British singer will create blockchain platform for musicians
British singer Imogene Hip is convinced that she has found a solution to the problem of fees inequitable allocation among the artists. This theme has long been a subject of heated debate in the music industry, and according to Hip it is possible to restore justice by using the blockchain technology.
Currently Hip is creating a free platform called Mycelia. Working with it, artists can get money for their work not only much faster, but also directly from the listeners, bypassing the various intermediaries.
"In the future, when someone will buy or play music, the need for a centralized service- mediator will be gone," said the Hip in an interview with Quartz.
However, this is not all capabilities of the new platform. Artists will also be able to monitor and control the time and place of reproduction and purchasing of each track, as well as any transactions between users. Ethereum is an internal platform cryptocurrency.
At the same time, Imogene Hip emphasizes that this platform is not a competitor to such well-known platforms as Spotify.
"It is not about competition. We're talking about trying to transfer some power from the top down and provide management to the artists, so they could build their future," says Hip.
Artists registered on the platform will have full control over sales, while the labels will be limited to marketing. This scheme convinced will completely change the relationship between labels and artists.
However, she is not the only who wants to create revolution in the music. Previously it was reported about such startups as PeerTracks, Bittunes Ujo and Music, which have also made ambitious attempts to reform the industry using blockchain.