We are developing a Decentralized Web Music Platform where the artists/song creators can publish their tracks without the need for any fees or complicated rules. Our motto behind developing this project is to provide independent artists a medium for incentivizing their talent.
The application is completely decentralized, which means all the data is not held at any single centralized server. Hence, there is no risk of hacks or any need to manage a server.
Working: The Application is based on a business model where the user has to pay for a subscription to listen to the songs of an individual artist. This payment for subscription from the users will be made in the form of cryptocurrency "Ether". This payment is then stored in a Smart Contract which is transferred to the Compound finance pool then this returns an interest amount for every Ether staked, which is then given to the artist/content creators as a source of stable income. Once subscribed to an artist, Users can listen to every song published by the artist on our platform. The user can also unsubscribe anytime after a period of 2 weeks from the day of subscription & he will get his complete money back. Users once subscribed can also donate an amount of their wish to the artist which will be directly credited to the respective artist(s) account.
Every transaction made is done on the blockchain with almost a negligible chance of transactions getting hacked and money being laundered to a hackers account.
Audius: The music data like artists, songs, and albums are provided by Audius.
Solidity Smart contracts: We currently have 3 contracts with different functionalities.
1. Matic Network: For database related to subscriber and artists. 2. Rinkeby Network: This is for interaction with Compound Finance, and another for donation.
Compound Finance: We have used their smart contracts and compound.js
Biconomy: Used to provide gasless transactions for a seamless experience to on our platform
Textile: Used for hosting our website on a decentralized server.
Portis Wallet API: Used as a secondary wallet (alternative for Metamask). Also used for donation.