The music industry business has been constantly and steadily growing during the past years and numbers are expected to keep building up in the following years. What better way is there to introduce Cryptocurrency to the masses than music itself?
The American music industry generated 15 billion U.S. dollars in 2012, making up 30 percent of the total 50 billion U.S. dollars generated by the global music industry.
This is where the unique idea of PeerTracks was born. Directed by the creator himself Eddie Corral who has over 25 years in the music business working with major label artists and establishing independent talents.
From radio promotion to national touring, Eddie brings his vast knowledge of the industry and integrates it with the Crypto world.
Peertracks the concept
Peertracks concept is pretty unique and is one of these projects that brings excitements and freshness to the Cryptocurrency world by introducing a new way for music fans and artists to gather their efforts. PeerTracks platform is providing these upcoming producers with a push start to get noticed in the industry.
A platform will be built up to allow these new artists to share their music and earn by selling or streaming them. How would streaming work? This is still a delicate subject as there is multiple legalities attached to the topic which we won’t consider for now.
As most of you knows, when an artist sells his music through platforms like iTunes they are charged fees that are mostly associated to the platform itself and the payment processors used to withdraw these funds. The best part with Peertracks, is that these fees are almost non-existent due to the very low transaction fees associated to the Blockchain technology. We are talking about a platform which will work without middlemen and will be purely based on a peer to peer system.
How it works
As we know, there are some companies offering the same kind of services but as discussed previously these companies charges ridiculous fees to these upcoming artists and only make it harder for them to make any kind of profit through selling their own art.
Peertracks platform will be using a unique way to attract both the artists and the fans by allowing the artists to generate and sell their own coins over the platform. Let’s say a new artist just joined the platform, he will be able to create his own unique coin associated to his artist name. These coins will act as shares, allowing the fans who are purchasing them to enjoy the many advantages offered by the artist to his supporters.
To quickly demonstrate how powerful this system could be, we will break it down with a simple example.
Jackie has joined the network and created her own JackieCoin. By purchasing JackieCoin the fan or possibly the investor is now entitled to receive and participate in the JackieCoin network. The JackieCoin network can offer the coin holders as many advantages as they see fit. One of them is a buyback mechanism done through the platform itself, which consist in sharing back a part of the profit generated over the PeerTracks platform right into the coin market. By doing so, Jackie purchases some of her own coins on the market and destroys them. Lowering the total amount of coins will have a direct effect on the coin value and make it an even more unique holding.
As Jackie becomes very popular, she could start giving away tickets, prices and gifts to the JackieCoin holders. The possibilities are very wide and Jackie can offer what ever she wish to her share holders. Who knows, Jackie might become the next big thing and you could possibly be part of her long venture.
In order to purchase music from the Bitshares Music Platform you will be using the BitUSD currency backed up by the BitShares Notes which are being sold right now.The official presale phase is ending on December 4th 2014.
The BitUSD will be the official currency used on the Bitshares music platform. A coin which will be directly pined to the USD price itself. BitUSD will be the only currency to care about when it comes to selling or purchasing music on the platform. Basically this platform is providing a unique way to become a shareholder of a possibly upcoming future star. If this artist goes mainstream then you can expect your share to go up in value as he keeps on growing in popularity.
The PeerTracks team
The Peertracks team is backed by reputable and experienced people. Each of them holds the required skills to bring this whole environment to life. The team has made their identity public and have been 100% transparent about their project.
Founder. Creator. Over 25 years in the music business working with major label artists and establishing independent talent. From radio promotion to national touring, Eddie brings his vast knowledge of the industry and integrates it with the crypto world.
Founder. Orchestrator. Got into Bitcoin in 2011. Discovered BitShares in November of 2013. Decided to spearhead BitShares Music in february 2014.
Security Officer Information security professional with over two decades of security and system administration experience at several leading Fortune 100 companies
We build crypto startups. We are a talented team of designers, developers, and marketers whose goal it is to change the face of how society works through the development of Distributed Autonomous Corporations (DACs) and applications which utilize this revolutionary technology.