How do you usually listen to music ?
Do you actually buy and download the tracks, do you listen to the radio, to youtube videos, or do you stream?
Streaming platforms are by far the most popular option nowadays - you pay a small monthly fee, usually around $10, and can listen to as much music as you like.
But when you think about it, this can't be profitable for the artists - especially smaller artists that hardly gain any profit from users streaming their music.
The solution: OPUS - world's first decentralized music streaming platform!
The system is powered by Ethereum and IPFS , and gives 100% of the revenue back to the artist.
There is actually a Demo Version available already, with which you can test the service!
Opus offers some key benefits compared to traditional music streaming platforms. These include:
- Transparency:
Due to the nature of blockchain technology, all transactions are visible on the Ethereum blockchain and IPFS swarm. So every artist can see the revenue their music has created, and no label can hide any profits from them.
- Democracy:
At Opus, everyone voice is heard. People can vote on monthly proposals that develop and change the Opus platform.
- Fairness:
The OPUS Foundation doesn't take a cut from the revenue - 97% of the profits are received by the artists (and the rest is for maintenance etc.)
- Censorship Resistance:
Opus is a platform that can't be censored, since it is fully decentralized. This applies even to the IPFS storage layer.
- Cross-platform availability:
Within the OPUS blockchain there's a 3rd-party API based layer which allows anyone to build a local player and program it to access all the available songs on the Opus platform.
How does it work?
Users can purchase the decryption keys to their favorite Opus tracks with the native OPT token.
This way, the music is permanently yours on the decentralized IPFS, no matter what happens.
Artists can also use their OPT's to promote their music indirectly with the artist bounty system. This means that the artist can offer a certain amount of tokens to people who share their work, therefore spreading awareness about them and their music. And the sharer also earns a certain cut of the profits whenever someone else buys a song through his affiliate address.
How does the technology behind it work?
Application layer: This is the top layer where the Opus API interacts with various 3rd party players to decode and deliver music tracks.
Logic layer: This layer, is a system of smart contracts running on the Ethereum blockchain. On this layer, resides the user contract which stores each user’s decryption keys, reference file hashes to the IPFS storage, and the business logic that handles transactions.
Directory layer: While each track has it's permanent IPFS hash, the directory layer is a JSON database that stores all the Hashes of tracks available on the Opus network.
Storage layer: Due to gas constraints, we store all the tracks on the IPFS network. This ensures that songs are available permanently, decentrally and with low latency.
How can you invest in OPUS?
The Opus crowdsale is happening right now - if you want to invest, you can do so right away!
It's running from 24.07.2017 - 21.08.2017, so you have about 2 and a half more weeks to go.
To make your contribution, you simply send ETH tokens to the address displayed - now you're already a part of the Opus system!
© Sirwinchester
I hadn't seen this one! Unfortunately, I'll have to wait to buy it off an exchange..
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Awesome post. I own opt tokens myself :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Looks solid however are there any artists at the moment that current are backing this? If so who are they?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Musicoin, another music blockchain, actually does have a working system and recently had some solid EDM artists make accounts. Opus is also working with Musicoin as well. Here's the article: https://steemit.com/music/@theharddata/musicoin-snags-top-hard-edm-artists
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good point, I haven't read about that yet but the real application isn't out yet either (only a beta version)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Awsome idea and I really like the design. Hopefully it gets some adoption. Good luck :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes I also think it has a lot of potential, and it's a great opportunity for upcoming artists!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This really shows the power of cryptocurrency, slowly making its way to real world uses.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Exactly! Providing transparency and fairness in many different aspects of the world.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes absolutely right, that is what I love about cryptocurrency it is decentralized.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Resteemed and Upvoted :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
i would like to see the concept of this further. i'm currently using spotify but i hope to see nice moves towards blockchain
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes I'm using spotify too, but imagine how awesome it would be if the majority of these applications we use regularly could benefit from blockchain technology!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
The idea is potentially good for us musicians but, we need the audience to use that app. If only the musicians are registered, it could become an endogamic ecosystem, as I have seen in Musicoin.
The success of Spotify or Apple Music is based on being able to find most of the music published. How do we attract the audience? Sharing earnings by promo? Maybe, but it could eventually get people tired if the earnings are not enough, as it starts to happen here in Steemit, which many users no longer publish, simply comment on the trendding posts.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
There was some news with Musicoin recently, as some top EDM artists started using the system.
https://steemit.com/music/@theharddata/musicoin-snags-top-hard-edm-artists
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yeah! Great news! Thanks for sharing @deadlybuda!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hmm, yes good point I know what you mean! I guess there is still room to improve the system and make it more available for mainstream users!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I hope so. Musicians/composers really need a new way to monetize our work.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I have heard alot about it and have bought some of the ico's, I am planning on getting more. I hope it does well because I would like to use this to my advantage
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes I'm also excited to see how this project will turn out - but I think it has a lot of potential since so many people could use it in their everyday lives.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I love the music aspect of it, this will work well for my audio's I will do, Once it hit the market I had bought some more today, But i have it in hit btc
Have you heard of it, Because though the transfers of coins is good I don't know if my dividends would be transfer there or do I have to move it to the original site from hit btc to the opus wallet.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Interesting idea for music artists. There's going to be local coins and they can be used to buy music. Everything decentralized. That's great.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Very interesting. I usually listen to Pandora.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Im all in for crypto! But only concerned about the privacy, might not be an issue in the music platform (it may well be, i dont know) but lets say in Steemit itself, how many would like to reveal their transactions and wallet info.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes that's true. The transparent nature of the blockchain also has its downsides.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I can get behind any project that rewards the artist like this!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Right! This is something that the music industry has never seen before.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Great post! This service is awesome! Thanks you.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you and glad you enjoyed the post!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You can take me, but you cannot take my bunghole.... For I have no bunghole....
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This post has been ranked within the top 10 most undervalued posts in the first half of Aug 04. We estimate that this post is undervalued by $44.57 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Aug 04 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This is a great idea for musicians , the future is bright if a large amount of music consumers adopt to this, thanks for the share
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you! Yes, it's an awesome opportunity for artists to finally get paid what they deserve.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
whats been happening with this project since the ico is over, I have tokens, and I feel worried!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
this is a great news for musicians.. hope it will start very soon. thank you the info
have a great day
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I'm looking forward to see the project to fruition.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit