More and more in the music sector, a new trend is beginning to emerge, blockchain technology. Blockchain technology has become an alternative to the traditional conflicts associated with the industry, such as:
- The need for funding to release an album.
- Dependence on record companies.
- The distribution of royalties between artists and rights owners.
- Determine ownership of musical works.
- Licensing and distribution of catalogs in different markets.
With the incorporation of blockchain technology in the music sector, it will play the role of eliminating the figure of intermediaries.
But what is blockchain technology?
Blockchain technology is an account book, which records all movements, is public and decentralized. That is, blockchain performs the function of registration and validation of each of the transactions that are carried out in its environment. Blockchain technology is divided by blocks that are the operations or transactions that are carried out, and the figure of the miner helps to decrypt these blocks so that the information can be validated through 50% of the connected network of the proof of work.
Therefore, we can say that blockchain is a network of account books and each of them is obliged to write all the operations that are carried out. The miners for the work they do of decryption, they can never access the information they have decrypted, they receive cryptocurrencies in exchange for this work. Blockchain is a trusted system without intermediaries, it can also manage any type of value or property such as money, energy, certificates, prizes or votes. These value units can be programmed through a label to assign it a specific destination, that is, establish a specific destination where it is dedicated.
Blockchain allows to eliminate all the bureaucracy of the operations and the administrative control of the intermediaries. As of 2015, the technology has taken a further step in its functions with the appearance on the scene of the Ethereum platform, since apart from cryptocurrencies, from then on any property transaction on blockchain technology could be passed, from contracts, artwork, health data, votes, intellectual property, debts, that is, every conceivable property.
The indie music industry is known for not having enough funds to do everything for a singer or a music group to compete in the national music scene. Therefore PurpleThrone, a music distribution platform in the United States, launched what is called PurpleCoin, a crypto token that is a means of paying royalties for independent artists. With PurpleCoin, anyone can become an investor for all musicians, from amateur to established, enabling them to develop and produce quality music works. As long as they are independent and own the copyrights to their content, they are accepted.
On the artists’ side, they pay $9.99 to upload their song to the PurpleThrone ecosystem. Part of that fee gives them a small amount of PurpleCoin. By joining into PurpleCoin’s ecosystem, they are investing in themselves as well as PurpleThrone. Artists that rank in top 20 charts, PurpleThrone pays them additional PurpleCoin depending on where they rank.
For example an artists who ranks #1 receives a payment of .076 PurpleCoin a week versus an artists that ranks #20 receives .0009 PurpleCoin a week. (these PPC payments are subject to change). Artists may use their PurpleCoin to rent studio time or pay for a music video production; However right now they can also cash out into USD at anytime of their choosing. PurpleThrone backs all PurpleCoin payouts and exchanges.
PurpleCoin, as a crypto token, guarantees that every investment can be made without sacrificing privacy. Investors can invest anonymously, thereby maintaining their privacy in supporting the indie music industry in the United States. The PurpleThrone team’s hard work since 2017 in developing this crypto token has paid off thanks to the increasing number of indie artists and their fans taking advantage of this blockchain platform to jointly develop the music industry in different roles.
If you’re interested in investing in this company, head over to PurpleThrone.com.