POTENTIAM: TRANSFORMING THE MUSIC INDUSTRY THROUGH BLOCKCHAIN TECHNOLOGY

emmy92 (42)in #cryptocurrency • 6 years ago (edited)

Music has always been the food of the soul, can be used in all aspects of our lives. When you are happy, you play music, when you are sad, you play music, when you are celebrating you play music, when you are mourning, you play music. That is to say, that music has become part and parcel of us. We rarely can do without it.
Music brings upliftment to the soul, gladdens the heart, thus changing the orientation of our face.
We buy music, we download music but most times we don't care how it got to be a reality, that is, how the artists managed to bring the music to us.
Most artists pass through difficulties just to bring the music to us, they might be duped by middlemen, or they might be rejected by producers. The list is endless.
Now, what if I tell you that as an artist you can cut off the middleman and produce your music?
What if I tell that as a music lover (like me) you/I can get paid via our love for music?
Yes, these cases are achievable and true, because a project, one of its kind, will make that happen. It is no other project than POTENTIAM.
Potentiam is a music's platform with the aim of giving power and authority to artists, content writers and all striving to make it in the music world. Potentiam music platform is managed by users with rewards gotten being shared between all parties involved.
Potentiam aims to bring revolution to the music industry by;
a. Properly negotiating with music industries, in so doing, a new artist is being developed,
b. Enabling artists to earn more by offering a cheaper but great and reliable service, without the inclusion of middlemen,
c. By giving the public an outstanding opportunity to earn from the gains obtained from the music industry.
It is worthy to note that; Blockchain technology is very vital to this project due to its outstanding features such as, decentralized nature which ensures transparency, security and integrity which is also made possible by cryptographic algorithms.

THE PROBLEMS POTENTIAM AIMS TO SOLVE

In a nutshell, the problem with the current music industry is the structure in which it's built. The current structure solely gives power to the middlemen which in turn undermines the system, How? These middlemen, that is Record label and their Subsidiaries, milk the system through a cunning way, that is, they invest hugely (from research around $4.5 billion) in so doing become a god in the industry, with the artists being left with little or nothing.
They manipulated the industry in such a way that artist has to depend on them to survive in the music industry, this lead to more wealth for them and less growth for the industry.

SOLUTION

The simple solution to the current problems in the music industry is POTENTIAM.
Potentiam will solve the problems facing the current music industry by;

Introducing smart contracts through blockchain, so as to remove the links of various transactions carried out by the middlemen. This ensures security, transparency and cheaper way of performing transactions.
Launching a social media platform where artists, composers, producers etc will connect with each other while seeking out new artists, producers etc for more collaborations.
Building a potentiam Core, which has the following distribution modules;
i. Digital sales,
ii. Physical sales,
iii. Sync Licensing,
iv. P.R.O./broadcast royalties.
To ensure fair play and equal opportunity, a live play platform will be launched in order to connect performers and producers.
Launching a catalogue system where artists will have the opportunity to manage their copyright contents created within or outside of Potentiam.

POTENTIAM TOKEN (PTM)

Potentiam token PTM is an ERC20 token built on Ethereum blockchain. It is a utility token with the total supply of 100,000,000.
PTM it is the platform's backbone and thus being used to fuel the platform and also needed in order to transact within the various Potentiam core distribution modules.

ATTRIBUTES OF PTM

To gain special rights, token holders will have to stake their tokens in Potentiam Vault.
With PTM token, holders will control and benefit from the gains in the music industry, thus no need for middlemen.
It is limited in supply because it is being staked.
An opportunity for crowdfunding music projects.
The music industry, as well as artists, are growing hugely, this will lead to rising in PTM tokens and therefore potential growth.