Blockchain Identities and Music
Opulous’ launch represents a first step in connecting the music industry with the many advantages conferred by blockchain technology. Ditto Music has also been developing Bluebox, a blockchain-based music licensing platform that is gearing up for a beta launch (sign-up and updates available at https://bluebox.info).
However, while our primary goals of financial disintermediation and inclusion are being realized in our existing projects, a greater long-term goal remains: to return to musicians and artists the control of their own data. Music publishing companies, record labels, performance rights organizations, and other industry intermediaries have had too much power for too long. This unfair balance has always left content creators receiving less than they deserve — a condition which must change as our society evolves and more jobs become automated, thereby shifting individuals into creative industries.
Empowering Artists to Take Back Their Data
To address the issue of data ownership, Ditto Music has been working with Elastos since 2019 on crucial research topics such as watermarks, decentralized identity, and blockchain bridges to prepare for the fast-approaching future where the data generated by content creators will stretch across multiple platforms.
Bridges & Elastos (ELA) Staking on Opulous
As a sign of our confirmed staking plans and ongoing collaboration, Opulous will support the staking of the “ELA on Ethereum token” as one of its first confirmed assets, alongside ETH. Elastos has already achieved success bridging their own mainchain protocol with the Ethereum network. As Opulous is built on Algorand, this technical know-how plays a crucial role bridging the Ethereum network to Algorand and to further developing staking and other integration opportunities.
Elastos’ W3C-compliant DID Platform
Elastos is a massive project building decentralized components for digital assets, storage, identity, and more. We have been working with Clarence Liu, Elastos’ VP of Development, for over a year exploring the benefits of decentralized identity and how it can be used to migrate music copyrights on-chain. We are only beginning to understand the immense benefits that DID can bring forth.
We are aiming to do more than just give every content creator a Decentralized Identifier (DID); while doing so would be a necessary first step, it would not provide any immediate benefits. Our long-term vision is to integrate with Bluebox and give users a decentralized means by which to manage their own data, licenses, and copyrights. This data could then be used in the DeFi ecosystem to integrate with different platforms. Such a model taps on the creativity of dApp developers who have used the blockchain technology’s composability to create the vibrant DeFi ecosystem we see today.
We are excited to be working with Elastos, and we encourage the Elastos community to stay tuned for further announcements on forthcoming projects and what our future collaboration will hold.