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RE: Spotify Acquires Ethereum Startup Mediachain - Interest in Blockchain and Decentralization Grows
This is something the music industry really needs - dotblockchainmusic.com is another company trying to do it.
The only problem is IDK how I feel about Spotify owning the attribution engine for the music industry
I've heard of dotblockchainmusic and from the looks of it, it's a cool project. The more teams working the better.
Now your second point is the very reason I made this post, it does not mater that Spotify is "owning" the team working to solve their attribution problem; this is the beauty of decenteralized projects and blockchain technology. Spotify "owns" the team that is now going to make their attribution product a reality. They own the team because they see this as a worthwhile investment (see 30 million settlement) to improve their capabilities. It is interesting that they have chosen to design a service that they are not the owners of: i.e. blockchain. I think this is a sound decision for the type of problem they are attacking. Your right, if they were the owners of the attribution database - that would be a huge problem. I'm sure they saw how big a problem centeralization of that database would be and thus: their Mediachain acquisition.
MAYBE. You have way more faith than I do regarding the ability for blockchain to stop people from being biased in their own favor.
If Spotify controls the funding and management of the project - they can still have a large impact on what happens.
Steemit inc. basically owns steem, even though technically the steem blockchain is open source. Hopefully steem has been designed sound enough to resist a hostile takeover. Mediachain is in a much diferent position, not vulnerable to the same "custodian" problem that faces steem.
Surely Spotify will attempt to design a system that brings them value, that is on them. They are hoping this system will be valuable to others too; creating a positive feedback loop as the service becomes more useful to Spotify as others use it. The whole point of these services and blockchain in general is every actor is assumed to be biased in their favor. This design decision is the entire reason systems like Mediachain are so important.
"The whole point of these services and blockchain in general is every actor is assumed to be biased in their favor"
good point!
pun intended? "sound decision" ;)
Clearly.