Ever since Opulous’s original conception, our developers have been working hard to deliver an MVP as fast as possible.
The team that started working in January has already made great progress, so in our first tech update we wanted to share some more details around the innovative solutions we’ve been building in the run-up to our MVP launch.
What we’re working on
The Opulous application is designed to give Music Copyright Holders the ability to request and receive DeFi loans using their future royalties as collateral.
The platform allows investors to lend capital by staking funds within the Opulous Lending Pools. These lenders will earn high-interest returns based on the interest generated by the Music Copyright Loans.
Here are some of the recent tech updates and solutions our team has been developing.
- Building a Royalty Ingestion Workflow which automatically captures and ingests royalty earnings into Opulous from collateralised Music Copyrights. This includes royalties from more than 76 digital service providers including Spotify and Apple Music, as well as publishing royalties and other royalty types. These captured royalty earnings will streamline the process of paying back monthly instalments on a borrower’s Opulous Loans.
- Building on-chain processes for loan applications, earnings verifications, and loan underwriting for any Music Copyright Holders who intend to request loans on the Opulous Platform.
- Creating Ethereum (ETH) and Algorand (ALGO) Smart Contracts, which will introduce the option for users to lend Ethereum, Bitcoin and other major crypto currencies within Opulous.
- Building future integrations and API endpoints to allow any music industry companies and partners to easily incorporate the Opulous platform into their existing software and workflows.
What to expect in March 2021
We’re in the process of building our MVP version of Opulous on the Algorand blockchain and can’t wait to share it with you very soon!
Here’s what you can expect from Opulous in March 2021:
We will release our MVP on the Opulous Testnet at the end of March and a select number of users will be invited to demo the platform.
Invited users will include both borrowers and lenders who are already part of the Opulous family or have been selected for our beta program.
Upon launch of our MVP, the platform’s functionality will allow Music Copyright Owners to:
- Apply for loans using their existing music copyright assets and royalty earnings as collateral.
- Undergo a loan approval, earnings verification & loan underwriting process.
- Receive a loan collateralised by their music copyright asset and royalty earnings.
- Payback the loan in instalments directly from their music’s royalty earnings.
In addition, chosen lenders will be able to:
- Add funds to the Opulous Lending Pools
- Have their funds selected for an Opulous Loan
- Earn interest based on the funds generated from a loan.
March is set to be an intensive month of development at Opulous.
We’re hard at work developing solutions and logic for all of the processes and technology highlighted above to make sure that all Opulous users have the best possible experience interacting with the platform.
In other news, our successful private funding round is almost full. With such high demand, we’re finalising a small number of strategic partners and bringing some great new investors to our board.
And soon it’ll be your turn! We’re now making preparations for our public sale, which is expected to go live within the next 3 months.
All the information you need will be shared in our Telegram Group, so stay tuned.