Digital Transformation Music Review

Opus Review: 10 Things You Need to Know in 2017

Opus Review: 10 Things You Need to Know in 2017 23/09/2017

Photo Credit: Anutr Yossundara/123RF

Opus has found the root problem of the music industry: centralized platforms. These centralized platforms, such as Spotify and Tidal, offer music artists exposure, but no more. On average, 80% of the artist’s revenue goes to the streaming companies. Decentralizing the platform will take money out of any third party intermediaries and back into the musician’s wallet.

Opus is going to achieve this through blockchain technology, and they are promising that the artist gets 97% of the revenue. Here lists ten ways Opus plans to achieve this.

1. Built on Ethereum

Ethereum has to be the MVP of the summer of ICOs. They are the blockchain platform that most ICOs used, and the platform that has solidified blockchain into our future. Opus is using Ethereum to build its logic layer and handle transactions. Each transaction will be a song and tagged to the artist who made it. This will be uploaded to the IPFS, or Interplanetary File System, which will be decentralized and on the blockchain network.

2. There is Already a beta

Source: Opus-foundation.org

While using the blockchain as a ledger for music has been thought up before, Opus is the first foundation to have a working beta version already. You can even check it out for yourself here. It is run on the Rinkeby Testnet in the simple beta, but if you want to test buying songs, you can try the advanced beta (which requires Mist or Metamask). Song purchasing takes about 15 seconds, but playback is instant. The interface is very friendly and professional, but sure to update in the near future.

3. Fully Decentralized

Opus uses a “4 layer stack” to ensure full decentralization and anti-censorship. The stack layers include:

Application layer: top layer that interacts with three parties to decode and send music tracks

Logic Layer: This is the layer built on the Ethereum blockchain. Smart contracts run on this layer and stores each user’s encrypted keys and reference hashes to the IFPS storage so that only the maker of the music has access to editing their music.

Directory Layer: Another layer which is a JSON database that stores all metadata of tracks and users available on Opus network

Storage Layer: All tracks are stored on the IPFS network. This will ensure a permanent database with low latency.

More about Opus’s 4 layer stack can be seen on their Github.

4. Clear Understanding of the Token Value

This is something that most ICOs don’t take the time to keep transparent to the readers: the value of their token. Opus’s token, or OPT, can be useful for voting in the OpusDao. The OpusDao votes once a month on important marketing and development decisions and OPT is used to weigh in your vote. The value is also linked to the value of the music on the platform: the more songs on the network, the more need for OPT, and the increase in value. Also, OPT has a burning treasury fund, making OPT more valuable as time passes.

5. Opus is Putting Power Back into the Hands of the Artists

As many blockchain applications aim for, Opus wants to take power away from corporate giants like Apple Music and Spotify and give that power back to the musician. The internet has made it hard for musicians to make money, and streaming programs are taking advantage of that and capitalizing big on their work. The internet is a showcase of media is blockchain is going to start tagging what belongs to who, and what was originally made by who.

6. Power to Playlist Makers

Source: Opus-foundation.org

Opus believes that most growth is driven into music streaming platforms from those who make well-curated playlists on their network. Instead of big companies making money off of something its paying user is making, Opus will allow users to sell playlists that they make. This will also drive up a market for making quality playlists and give incentive for those who make them.

7. IPFS Swarm

IPFS, or Interplanetary File System, was made in 2014 to store files using Bitcoin’s blockchain. It makes a decentralized and immutable method to share and store files. IPFS’s pipe dream is to take over HTTP; essentially the World Wide Web. They believe a decentralized future requires the whole internet to be thought over. In the meanwhile, though, you can use IPFS to store files, like Opus is now taking advantage of. It’s arguably the safest way to store such a large amount of data.

8. Artist Bounties

Opus gives a new, innovative incentive for artists to promote their music. They can pay users OPT to share their music. Basically, if you get someone to listen to a song, the sharer will receive a portion of the transaction. This will let smaller artists stick to being independent, not needing to promote with flashy advertisements sponsored by someone they don’t like.

9. OpusDao

The OpusDao was inspired by the DashDao- it is essentially a fund that allows anyone who owns OPT to vote democratically on decisions monthly. The Dao is the only centralized part of Opus, but the centralization lies within a smart contract. All participants vote, and the results are shown transparently through the smart contract and will proceed accordingly.

10. Opus will Revolutionize Music

Opus is going to bring back ownership to music. Instead of paying for a service which only allows you to listen to the songs on their network, Opus is going to allow you to permanently own the song. And since you’re only paying 3% in fees compared to the average 80% in fees given by traditional streaming services, the services to own will be much cheaper. It will also help musicians have more control over their careers and how they want to represent themselves.

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