Musicians, their fans, and other contributors are all used by a few music recording companies to earn high revenues, and it's been this way for decades. This monopoly was first challenged by social media sites like YouTube, Facebook and we saw the emergence of artists like Justin Bieber, Vidya Vox and many more. These sites created a one-to-one relationship between artists and their fans, and although these sites break the supremacy of music recording companies, the revenue generated still remains largely in the hands of these social media sites. The artists along with other contributors remain deprived of their due share of their hard work.
Breaking the Monopoly - Ujo Music
Ujo is an Ethereum blockchain backed platform developed to create a transparent and decentralized database of rights and owners, to ultimately automate the royalty payment process. All this is done by harnessing the power of smart contracts and cryptocurrency. The underlying technology of Ujo Music is blockchain; blockchain holds the power to transform not only the monetary system but also the whole way we operate in society today. Just like not many did not did not believe in Internet thirty years ago, today 40% of the world is connected online. The success of the internet was due to its openness and accessibility for everyone, blockchain is the internet of value that gives us the ability to not only transmit information but also create create value in the blink of an eye to anyone anywhere in the world. Using this blockchain technology, Ujo Music will look to revolutionize the music industry forever.
How is Ujo Music different?
Ujo music is developed to better address the needs of artists and their fans, who are currently captured by top music records, and have been for years. The platform will bring a revolution by allowing entrepreneurs and engineers to build products and services using the decentralized blockchain platform and earn a direct reward. The aim of Ujo Music is to give power back into the hands of people who are creating and consuming music, not the industry bigwigs. To encourage more artists to join the Ujo platform, there is a zero fee for registering new contents.
Demystifying the Ujo Music Platform
key components of Ujo Music Platform are:
Decentralized File Storage - Ujo Music platform is stored on decentralized and distributed file storage systems (such as the InterPlanetary File System (IPFS) that is fault-tolerant, no single point of failure and free from censorship. Data is content-addressable meaning it can be retrieved using a cryptographic hash of the data itself rather than the location of a specific entity's server, lending to a fast and future-proof metadata and media file storage.
Persistent Identity - uPort - Thanks to Ethereum blockchain and it's smart contracts, artists don't lose control of their identities, their fans, and work they have done.
Ethereum for Licensing and Payments- Ujo Music uses Ethereum to build flexible and modular licensing systems. Payments are made in an automated manner to rights holders based on licenses they design themselves.
Ujo Music Projects
There is no better way to understand the Ujo Music then by looking at projects created by Ujo Music.
RAC (Remix Artist Collective)- RAC project, launched in collaboration with Ujo Music, is currently showcasing its first album EGO with 14 songs. You can buy their album directly with Ethereum, and the process is automated by smart contracts. There will be no middleman (PayPal, visa etc) a direct, instant fund transfer between artist and buyer, letting artists such as RAC get most of his or her work.
GIRAFFAGE - Giraffage (Charlie Yin, a Taiwanese-American electronic music produce) has released his debut album, Too Real, in October last year via Counter Records. The album holds 10 songs. Just like RAC, you can buy this with Ethereum.
Music is a multi-billion dollar industry. Ujo Music is securing a trusted network of value that will encourage artists and future musicians to innovate and be compensated with 100% of that value.
Please go to https://ujomusic.com/ to learn more about this exciting project!
