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RECORD Foundation search trends in Google
RecordFarm uses blockchain technology to safeguard the rights of
artists. Unlike the unaccountable copyright management and unclear
profit distribution in current music services, RecordFarm ensures clear
profit distributions and transparent transactions between the artists
and listeners. As well as enabling direct transactions with no
intermediary, RecordFarm records copyright information on the
blockchain ledger permanently.
In addition to offering transparency, artists are rewarded for posting
g their music. Listeners can contribute to artists’ income by
interacting with the music; every interaction delivers an additional
monetary reward for artists in the form of RECORD (RCD) tokens,
giving the artists a direct payment which in turn incentivizes them to
produce higher quality music. The more popular the music, the more
RCD tokens received.
RecordFarm revolutionizes traditional music service platforms by
rewarding both artists and listeners. Listeners pay ...
Explanation of RECORD Ecosystem
organization managing RECORD (RCD) tokens
RECORD (RCD) token:
cryptocurrency within RECORD Ecosystem
open music platform served by RECORD Foundation
distribution ecosystem using RCD tokens with the
purpose of protecting rights via transparency and fair compensation
* ‘RECORD,’ used to refer to the token or the name of our project, is c
apitalized to distinguish
between ‘record,’ which commonly used to refer to audio contents.
“RecordFarm is a reward
based music platform with Ethereum.”
This paper describes the world’s first reward
-based music platform, RecordFarm, where artists and listeners
are fairly rewarded for their value creation on music content with the cryptocurrency, RECORD (RCD) tokens, within
the RECORD Ecosystem.
RecordFarm, a decent...
* THE INFORMATION PROVIDED ON THIS PAPER
MAY BE EDITED OR DEVELOPED FURTHER BASED
ON ADVICE FROM OUR ADVISORY COMMITTEE OR
ANY OTHER INSIGHTS.
With the emergence of the internet and MP3 players in the 1990s, music is
being consumed ubiquitously at all times. Nowadays, listeners no longer solely
just listen to music, but they also expand the influence of music through active
engagements, such as sharing and liking. In other words, listeners are
increasing the value of music through curations and are playing an ever-
important role in the music value model. However, the traditional music industry
is still focusing entirely on distributions and transactions of music. While the
influence and power of record labels, music distribution services and production
companies have grown, fair compensations for artists and listeners are still not
Realizing the necessity of fair compensations for value-creating works of
artists and listeners, ...
‘Promoting the value of music and inspiring people to live better lives’
Music is an unparalleled source of inspiration for people in the modern days. Music
allows us to reminisce about the pleasant or poignant past, motivates us to achieve
greater goals, and often heals our mind. By helping artists focus solely on producing
creative works, a more diverse and sensational music will be created to move the minds
of many. The only way to achieve this is to reward artists and listeners fairly.
‘Asia’s First & Best Blockchain
based Music Contents Ecosystem’
The lack of access to symmetric information has caused a problem of artists being
excluded from relevant facts. We aim to solve this problem by building a decentralized
music platform using blockchain technology, which minimizes or eliminates the
intermediary’s role, allowing artists and listeners to be compensated fairly.
RecordFarm 1.0 is al...
5.1 COPYRIGHT MANAGEMENT
Ever since the formation of the music industry, copyright management and profit
distribution have been a persisting issue. However, it has become increasingly harder
to track pirated contents due to the universalization of digital music. As a result, more
than one-third (35 percent) of internet users accessed unlicensed music content in
2017, according to the research by IFPI (International Federation of the Phonographic
Industry). This figure only accounts for desktop users, so the total figure is expected
to be higher when including mobile users.
Copyright database presents another problem, as poor management during the
stage of copyright registration is widespread in the music industry. This includes the
collection of inaccurate data of music contents, such as melodies and lyrics, or of
copyright holders. Eventually these inaccuracies reach a stage where it is difficult to
correct this information. According to a South Kor...
5.2 PROFIT DISTRIBUTION
Digital revenues increased by 17.7% to 7.8 billion USD, driven by a steep
60.4% growth in streaming revenue, the largest growth in 8 years. Despite these
improvements, artists take away only a small portion of the profit generated
from their own
work. Take for example, in 2015, it was revealed that Spotify’s
average payout to labels and publishers per stream was between $0.006 and
$0.0084. After the labels take their share, the average payment to a signed
artist was around $0.001128, a figure more than 6 times less. To further
exacerbate the problem, this payment is given 6 to 18 months after and the
music-usage data used to calculate the revenue were not shared. These
complications have led Taylor Swift, a world-famous pop star, to delete her
music from Spotify and stop releasing her future albums on Spotify.
FIGURE 1. GLOBAL DIGITAL MUSIC INDUSTRY REVENUES (SOURCE: IFPI, 2017)
‘Loss of copyright information, small profit distribution, delayed payments and
lack of payments
These myriad of problems is rooted in the problem of a ‘lack of transparent
information’ due to centralization. ‘Unclear distribution of profit’ between the
intermediaries and the artists has been a continued practice in the industry since
1990s, even before the emergence of digitized music. The archaic hierarchy of main
distribution companies managing all the data due to the lack of technical skills has
been continuing ever since.
Artists can demand their rights only when the transparency of information is
guaranteed. For instance, if artists could monitor their content usage online in real
time, a society where artists are evenhandedly rewarded would already be
established. Until now, artists don’t have the opportunity to solely focus on content
creation. Thus, the real opportunity cost of a ‘centralized management of i...
‘LAUNCH AN ICO, THEN DEVELOP’ IS NOT THE DIRECTION
WE INTEND TO TAKE. UNLIKE OTHER ICO FIRMS, WE
HOPE TO SUCCESSFULLY LAUNCH RECORDFARM 1.0 FIRST,
THEN TRANSITION INTO RECORDFARM 2.0 BASED ON OUR
TECHNOLOGICAL SKILLS ACCRUED OVER TIME THROUGH
YEARS OF BLOCKCHAIN RESEARCH. WITH 3 YEARS OF
UNPARALLELED TECHNOLOGICAL SKILLS AND BUSINESS
EXPERTISE, WE ARE CONFIDENT THAT WE WILL NOT BE
ONE OF THE FIRMS THAT SURFACE BRIEFLY AND
DISAPPEAR INTO THIN AIR.
- SHIN, RECORDFARM CEO
RECORD Foundation Roadmap
Launched Recordfarm 1.0; Began first round of funding; Embedded social networking service.
Won the best Korea database prize; Awarded top 3 best music app in Asia by MWC Asia.
Selected by facebook as its startup partner; Recommended app at Google Play; Launch Recordfarm 1.4.
Whitepaper 1.0 release; establish record foundation in Singapore; Press Release; Launch Recordfarm 1.5; Whitepaper 1.5 release; Open ICO crowdsale; Establish Contracts with world-renowned coin exchanges; Expand team; Create record wallet 1.0; Establish record token algorithm.
RRS algorithm in machine learning; Global Partnership; Launch Recordfarm 20 BETA; Global marketing, PR and sales campaign; Extend blockchain technology to the real world; establish further contracts with world-renowned coin exchanges.