has been completely restructured due to digitalization and the introduction of digital streaming services. While most industries are only beginning to experiment with the potential uses of blockchain, imusify is using blockchain to tackle the industry’s challenges and providing a pioneering real-world use case that will not only bring immediate value to the music space, but also educate early adopters to lead an evolutiontowards societal adoption of other blockchain use cases. We will now examine at a high level the solutions that decentralization can provide to the global music industry.
Digital Rights Management
The network power of blockchain provides the opportunity to create a comprehensive digital rights management system that eliminates the need for latent payment reconciliation. Instead, with such a system consumption information can be shared automatically, offering universal transparency to artists, distributors and consumers.
Payment Transparency
Blockchain offers several added values to the transactional procedures that occur throughout the music supply chain. With a comprehensive database of consumption content and verified users, blockchain poses solutions for making automatic and transparent royalty payments, not only to single individuals but distributed to a song’s respective rights holders. This improved payment process can provide more information to artists about how their work is being consumed and exactly what and how they are being compensated.
Licensing and Monetization
With the presence of a decentralized database of content and ownership rights, artistshave the opportunity to license and monetize content in exciting ways. Even small relatively unknown artists will have a marketplace where they can sell licenses for their work to be used in commercial videos, films, live events, and podcasts to name a few.
NEO Smart Economy
imusify’s utility token is built on the NEO blockchain, one of the most advanced smart contract-enabled blockchains in existence. NEO’s vision for a “Smart Economy” includes the interaction between digital identities and digital assets using smart contracts to ensure trustful exchanges.
Digital Identity
Within a smart economy, digital identity refers to the identity information of individuals and groups/organizations in electronic form. These identities offer a secure end-point for individuals to conduct transactions with others. The NEO “web-of-trust” compliance protocol also presents a key competitive advantage for imusify to differentiate itself over other music blockchain platforms. Using a “trust-ful”, as opposed to a “trust-less” system, digital identification exists to tie transactions to verified individual identity, conveniently supporting compliance with existing and future government regulations.
Digital Assets
Digital assets are programmable physical assets that, when registered through a validated digital identity, are protected by law. By establishing a trustful association between digital assets and identities, users can register, trade, and circulate assets to conduct business. Through technologies such as P2P networking (via TCP and WebSocket), dBFT consensus (to guarantee fault tolerance), digital certificates (NEO smart contracts), superconducting
transactions (supporting up to 10,000 tps as opposed to 15 tps on the Ethereum network), and cross-chain interoperability (the NeoX patent), the NEO community is able to organize networks like imusify to manage smart assets in an efficient, safe, and legally binding manner.
Smart Contracts
Smart contracts are protocols that facilitate credible transactions between users without the need for a third party or intermediary. imusify leverages NEO smart contracts to create a secure, democratic, censorship-free platform. With the use of smart contracts, artists’ digital assets can be self-managed achieving a music “smart economy” within the NEO established network.
The Music Smart Economy
Within imusify’s growing team and network, the question arose: So what does the future’s smart music economy look like? To best answer this question, we examine the three components of the NEO Smart Economy in the context of a music smart economy.Secure, transparent digital identities allow artists, consumers, producers, managers, venues, record labels, and other music stakeholders to establish an electronic identity as a means to interact, collaborate, and conduct transactions with other users.
Users with music related digital identities can issue content, experiences, and projects as digital assets in order to protect their ownership of their creative work, and track its life cycle within the music economy. Smart contracts allow for music digital identities to trustfully conduct transactions. For example, an artist who registered digital identity distributes an album as a digital asset can use a smart contract to sell the assetto consumers and automatically receive payment from the transaction.
Now that we understand how digital assets, digital identities, and smart contracts make up the foundation of a music smart economy, let us take a look at how imusify is building upon this foundation to engage and deliver value to its users. imusify is focused on building a platform to serve the immediate needs of current participants in the music industry, while providing an open innovation space for developing new means of interaction and value exchange to serve the music economy in the near and distant future. To further the conceptual vision of its music smart economy, imusify gives value to its platform, its network, and its utility token which serves as ameans of exchange for users within the imusify network on the imusify platform. Firstly, imusify exists as a platform (web and mobile applications) that allows its users to connect, collaborate, and share experiences with other imusify users. Equally as important, the imusify network leverages the flexibility of decentralized systems to connect users in exciting ways.
musify’s tokenized structure provides the IMU utility
token to allow users to conduct transactions within the music smart economy.
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