OPUS – Etherum & IPFS Decentralized Music Platform ICO Network?
Opus is a decentralized music platform. The Opus crowdsale is taking place throughout July and August. Read our Opus review today to find out more.
What Is OPUS?
Opus, found online at Opus-Foundation.org, is a decentralized music platform that promises to be the portal to “a new world of fair, decentralized and uncensorable music.”
The Opus crowdsale is taking place throughout July and August. During the crowdsale, 1 ETH will buy you 8000 OPT. A total supply of 1600 million OPT will be generated through the crowdsdale, which is scheduled to end on August 21.
The key goal of Opus is to create a streaming music platform accessible across multiple devices. The organization plans to give 97% of revenue to artists. Using the blockchain, Opus can create overhead costs low. With no centralized file storage, Opus can avoid the high costs of data storage and server space.
What Problems Does OPUS Seek To Solve?
Opus describes the music industry as “broken” because platforms like Spotify and Apple Music take up to 80% of an artist’s revenue. Larger artists can accept that revenue cut, but smaller artists find it difficult to make a living.
Music fans, meanwhile, have a terrible experience: streaming services compete with one another by offering exclusive content, which means music fans sometimes struggle to listen to the music they like – even if they have subscriptions to two or more services.
As mentioned above, Opus plans to give 97% of generated revenue to artists.
Another problem that Opus seeks to solve is that playlist makers are not compensated for their hard work. Playlist makers will be compensated through the Opus platform for every sale they generate from artists. Say, if listeners frequently buy a song after hearing it on a playlist, the artist can choose to give that playlist maker a cut of their revenue.
How Does OPUS Work?
Opus claims to be the world’s first decentralized music platform. The platform tackles issues like music ownership and sharing at an infrastructure and protocol level.
Opus leverages speed and redundancy using tools like the Interplanetary File System (IPFS). Thanks to IPFS, Opus can scale and deliver thousands of tracks per second in a fully decentralized API-based system.
The Opus platform is built on the Ethereum blockchain. The system involves storing tracks in a fast and immutable way on the Ethereum blockchain. Specifically, by separating the storage and logic layers of their platform, Opus can deliver music in a fast and decentralized way.
Opus already has an open source demo available through Github. The beta shows the platform’s 4 layer decentralized system in action, including key features like low latency, song storage, blockchain-based transparency, and a Universal Music Registry Number (UMRN) relay to keep track of the global ledger of music tracks.
OPUS Technical Features
The key features of Opus are its four layer, decentralized music platform. Here’s what that platform looks like from the technical side of things:
- Application Layer: This is the top layer, where the Opus API interacts with third party players to decode and deliver music tracks.
- Logic Layer: This layer is a system of smart contracts running on the Ethereum blockchain. This layer holds the user contract, where each user’s decryption keys are stored. This layer also holds reference file hashes to the IPFS storage and the business logic governing transactions.
- Governing Layer: Each track has its permanent IPFS hash. However, the directory layer works as a JSON database to store all the hashes of tracks available on the Opus network.
- Storage Layer: Due to gas constraints, Opus stores all tracks on the IPFS network. This ensures songs are available permanently, in a decentralized way, and with low latency.
Benefits Of OPUS
Opus claims to offer all of the following benefits:
- Transparency: All transactions are completely visible on the Ethereum blockchain and IPFS swarm. That means labels cannot hide money from the artists.
- Free: The Opus Foundation will give 97% of received revenue to the artist. The organization claims that “this will never change”.
- Democratic: OpusDAO is a decentralized autonomous organization that allows people to vote on monthly proposals that develop the Opus platform.
- Uncensored: Opus is censorship-resistant due to its decentralization. The IPFS storage layer is decentralized.
- Cross-Platform: Opus has created a third party API-based layer within the Opus blockchain. That API layer can follow anybody anywhere in the world, allowing users to access a local player across multiple devices.
- Artist Bounties: New and upcoming artists can promote their songs by allocating a certain number of sales to people who share tracks. Artists, for example, can give a certain percentage of their earnings to users who share tracks and generate sales on their behalf. That means playlist makers can be compensated for creating good playlists.
Opus is led by CEO Bokang Jia, COO Mateusz Mach, CTO Chenhao Xu, and Lead Developer Sam Peeters.
The developers are based in Poland and China. Development started in July 2016, with the technical alpha released in November. By the end of 2017, Opus hopes to achieve its main-net release.
The OPUS ICO
During the ICO in July and August, you can purchase OPT tokens through Opus-Foundation.org. The company is offering OPT tokens at a rate of 1 ETH = 8000 OPT. This is phase 1 pricing. Phase 2 pricing (early bird) will be 1 ETH = 7500 OPT, and phase 3 pricing (standard phase) will be 1 ETH = 7000 OPT.
The initial presale is scheduled for July 14 to August 21.
There is a total token supply of 1600 million OPT. 900 million tokens are available for crowdsale, while 600 million will be distributed to the Opus foundation, developers, and angel investors. The final 100 million tokens will be used as ecosystem tokens, used by the foundation to vitalize the Opus music ecosystem.
Opus tokens are ERC20 tokens. At the time of writing (July 28), the company had sold over 21 million tokens.
Opus aims to create a decentralized music platform capable of streaming tracks over the blockchain using the Interplanetary File System (IPFS). The company already has a demo version of its software available.
There are a number of other companies on the market seeking to deliver decentralized music streaming to the world. Opus aims to be the best one on the market. You can participate in the company’s crowdsale throughout July and August by visiting Opus-Foundation.org.