BitSong, the Blockchain that Helps the Emerging Musicians

Business and Leaders had the chance to interview Iulyan Anghelin, BitSong EMEA Manager

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BitSong is a decentralised music streaming platform that uses the blockchain technology to help emerging musicians in becoming worlwide recognized artists.

The project just reached its softcap and Business and Leaders had the chance to interview Iulyan Anghelin, BitSong EMEA Manager.

BitSong brings the blockchain technology into the world of music: how?
The technology of blockchain is advancing fast bringing with it new improvements applicable to daily use. For this reason we decided to found BitSong, the first decentralized music streaming platform.
BitSong will be the new point of reference for the music market and will be fully developed using the technologies that the blockchain has available. Using the blockchain affords Bitsong with the means to be decentralized and be more community – based compared to its competitors
BitSong is a new music platform, which will be built using the Ethereumblockchain and the IPFS distribuited filesystem.
BitSong is a project dedicated to musicians and listeners and will generate profit for the artist and the users who listens to their songs while creating a money saving opportunity for advertisers.
On the BitSong platform you will be able to produce songs in which an advertiser can attach advertisements and users can access from any device. For each advertisement listened, the artist and the listener will get up to 90% of the profits invested by the advertiser. You can also receive donations from your fans for your next album.
The user will be paid for the “User Attention”, the producer will receive earnings in real time, the advertiser will be able to optimize the campaign after viewing the reports.
The current music streaming companies are like intermediaries between advertisers and producers. We want to upset the musical world thanks to the blockchain technology, which has as goal, the distribution of the assets in a fair, fast, transparent and visible way, to as many people as possible and not to a small group of individuals.

Which kind of problems you aim to solve?
When an artist creates a new single or musical album, he must invest his time to create that piece from an original idea through to the product.
They finance it with their own money, contact a record label in the hope that they are interested in the song, investing and publishing it to get the most sales. This all takes many months before outcomes can be achieved .
Often however, this does not happen, as the artist does not have the necessary funds to create a music video, because he does not have the right contacts, and because the record label (given the huge amount of songs they receive) rarely invests their time and effort into the song. An artist can often find they have spent substancial time and funds without gains or revenue.
BitSong, due to the Ethereum blockchain, finally wants to resolve these problems that hinder emerging artists within the world of music.
BitSong has resolved problems for the artist by permitting them to upload their songs without any need for a record label: the artist can receive donations in BTSG tokens which can be converted to cash or it can help sponsor the development of their own piece of music. Artists can also get revenues from advertising generated by their piece of music and by reselling their own songs. This will be enhanced by the social network created on the Bitsong platform and the loyalty of fans.
Funds via the Bitsong token $ BTSG will be credited to the artist wallet immediately and they will be able to withdraw or convert as they see fit.
Artists need no longer wait several months before a record label sends various reports, they can check the progress in real time directly within his Ethereum Wallet.
Through BitSong, the advertiser will also have greater clarity on costs and will not have to pay additional intermediaries. They can create their own advertising campaign through a special advertising tool within the Bitsong platform, choosing the appropriate target.
Once a target is selected, the advertiser can choose the amount (in $ BTSG) he wants to invest for each advertising session. The higher the bid, the more visibility the advertising will have. Finally the advertiser will not have to pay astronomical figures, as BitSong completely eliminates the intermediaries and allows the advertiser to decide the budget they wish to spend for individual advertising.
BitSong accepts within their platform, all songs, that are not plagiarism, but the result of the originality and work of an artist, without thereby harming the work of other artists.
In the event that our technology detects that a song has already been registered previously by other users, the BitSong platform will require further verification through the official social profiles and certificates, to protect the work of the individual artist.

 

Which technology did you choose and why?
We chose Ethereum’s Blockchain and IPFS distributed file system as technologies to be used for the early stages of our project.
Ethereum is different from Bitcoin because it allows you to create smart contracts that can be described as highly programmable digital money. Contrary to many other cryptocurrencies, Ethereum is not only a network for the exchange of monetary value but a network to run contracts based on Ethereum.
These contracts can be used safely to perform a large number of operations: electoral systems, registration of domain names, financial markets, crowdfunding platforms, intellectual property, etc.
The ETH blockchain was chosen for our ICO, as reported on the Whitepaper, we think that at the end ICO will put online our blockchain with the DPOS algorithm (at present our technicians are evaluating different alternatives)

IPFS is a peer-to-peer distributed file system that tries to connects all devices within the same file system.
In some ways, IPFS is similar to the World Wide Web, but however IPFS can be seen as a single BitTorrent swarm, which exchanges objects within a Git repository. In other words, IPFS provides a high-throughput block storage model and with content addressing, with via hyperlinks to content. The keyword of the Interplanetary File System is therefore decentralized.

How people can use your token?

The BitSong Token (symbol: BTSG) will be used as currency within our platform, and will therefore be used for sponsorships, donations, purchases and votes.
Funds via the Bitsong token $ BTSG will be credited to the artist, listeners and advertisers wallet immediately and they will be able to withdraw or convert as they see fit
Using the Ethereum blockchain our community will be able to receive payments safely and quickly, thus eliminating the annoying problems and slowness of the fiat currencies.
BitSong is a long term project, all our calculations have been made in order to guarantee an “uninterrupted” production flow, (all this regardless of the various market fluctuations).
Our token will be essential for:
• Sponsorship
• Making a donation
• Purchasing a song
• Voting
• Buying tickets
• Purchasing merchandising
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