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Security, transparency
and permanency,
make blockchain useful for
all kinds of applications.
Once such application is
decentralized music
distribution.
Centralized streaming
platforms,
such as Spotify and Apple Music,
take up to 80% of the
entire revenue stream,
harming many small artists.
While direct artists to fan
sales were possible in the past,
artists today are
forced to rely on
monopolized streaming
platforms that pay
as little as a fraction
of a penny per play.
Established artists that rely on
tours and sponsorships
can handle this,
but smaller artists who only
have a fan base of
maybe a thousand,
cannot survive in this industry
with such a tiny revenue stream.
Opus is a decentralized
music-sharing platform
that leverages
blockchain technology.
The block will have the identity
of the buyer encoded in it,
and the identity of the
musician encoded in it as well.
The music that the buyer wants
will also be contained
in the block.
In addition, conditions of
this transaction and control,
the smart contracts can
be encoded in the block.
Once the block with
this information is
attached to the network,
onto the blockchain,
everybody knows
that the musician
sold a record to someone.
The buyer can access the block
since his identification
is in the block,
but can only access
the music by fulfiling
a certain condition in
the smart contract.
For example, a condition
can be releasing funds
to the musicians' bank accounts.
Only when the condition
is fulfilled,
will the block allow
the user to access
and download the recorded music.
There is no need for a
music distributor here
to verify payment made,
the code verifies and executes.
Musician and buyer are making
transactions directly,
and this guarantees fair
compensation for artists.
97% of the revenue
goes to the artists.
It also guarantees transparent
and reliable payment rules.
Opus introduced its own
digital token called OPT
for payments and
revenue management
for both artists and fans.
These tokens give
new possibilities
in the music industry.
For example, artists can
decide how to split revenues
between fan members
and how to split revenues
for each song separately.
You could also share
their own revenue
with defense and who in turn
can then support their
favorite artists,
or can purchase extra content.
The result here is
also the ability
to pay royalties to
playlist creators,
as well as allow for
crowdfunding music production.
