There are a lot of music streaming platforms on the market. However, all of them are centralized. Due to being centralized, these platforms don’t allow aspiring musicians to produce and publish their songs unless they work under major labels. There is a need for a decentralized platform in which aspiring musicians can produce and publish their songs. This is the aim of BitSong.
What is BitSong?
It is a project that aims to be a decentralized music streaming platform. Currently, there is no such platform, which means it could be the first. BitSong realizes that many aspiring musicians cannot produce and publish their songs because they don’t have the necessary fund. Realizing this, the platform allows aspiring musicians to get the funding they need to produce and publish their songs on the platform.
To achieve its aim, the platform utilizes several technologies such as IPFS, Ethereum and smart contracts, and token issuance. In short, the IPFS allows for a quick, effective and safe peer-to-peer file distribution, the Ethereum and smart contracts allow the platform to be decentralized and the token issuance to create a mean of exchange within the platform. Below are the details.
IPFS
Interplanetary File System, better known as IPFS is a system that allows for peer-to-peer file distribution. The system works similarly with a single BitTorrent swarm in which exchanges of objects happen within a Git repository. It is important to note that the platform will make this system connects every device within the same file system.
The IPFS allows the distribution of information on a vast network of nodes and makes it easily traceable as content searching within the platform will be based on a hash identifier. The utilization of IPFS is true to the spirit of the platform, which is decentralization. While it is decentralized, it is not less safe, quick and efficient that its centralized counterparts. In fact, the opposite is true.
By using IPFS, the platform enables users to find exactly what they are looking for in a safe, quick and efficient manner. The reason is that the system not only disseminates information but also make disseminated information redundant on a vast number of independent nodes. Thus, users are protected from possible network malfunctions while still able to find that what they look for quickly and efficiently.
Ethereum and Smart Contracts
As a platform, BitSong allows users to create smart contracts based on Ethereum. The platform uses Ethereum because Ethereum is a digital currency that can be programmed. Many other digital currencies don’t share this attribute. Ethereum, besides providing a network to exchange monetary value, also run contracts that are created using Ethereum as their basis.
Smart contracts that use Ethereum as their basis can be utilized to perform various operations. For instance, crowdfunding platforms, domain names registration, intellectual property, electoral systems and so on. In addition to these, the platform also utilizes several blockchains, making it fully decentralized without having to depend on a single technology.
Token
BitSong will release a token known as BTSG. BTSG will be based on Ethereum blockchain and will be used as a currency within the platform. With BTSG, users will be able to the services provided within the platform. Using the token, users will be able to buy tickets, purchase a song, purchase merchandising, vote, make a donation, and sponsorship.
There will be 1,000,000,000 BTSG tokens released. The token can be purchased by using ETH and Crowdsale. 1 ETH will worth 11,290 BTSG. The public sale of the token started on 10 August 2018. The soft cap of the token is set to 4,000 ETH while the hard cap is set to 35,000 ETH. If after the end of sale period there are tokens left, the unsold tokens will be burned.
Token Distribution
Not all of the issued tokens will be available for sale. Instead, the tokens will be distributed to create long-term incentives and increase community benefits. The tokens will be distributed in the following ways: 50% will be available for sale, 20% will be for the team, 15% will be for reserved fund, 7% will for advisors, 5% will be for partnership, 2% will be for bounty, and 1% will be for Airdrop.
Funds Allocation
The funds collected from ICO will be allocated in several ways. 50% of the funds collected will be allocated for the expansion and development of the business, 20% will be allocated for marketing and public relations purposes, 15% will be allocated for research and development, and another 15% will be allocated for technologies and logistics.
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ETH : 0x73dDCA9F4d7829994Ef2014F3A8CddCa60783Be9