I proudly present to you the Musereum project (mentioned by Igor in Oracles Network. News and updates #14) - a blockchain specifically designed and tailored for the needs of the music industry. It will allow music creators to control the use and monetization of their content and cut the costs of acquiring a licensing music for commercial purposes.
Within our project we aim to deal with the major issues that are faced by the music industry worldwide by offering the following key features:
- To enable all the right holders of a specific musical work (the rights to composition, record and performance of it) to fixate the distribution of such rights within a distributed ledger, that would grant them means to prove their ownership;
- To enable automated licensing of a musical work via standardized smart-contracts, that will provide licensee with a proof of the amount of rights granted to them, while ensuring at the same time the fair and transparent distribution of royalties paid for such license;
- To enable free transfer of such rights and their shares via tokenization mechanics and their divisibility, that will provide right holders with a way to sell shares of their rights to public, creating therefore a way for creators to hold crowd-investing campaigns, possibly breaking free (at least to some extent) from the restraining relations with labels and publishers. This is similar to some extent to the way Amanda Palmer is distributing her music and raise funds by working with Patreon - except that in our model potential contributors would be driven by their own economic interests (expectation of profits from royalties/speculation), not only but their appreciation of the intrinsic value of the music sponsored.
Our token will be used to serve the following functions:
- Licensing music via the Musereum marketplace;
- Paying the third-party service providers within the Musereum ecosystem;
- Acquiring the shares in the IP rights to the tracks uploaded to Musereum network;
- Serving as an internal currency and gas within the third-party dapps running on Musereum blockchain;
- Being paid out to rightsholders whose music is listened to via the Soundchain player.
On the tech side our project is based on the PoA solution developed by the Oracles network - public notaries and other licensed professionals from several jurisdictions would serve as a validators in our network. Remuneration for them will be paid in our tokens out of ongoing emission - we plan to reserve for that 2.5% of the emission distributed evenly between all of the validators in the network.
Another 2.5% of the emission is reserved for interaction with the Oracles network. And here lies the main question - how exactly could we interact with you? We believe that for both networks to strive we would need to collaborate - how do you see the collaboration between our networks?