Soundeon ICO Review
It has been said that the golden age of the music industry is over. Ever since access to the Internet became a staple in every household, and the subsequent emergence of download and streaming services, record sales have taken a substantial hit. Although it has hit every aspect of the music industry, from engineers to artists, record label executives have been quick to think up ways to retain most of their income.
Often, this means shorting the other links in the supply chain: the aforementioned engineers and artists. Artists, for example, are often duped by opaque royalty schemes and hidden clauses in their contracts. Royalty payments to artists are often delayed, in order to retain the money for longer and earn interest. Before any royalties reach the artist’s account, however, various expenses covered by the label are deducted. Whilst this is ordinarily fair, the labels do not make the exact terms and conditions for these deductions clear. Although many artists are taking the independent route, the major record labels still control large parts of the market. 70% of the market is controlled by Warner Brothers and Sony alone. For all their power, many artists do not consider the labels particularly helpful. Concert tickets are still being touted and resold on the black market at inflated prices. They are also failing to form a meaningful connection with the audience they are supposed to cater to. On top of all the problems, there is also the general lack of organization in the music industry to consider. The challenges of making a living out of music as an artist are many. Fortunately, the team behind Soundeon aims to address them with their new ICO.
What is Soundeon?
Soundeon is a blockchain-based decentralized music platform that aims to cover all aspects of the music industry in one place. In other words, Soundeon will be an ecosystem, in which artist have full transparency and control over their music, their rights, their royalties, their ticket sales, and their funding. Through the platform, artists can issue tickets, music fans can purchase them, and all transactions are recorded and kept secure on the digital ledger. The entire process is made very much easier by the use of smart contracts, which are essentially self-executing contracts working on the if/then principle — a vending machine system, in other words. All transactions on the Soundeon platform are made using the native Soundeon Tokens.
What are the main features of Soundeon?
One of the key perks of the Soundeon platform is that musicians can create their own token sales in order to fund their music projects. The Soundeon platform will also include a cryptocurrency exchange, on which artists can trade their own royalty programs in exchange for either Soundeon tokens, fiat money, or other cryptocurrencies.
The ‘Soundeon Monitor’ is a feature that allows the music artists to monitor how many sales they have many, and how many royalties they have accrued. The use of smart contracts, which are referred to as Creative Smart Contracts (CSC) on the Soundeon platform, allows artists to submit time-stamped documents to copyright authorities. Very much like ICOs in general, Soundeon will allow artists to launch their own music ICOs, where fans can purchase artist cryptocurrency tokens to fund that artist’s project. Once the music project is released, the owners of the artist tokens will get a slice of the royalties from the music project. Finally, the Soundeon Player is an internal music player, where fans can stream and download the music created by the artists on the platform. Definitely, an exciting ICO to watch out for!
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