A new blockchain-based platform is looking to raise $20 million to develop a music streaming platform.
Opus, as the new platform is titled, proposes to bring a traceable and transparent online streaming service for all the musicians. The mission is to create a model that eliminates intermediaries, offer works’ traceability, and ensures transparency in the management and allocation of creative rights and revenues.
The Opus platform is introduced at a time when musicians around the globe are getting unfair-to-no payments for their hard work. Each song sold on an online music streaming website generates great revenue, but the artists – especially the new ones – receive only a small chunk from it. Centralized models are designed to cut back a considerable portion for themselves whilst leaving artists to live on pennies.
Opus, on the other hand, replaces centralized trusted parties with an automated system. The platform uses low latency IPFS as a storage layer, which connects computing devices with the same file system to store songs permanently and transparently. At the same time, an additional layer based on Ethereum handles all the transactions in the most transparent manner.
“Music files are encrypted and uploaded to the IPFS swarm, and the decryption keys are stored on a smart contract and referenced on a Universal Music Registry Number (UMRN), that resides as a JSON file within the IPFS system,” states Opus.
“The system annexes individual music tracks and effectively ensures permanent ownership.”
Opus has already released a beta-platform for the project which can be touched and tested by the interested participants. The developers intend to launch a full-fledged model in the near future; they have already announced the crowdsale of their native OPT tokens, a process that will ensure a steady influx of investment into the project while rewarding the OPT holders with the stakes in the Opus platform.
The OPT Crowdsale
Opus plans to sell a total of 900 million OPT tokens while eyeing a minimum fundraiser of $20 million. The crowdsale period has already started on July 23rd and will run until August 20th in three consecutive phases. The first phase, which is ‘LIVE’ at the time of writing, is called Angel Funders; it offers up to 1000 additional OPT tokens in bonus, and the rate per 8000 OPT tokens remains at 1 ETH.
The second phase, called Early Bird, charges investor 1 ETH for 7500 OPT tokens, whilst the bonus gets reduced to 500 OPT. The third and the final phase is called ‘Standard Phase’, which has no bonus and sells 7000 OPT tokens per ETH. That being said, early investors have advantages over the ones who purchase OPT tokens late. Opus plans to burn the unsold tokens.
Opus plans to burn the unsold tokens.
If you wish to contribute with ETH/BTC, follow Opus on their website here.