What Is BitSong?
BitSong is the first-ever decentralized, music streaming platform to have been built on the Ethereum blockchain. It is supposedly a project that benefits both musicians and listeners. The listeners will not only be given the opportunity to access new music but will also be earning for every play (this will be discussed in detail later on).
When it comes to the musicians’ end, there is obviously a lot of work tied to releasing a single, from writing and composing to financing it. Unfortunately, not all musicians have the necessary funds to create music videos let alone producers to invest in them.
According to the BitSong team, each musician can be relieved as their work will reach its audience without any negative influences preventing them. This can mean eliminating individuals who raise costs unnecessarily, any type of manipulation in rankings or the need for labels or distributors.
The BitSong Decentralized Music Streaming Blockchain Solution
BitSong has several measures that it plans to implement in order to maximize a musician’s potential. Based on BitSong’s white paper, artists:
- No longer need a record label to upload music
- Will get revenues from the advertising generated by one’s music
- Can resell songs and use on social networks to build a fan-based loyalty
- Will receive immediate payments
- Will have a better idea as to the associated costs without having to spend in excess
All of the listed points above are said to be possible because of BitSong’s use of the Interplanetary File System (IPFS). IPFS is a peer-to-peer distributed file system that brings together all computer devices into one. In doing so, a high-throughput block storage will be provided, as well as content addressing with hyperlinks to them. In addition, artists can now distribute their work on their own, not have to worry about others copying their work and contents will be loaded at a much faster rate, which can save external bandwidth.
BitSong BTSG Token & ICO Details
The BitSong token, BTSG is the currency of this respective platform and can be used for making a sponsorship or donation, buying songs, tickets and merchandises, making votes, and other essentials. An interesting of BitSong’s that users might be attracted to is their ability to get paid for listening. In particular, users will be paid for the “User Attention”, that is, every time one listens to the advertisements, he or she will be paid for it.
In terms of the Initial Coin Offering, it is said to commence sometime between mid and end of May 2018, where 47% of its tokens will be distributed. The remaining half will be distributed among its reserve funds, team, airdrops, advisors, partnerships and bounty. For the time being, a set price is yet to be revealed.
- PRE-ICO 05/21/2018
- Bonus: 30%
- Duration: 7 days
- Hard Cap BTSG: 15,000,000
- PUBLIC SALE: 05/28/2018
- Bonus: 20%
- Duration: 14 days
- Hard Cap BTSG: 10,000,000
- Symbol: BTSG
- Initial Value: 0.062 $ = 1 BTSG
- Type: ERC20
Overall, the idea behind BitSong seems strong, given that many listeners turn to streaming platforms to download music. The team, however, has taken a step in allowing musicians to create their own music without the need of record labels, allowing for a more decentralized way of making and earning from one’s own music. The team itself consists of a lot of members, including Giovanni Melfi, who will be taking on the role of the CTO and Blockchain Developer. Unfortunately, the level of expertise is too soon to conclude, as some details related to several of their team members are yet to be disclosed. To find out more, check out the BitSong whitepaper at: bitsong.io/