Music has been described by many people as “food for the soul and heart”. This is a clear insinuation of music being vital to human development for the past centuries. As the world evolves to a technological epoch, it has had great influence in the music industry. There are varieties of ways in which music is used nowadays, and new royalty streams are created as the music industry and technology continue to progress. Adoption of digital music has created a source of revenue for artists and companies like YouTube, iTunes, Spotify, Beatport and several others. Having lacking transparency and security in the process chain of music production and distribution, FLUXORIN seeks to utilize the blockchain technology to address the problem of artist royalties and payments and facilitating the digital distribution of music. Besides, offering a new model of the music creation process via the Decentralized Autonomous Labels
New forms of digital distribution of music have made music readily available with the aid of device with internet capabilities for a little fee or downloaded illegally for free. This has narrowed the numerous opportunities that an artist could benefit from, with regards money. Social Media and blogs have also made the promotion of music much easier and have also aided artist to establish a good relationship with its consumers. Unfortunately, change of trend in the music industry has gone further to help certain parties (i.e. Artists and customers) to achieve a strategic advantage over others (i.e. Record labels).
FLUXORIN being built on the blockchain technology focuses on developing a comprehensive decentralized system that will make use of smart contracts that will allow artists to patent their works (i.e. arts) and also provide the services of automated collection and deployment of royalty payments which will remain in the control of the artists themselves. Distributed Autonomous Labels (DAL) will be a key feature in their system. Talking in terms of use cases, various key actors can be identified including consumers. They play a very important role in the process chain. An artist’s returns (monetary) is highly dependent on the consumers. With this information at hand, FLUXORIN is taking a step towards developing a system that meets consumer requirement and needs. They are trying to incorporate the blockchain technology and strategies to assist in customer acquisition and retention. This would be achieved by designing portable and user-friendly interface to improve the overall user experience.
The FLUXORIN system comes with amazing benefits to various actors in the ecosystem. In the subsequent paragraphs, we are going to look at the benefits some stakeholder could derive from the adoption of this innovative project.
Generally, the FLUXORIN system utilizing the blockchain technology will promote decentralization leading to transparency through the music creation and distribution process. Trust issues won’t be something to worry about any longer. Improved transaction speed, security and a very low operational cost for the various stakeholders.
Smart Contracts are blockchain based contracts that work like functions. They are executed automatically when certain conditions are met. Thanks to decentralization, these contracts are free from fraud and alteration and can be used to facilitate the exchange of valuable things like money, shares, content, etc. As a result of this great feature, individuals involved in the music creation process would be able to set the percentages of the ownership, and thus the part of the revenue stream generated by the track.
To address the issues of cost on the side of the consumers, peer to peer storage and delivery technologies is employed. This will lead to a cost-effective way of distributing and publishing music of high quality. Besides, usability and user experience goals will guide the developers in coming up with products that will satisfy user’s requirement and needs.
Implementation of the Sharism model will enable artists to earn money in the form of FLUXORIN tokens (a fast and secure payment mechanism) for access granted to listeners for their work. When a listener plays a song, payment in the form of a digital coin is sent to the artists' account. The smart contract will assist in the payment process known as “Pay per Play” license (PPP) safely. The contract can be modified to perform complex instances like distribution of tokens earned from a playback to several individuals involved in the content creation (individuals in a band).
Serving as an all-around solution model to the music industry, the big record label can benefit from the system due to its flexibility in shares allocation. They can put their patented works onto FLUXORIN blockchain and keep enjoying the upscaled consumption. Other key stakeholders like marketers, promoter, DJs, and social curators can also utilize the system.
Starts-up can develop sophisticated technologies on the FLUXORIN system to meet demands that may arise in the course of the system usage.
To sum up, the conceptual model of the FLUXORIN project is great and aims to solve a real-world problem. Seeking to improve the process chain of the music market via effective royalty allocations, transparency, low operational cost, use of DLA which helps in the distribution and several others.
The project is also being pursued by team members with great skill of expertise in various fields of work.
For further readings and inquiries about the FLUXORIN project, important links have been attached to this article below:
Website: https://www.fluxorin.io/
Bitcointalk thread: https://bitcointalksearch.org/topic/ann-fluxorin-decentralized-music-streaming-platform-on-the-blockchain-net-4361686
Whitepaper: https://www.fluxorin.io/wp-content/uploads/2018/05/FLUXORIN.pdf
Facebook: https://web.facebook.com/fluxorin.io/
Twitter: https://twitter.com/fluxorin_io
Telegram: https://t.me/FluxorinICO
Content credit:
Bitcointalk username: quesi_job
Bitcointalk profile URL: https://bitcointalksearch.org/user/quesijob-2103403
Topic: FLUXORIN- Decentralized music streaming platform. (Read 185 times)
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