Too many solutions to the problems in the music industry simply transfer control from one closed system to another. From online download stores to streaming, the creators get very little control. We do not think that is right and we can solve it with Blockchain.
We are opening out
Our aim with Aurovine and the AudioCoin is not to build a new closed market or dominate the industry. We want to create an eco-system. A platform on which the creators and music fans can build the music industry they want.
The AudioCoin is a cryptocurrency dedicated to the music industry. Convertible with other cryptocurrencies and transferrable in and out of traditional money, this open world can be the basis of a new settlement in the music world. Because we at Aurovine will not be controlling it.
A hub, not a straightjacket
Aurovine will be a hub for artists to showcase their music, a place for fans to listen to and discover, as well as a marketplace for service providers in the industry. We will base our site around the Audiocoin, through our listen/rate/share for the consumer side and smart contracts for the artists and service providers.
However, anyone can accept AudioCoins and they do not have to use Aurovine to do so. We will publish the APIs to access the AudioCoin blockchain and then any third party can accept them directly. We will not control access because we believe in the inherent trust built into the blockchain. The technology will remove the bloat frequently found in older blockchain implementations and has been developed by our friends at Blockpool.
Transparency in the industry
Music venues, online stores, crowdfunding sites and any other music related operation could easily switch to AudioCoin. The blockchain is immutable and structured to deliver fast, transparent payments. No more waiting months for royalty payments – have them appear in your wallet in days instead. Know exactly who will receive what, when and for what reason. Verify that you are receiving what is due to you.
Trade with people around the world, knowing that the blockchain verification makes fraud so much harder and the language barrier begins to dissolve away.
Opening out the music industry so that independent artists can have power. Decentralising and democratising the creative process. And giving up control – that is what Aurovine wants to deliver.
Blockpool have put together a series of articles around Blockchain technologies. Have a look for more information.