SoundCloud and MAESTROPROJECT have signed a memorandum of understanding to establish block chain technology in the music industry.
The agreement comes at a time middle men in the music industry are on the increase and often taking the lion’s share of revenue generated. According to SoundCloud, the current system further hinders artists from tracking their work, and fans from supporting them therefore creating a gap between the actual creators and the actual consumers.
In order to close the gap between the creator and the consumer, users will use crowdfunding method under which Maestro will provide an effective system to lovers of music everywhere hence bringing great music to both those listening and those creating it.
Maestro offers a network on which artists can retain more freedom over the distribution and creation of their content. Through the decentralized system of Maestro, which eliminates the third party from the process, allowing artists to receive the revenue they deserve.
Artists will be able to sell their content directly to their fans, reaching out not only on an economic level, but also on a social basis. The system records each and every payment and transaction on block chain and only allows authenticated users to upload and download content. Maestro will eliminate publication and distribution costs instead earning funding for their projects in advance.
“Music platforms powered by blockchain technology often face the problems of cost-efficiency, as streaming and downloading large .mp3 and .acc files through blockchain are yet a slow and inefficient process. However, the system (IPFS) in Maestro will complement such shortcomings: through the system, clients will receive small fractions of files from nearby nodes, allowing the platform ultra-low latency.” Stated Maestro in a statement