Ujo Music, an Ethereum-based blockchain project out of ConsenSys, is releasing a new version of their software that will allow a more direct and equitable option for artist’s to sell their music using Ethereum.
In collaboration with Counter Records and RAC, Ujo Music is creating a custom store where fans will be able to purchase RAC’s new album, EGO. The Ujo Music Store is the first of its kind allowing artists to sell their work directly to fans using Ether, the currency of the Ethereum network.
Ethereum is a blockchain protocol which allows users to run decentralized applications on its global network. Ethereum allows users to run pieces of code called ‘smart contracts’ across this network to allow for processing of business logic, where no single computer or business holds more weight than another. Ujo Music utilises Ethereum for transactional processing as well as automatic licensing distribution in combination with IPFS, an encrypted P2P network for data storage.
The goal of using decentralised systems for music is to allow artists to take back control of their music while fostering collaboration and openness across the ecosystem. Ujo is also creating an artist portal where artists like RAC can register their work and attach licensing policies which is then placed in an open database where others can utilize and leverage an artist’s catalogue for a multitude of purposes, allowing technological innovation to flourish in the music industry.
EGO is the first full album to be released on Ethereum and it starts a new beginning for Ujo Music which will soon allow others to access an Artist Portal to register their music, attach licensing policies and utilise services such as the Ujo Store and more.
“Working with someone as enthusiastic about Ethereum as André [RAC] has been incredibly rewarding. This is the beginning of a new frontier for the music industry where artists are fairly remunerated and innovation can happen at a greater speed.” said Jesse Grushack from Ujo Music.
RAC added "Despite ending up in a musical career I've always been extremely interested in computer science, decentralisation and new tech in general. In light of recent attacks on net neutrality it's more important than ever to maintain an even playing field. I think the Ethereum network will be the backbone of the web3.0 and it has the potential and ambition to pull it off. I'm thrilled to release my album on this network. This is all very early but I want to show that it's possible and pave the way for the future I see ahead."
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