Following on from the launch of AudioCoin (ADC) at MIDEM in June, Aurovine were invited to participate in the release of Imogen’s Tiny Human single using blockchain technology.
Don’t be put off by the tech speak surrounding this new new technology. Essentially it simply aims to bring transparency and fair trade into the music industry. This is achieved by allowing for instant transactions (clearly recorded on an open public ledger that cannot be altered), and including direct instant splits for all the stakeholders.
The music industry is notoriously vague and ambiguous concerning remuneration of artists with lots of complex clauses and terms contained in complex contracts. Artists and fans often suffer as a result of this complexity and along with companies like Aurovine, Imogen Heap is exploring ways of bringing the fair trade idea into music.
You can get involved by downloading the Tiny Human single on Aurovine now. You’ll get 50 ADC for joining Aurovine and you can use these coins to help Imogen’s Mycelia project. (ADC is a digital currency designed for the music industry – it can be traded for £,$ and € – find out more about AudioCoin here by watching our video)
Tiny Human is the first of many releases planned and assisted by Aurovine using the blockchain. Although 100% of this release will go to Imogen – releases can have dynamic instant splits to e.g the artist, label, writer, cover artist, publisher etc built into the technology. We’re also working with the Kendra Initiative to help with a metadata hub and trading platform so that future releases become part of a global rights database (GRD3). Everything will be open source. Open protocols are the key to interoperability between service providers and applications.
Aurovine launched their new blockchain solution for the music industry at MIDEM, Cannes in June 2015. Meanwhile Imogen was putting together the structure of theMycelia project.
This release has been authorised by Imogen to explore the possibilities of blockchain solutions for the music industry. An open, transparent system with no grey areas and suspicious middle ground. A process where rewards can be instantly split between stakeholders at the point of sale and recorded in a public ledger for all the world to see.
This may be a stuttering first step towards a system that revolutionises the music industry much like the internet did for information.
Over to Imogen:
It dawned on me a few months ago that the mechanism to create and sustain a place like Mycelia exists now with the help of blockchain technology and crypto-currencies. I am for the first time EVER, really excited and positive for the future of music and its industry; for artists old and (more importantly) new, along with the hyper enriched feedback loops that could exist with their listeners, collaborators and flag wavers. The FLOW of creativity, collaboration, storytelling and connecting on so many levels is going to change big time, save time… and just in time!
Its success will come from the adoption of millions of music lovers. A grand scale ongoing, collective project like no-other. To document, protect and share that which we love and build a place for it to grow, enabling future generations of artists to blossom as well as honouring those of the past.
Open source, a living, breathing, smart, decentralised, transparent, adaptable, useful, shining home for our love of music. A home which allows creativity to flow, connect and facilitate collaboration on so many levels, many of which just haven’t been possible. With this grand library of all music forming the basis upon which all music businesses from digital radio to tour bookings can then grow and thrive from. Empowering the artists, turning and landing the industry finally on its feet.