Year Founded: Alpha release (Q4 2017), Beta release (Q2 2018)
Founders: Artyom Abaev, Founder & CEO
Web Address: http://soundchain.org/
Soundchain is an innovative platform based on the blockchain technology, aiming to reinvent the way copyrighted music is shared on the internet. Using Soundchain, artists can directly upload their work to the platform, set parameters for each uploaded track, and then publish licenses using smart contracts. Every time someone listens to a track by an artist, the artist(s) receive royalties ranging from $0.10 to $2 for each listen.
The platform consists of several key participants:
- Musicians (artists)
- Distributors – those who share the music further, earning their share of the pie
- Platform developers
Smart contracts allow artists to set things in such a way as to everyone involved in the music production process gets their fair share (singers, musicians, etc.). Shareholders who invest in the platform, creating the initial fund to pay the artists, would help create the initial value for the Soundchain coin, which would further increase with the platform becoming more popular and more artists and users participating in it.
Thanks to the application of the blockchain technology, Soundchain is set up as Distributed Autonomous Label, which means it works without any human interference or participation. Once established, the network would basically run business without any need for human help.
Additionally, blockchain transactions ensure everything stays transparent and easy to track at all times, for all parties involved.
Soundchain is an interesting idea in theory, but it remains to be seen how well their Initial Coin Offering (ICO) will go over with the investors. Their whitepaper details many important wrinkles and explains various types of music application through different smart contracts.
However, the platform has to prove itself against the giants such as Apple Music, Spotify, and Soundcloud. Soundchain does offer some perks for the artists and the users that aren’t found on these platforms, like no ads, direct royalties, crypto-shares, etc. However, it is hard to say if all this will be enough to get people to abandon the platforms they’ve become so used to and move to a brand new one.
Soundchain could represent a great opportunity for smaller bands and musicians looking to get noticed. If people like their music, they could also start earning on the spot, which works in favor of Soundchain.
With proper funding, the platform does have a future, but only time will tell how successful it will be.Open an account with Soundchain