Current Media — we’re unconvinced…

We’ve had a look at Current Media’s whitepaper and we’re unconvinced. There seems to be a whiff of ‘major label’ in here and this is why:

Firstly, the platform claims to be a blockchain purest when in fact it states in the white paper that there will be on block and off block elements. The bit that we don’t like is the fact that they will be basically referring you to Youtube and Soundcloud all of the time, two platforms we all know are controlled by the same major label players. This is not only out of order but we feel that they are somehow subverting the true purpose of the blockchain which is to foster decentralisation and fairness for artists, not corporate executives from major record labels.

Secondly, like Choon, they are raving about ‘streaming as mining’ concepts and paying listeners tokens for streaming. However, effectively, you are being paid by major labels through the blockchain to listen to their music and boost their rankings. Also, ‘streaming as mining’ is a nonsense as mining involves some element of creating the token itself or building the blockchain, merely listening isn’t doing this at all: it’s just a gimmick.

Finally, the division of reward between numerous intermediate actors and not giving 100% to the artist is a watering down of the fundamental concept of fairness for artists. If the aim of the blockchain music streaming eco-system is to fairly reward artists, Current doesn’t do this at all and neither should they be claiming to do so.

Essentially, Current Media is a platform for major labels to pump tracks at listeners who are ‘rewarded’ with peanuts. We just thought we’d remind everyone of that.

Listen to KRISG184 for free on Musicoin here: https://musicoin.org/track/0xc989c0c677474d5bff7c21657690c7d0737ac461