Record Foundation, a Singapore based company is looking to convulse the global music industry with its RecordFarm reward-based platform and /RCD token, which it claims will put power in the hands of musicians and create direct relationships between fans and artists.
The RECORD Project is attempting to re-create the economics of the music business in favor of the artist. By using the blockchain and the RECORD (RCD) token to measure and reward an artist for the use of their work, RECORD Foundation can be one of the first companies to succeed in removing the 16th Century system whereby an artist gives up most rights to a publisher and instead becomes their own publisher. Artists will be able to track where their music is being played and calculate the amount of usage and get paid.
The reward system is in based on blockchain technology. Transparency is ensured, as all activity is recorded and made public on the blockchain, which cannot be hacked or altered. This nature of blockchain ensures that the artists’ works are recorded safely on RecordFarm’s platform. Compensation on RecordFarm is based on RCD tokens which are immune to exchange fees which plague non-cryptocurrencies internationally. Thus, no matter the number of countries served, they do not need to establish local currency conversion contracts which skim from total profits. Operating expenses are further reduced by the blockchain’s burden sharing system. By spreading the data from a decentralized server with cryptocurrency miners, costs of operating RecordFarm’s servers and resources are greatly reduced. All the savings from these harnessed innovations will be returned to our artists and listeners.
Record foundation has been a talking point of even the industry biggies like co-founder of TechCrunch, Keith Teare commenting: “RECORD Foundation can be one of the first companies to succeed in removing the 16th Century system whereby an artist gives up most rights to a publisher and instead becomes their own publisher. There is nothing not to like about this. I love it.”