Quote from: snoopdaawg on September 17, 2016, 03:01:47 AM

Quote from: bryceweiner on September 17, 2016, 12:05:25 AM

The Music Industry Explained For Bitcoiners

There's a science to making a hit record. It's not just how good you play, but how your album is promoted. Those promotions are what generate record sales or streams, which translates into ticket sales for live performances, which translate into profits through royalty splits.

Traditionally these operations have been obscured through proprietary practices which is what has created the massive corruption which with the music industry has been plagued for the last 80 years. Royalty splits are derived as a contractual obligation created as a function of credits to a given piece of work. Billions of dollars a year are spent by Performer's Rights Organizations, or PROs, like ASCAP and BMI and SOCAN to make sure that everyone is playing by the rules. As a side note, credits to a given work are collated by companies like Gracenote and EchoNest and the information that pops up when you play a song is called "metadata".

PROs and metadata providers stand the greatest prospect of disruption within a blockchain-powered music economy for reasons which should be obvious to a Bitcoin-savvy audience. Tao works by creating a cryptographic identity for each artist which is then assigned to a particular role in the production of a work, be it as songwriter, singer, musician, engineer, producer, etc. Each of those individuals is entitled to a contractual royalty split. Payments are made directly to the cryptographic identity. The consumer also has a cryptographic identity which "unlocks" their "music wallet", or what we're calling their Tao Music Vault. When one purchases a piece of content, the proof of purchase will be executed as a Bitcoin transaction through Tao network smart contract oracles. This proof of purchase is then cryptographically linked to the identity of the consumer who purchased the work on one end, and the artists that created the work on the opposite end.

When one purchases music on iTunes and then streams that music on Spotify or Pandora, Spotify and Pandora must pay a royalty for music you already own. With verification against the Tao Network, those services no longer need to pay two, three, or four times over for music the consumer has already purchased, simply by allowing the consumer to provide their Tao Network ID.

Certain things such as ticket sales also generate royalties. The ability to create subchains on the Tao blockchain allow for the purchase of tickets within this system so that royalty splits are accounted for accurately. Any up and coming band will tell you that one of the hardest things to find is someone you trust to watch the door, now imagine that on the scale of a Top 40 artist. Tao can be set to limit ticket sales on a per-block basis, which eliminates the automated buying that drives up ticket prices and powers the scalping markets. As blocks are limited to a certain number of transactions every 7.5 minutes, only a certain number of tickets could possibly be sold during that time. The application of organicly generated block times solves the abuse within the ticketing industry at the same time it resolves the trust involved in those royalty splits.

Tao Records is a company that has been formed to produce records from artists that onboard content to the Tao network. We have an artist already in the studio in production and a tour is being planned. We have two more artists in the pipeline, all before the technology is built. Our partnership with Boogie Shack Music Group is what makes this possible.

Tao Records will get a royalty payment as a result of a shared Executive Producer credit on these albums. 20% of each royalty payment will be automated to purchase TAO tokens from the market. Those tokens will be staked at the network rate of 4% and the proceeds will be re-invested into the production of new artists.

The Tao Network will be 100% open source and completely transparent. It will allow music artists from all over the world the ability to onboard their content into a system which has already proved to be profitable before a single line of code was written. Selected artists will be brought into the mainstreaming pipeline through Tao Records. They will then be groomed and their story told by Boogie Shack Music Group.

Beyond royalties... beyond the ability to keep your music forever... you can be the next rockstar.

In the coming weeks we will be describing how this system works as we release the code that enables it.

Dawg, what you propose is just the same old shit, the white man stealing from real brothahs. I know your kind mr ku klux klan. Sitting around all day on dat cracker ass, stuffing cheetos in yo cracker face, dreaming about lynchin niggahs. You claim revolution, but dis aint revolutionary, just some techno jizz upgrade to whips, so you and yo cracker friends can be the new slave masters. 20% royalty, dat shit is whack son. Real artists wont be bound by your shackles, you might get some mainstream puppets that regurgitate a brothahs work as their own, but the OG's of the industry will see right through your deceit. but i aint here to hate, just being straight with you boi.

bust a nut. peace

That's 20% of the royalty paid to Tao Records. That has nothing to do with the royalty paid to the artist.

Put the bong down.

PS: the revolutionary aspect of Tao is the fact that it actually has a profitable business model, which is revolutionary in crypto certainly.