Introducing PolkaMusic — Decentralized Music Platform
The music industry is a rapidly developing landscape. Over the past decade, we have seen the music creation process being democratized, and listeners, on the other hand, have access to millions of songs at their fingertips. However, the legacy backend infrastructure remains largely untouched. PolkaMusic intends to solve various issues faced by musicians by upgrading the legacy backend infrastructure with an autonomous blockchain.
What is PolkaMusic and our goal?
PolkaMusic is a multichain music infrastructure being built on Polygon, Ethereum and Polkadot. We aim to create new revenue streams for artists and bring democracy to the music industry, starting with a gamified music ranking system, infrastructure to build decentralized digital streaming platforms and music distribution to popular streaming platforms with payout in crypto.
Founder Of PolkaMusic
PolkaMusic was initiated by Shenoy Phalgun, a Polkadot Ambassador from India. Shenoy started his career as a big data engineer before going viral on YouTube with over 50+ million consolidated views, introducing him to the realities of the glorified entertainment industry. After his involvement with STEEM Blockchain, he understood the power of content + blockchain and took it upon himself to create a solution for the streaming industry.
Where does PolkaMusic fit in?
The digital music industry is running on a legacy backend designed decades ago to track music sales using physical mediums such as CDs and cassettes. The industry needs an upgrade and PolkaMusic is coming up with a suite of solutions using blockchain technology that will allow existing digital streaming platforms to switch from legacy banking routes to crypto with ease while unlocking modern revenue streams for artists using GameFi.
What products are we building?
PolkaMusic is currently working on the following solutions:
1. Decentralized Music Ranking
The current music ranking system is dominated by Billboard.com, where the information is compiled from biased sources. PolkaMusic aims to improve this by forking the battle-tested quadratic voting system and matching it with the crypto’s famous bonding curve. In our ranking system, a user has to buy votes for a song. When a user has purchased the votes, each subsequent buyer will have to pay a slightly higher price for each vote, generating a potential profit for the early buyers of the votes. As more people find out about the song and buying continues, the value of each vote gradually increases along the bonding curve. Early buyers who find potential songs early buy the curve-bonded vote, and then sell their vote back to earn a profit in the future, effectively unvoting.
2. GameFi — Rarity Farming
We are creating a new generation of onchain DJs by allowing players to claim a DJ NFT with unique names and traits. The owners can stake the votes of favourite songs and compete with other DJs to create the rarest DJ of the musicverse using accessories, dance moves, and cocktails. Rewards are distributed in descending order of rarity.
3. Decentralized Streaming Platforms
PolkaMusic provides an autonomous blockchain-powered infrastructure to create decentralized streaming platforms. The features include:
- The “Rights Management”: The world can exactly know which copyright holders to pay (in real-time) by using the open data contained within PolkaMusic, which holds the “rights” information of music in the form of a “Smart Record Contract” (SRC). SRCs are accessible publicly and artists can create them via the rights management portal.
- Royalty Splitter: It retrieves the ownership shares from Smart Record Contracts (SRC) and splits the payments to multiple stakeholder’s wallets based on ownership weights.
- Token Creator: The PolkaMusic Token Creator will provide the functionality for deploying assets. The newly minted tokens can be used for Crowdfunding, Artist Coins and native tokens of Smart Streaming Platforms.
4. Music Distribution — PolkaMusic Oracle
Traditional Streaming Platforms such as Spotify and YouTube cater to billions of listeners on a daily basis. Therefore, over 200+ such platforms will be connected to the PolkaMusic blockchain through the PolkaMusic Oracle. As a result of this integration, artists will be able to:
- Distribute Music — During the creation of an SRC, the artist/creator can choose to distribute music to all the SSPs built on PolkaMusic as well as centralized streaming platforms.
- Collect Royalties — The royalties are generated every month. The oracle will collect such royalties, tokenized into a stable coin, and sent them to the appropriate SRC, which will split to all the corresponding rights holders.
Why should you care?
The music industry has had so much backlash from artists around the world, right from royalty calculation to the ranking charts. The recent #BrokenRecord campaign on Twitter has exposed how online streaming services are unfair towards smaller artists. This has led us to create decentralized solutions for the music world that will offer an equal opportunity for all, which is the essence of the crypto movement.
Where are we now and what next?
We recently participated in the Polkadot Buildathon: India competition and secured the runner-up spot. The community also voted us into the shortlist of Polkadot Decoded. We are now in the process of completing the 2nd milestone of our Web3 Foundation Team grant. Next, we are transitioning into the Substrate Builder’s Program to make sure the quality of our code matches the guidelines set by experts at Parity Technologies. Furthermore, we are working on a decentralized music ranking system in solidity and will be deployed on Polygon initially, as it is currently having significant traction in the GameFi space.
The support we are receiving from the Polkadot Community is tremendous and we are happy to be part of this ecosystem. We definitely think Polkadot will play a major role in shaping and scaling the blockchain industry. With PolkaMusic, we aim to introduce the best of what blockchain technology offers to the music industry and unlock new revenue streams for artists in order to uplift their lives.
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