PurpleCoin: Leveraging the Blockchain to Decentralize the Music Industry
This article was originally published on icoexaminer.com and can be found here.
Written by Malachy Caldwell
In his Internet of Money series, Andreas Antonopolous, arguably the world’s leading blockchain intellectual, discusses the implications of the emerging, blockchain-inspired phenomenon of tokenisation.
Antonopolous makes the observation that, aside from the fact that we may now be entering a new digital economy whereby products and services are accessed through their own tokens, we may also be witnessing something even more profound again – the use of tokens as a means to extend our own personalities, be that through an expression of our political allegiances, our social values, or even as a form of language.
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Not only does PurpleCoin appear to be one such manifestation of these Antonopolous prophecies, it actually seems to embody all of them at once.
Headed up by Aziz M. Bey – musician, developer and entrepreneur – the project is creating a blockchain-based eco-system that is setting out to challenge the monopoly exercised on the music industry by the major music labels and streaming platforms.
These are market actors who, whilst handsomely rewarding the leading artists in the field, offer little exposure for the large remainder who may be just as talented but have not ‘broken through’.
Bey’s vision is to create a platform that gives musicians and their audience the ability to connect with each other directly, bypassing the traditional middlemen who appear to offer no real value other than their ability to exercise control over the market.
Thanks to the emergence of blockchain technology, “..it has become possible to give value to virtually anything that can be served in the form of digital data in a distributed network free from all kinds of external influence,” states Bey, quoting his own white-paper.
The PurpleCoin project’s purpose, then, is to finance facilities which give artists the ability to record audio and visual material which can then be streamed over its new platform, all paid for in the native PPC token which itself will be sourced from fan contributions.
Champions of the underground scene will now have more opportunity to stream material sourced from struggling artists, and those artists are given the means to reach out to a wider audience, with no-one standing between the two to take an inflated cut of the proceeds.
Whilst crowd-funding independent artists is not a new idea, what is revolutionary is the blockchain’s ability to offer instantaneous micro-payments on-the-fly from mobile applications which, at the same time, allow artist and fan to communicate directly with each other.
As Antonopolous has pointed out, the blockchain looks set to become a platform for a more democratic model of market outreach, and may even challenge the traditional commercial structures in place. The team at PurpleCoin is looking to become one of the first to put this new idea into practice.