[Review] Potentiam - Revolutionizing the future of music with the blockchain
The advent of the Internet and advances in smartphones has meant that the music industry has developed very rapidly over the last 10 years. We are now in a digital age where we consume music on the go every day. We've come a long way since the days where finding a specific track or that hit new song involved spending large amounts of time and effort. Today, all one needs to do is just hop online and click a button and in seconds that new hot song will be oozing down from your headphones. Boom. It's just that easy.
However while the way we consume music may have changed from the point of view of the artists and content creators things have remained the same. Most of the control and power of the music industry structure still resides with the traditional bureaucratic entities such as record labels and publishers who often exploit new artists and stifle competition by creating a barrier between the artists who actually create the music and the ultimate consumers of that music, the fans.
Add to that record labels generally have a vast war chest of resources which they use to lure talent and in the process gain access to the artist’s recording rights. Also privy to recording deals are publishers who usually arrange promotion and distribution trinkets which they use to gain a seat on the table.
The Potentiam project is aiming to leverage the blockchain revolution and its decentralized and trustless nature to wrestle the control over music from the intermediaries who control it and rightly give it back into the hands of the content creators who are the reason for its existence. According to the team and whitepaper the Potentiam Project was created to give a voice to emerging artists, content writers in the music world and all those who strive to make it possible. Aimed at propagating the scenes untapped talent, the platforms core function is to bring fresh faces to light through varying interactions within the music industry.
Potentiam aims to achieve this by creating a decentralized and incentivized ecosystem for musicians, bloggers, and music supporters. The company is using the blockchain to revolutionise the music industry. Their philosophy is built on the belief that as decentralized public ledger sitting on top of a peer-to-peer network, the blockchain can be used to store information without relying on any intermediary, but relying instead on the contribution of every peer in the network in order to deploy a fully decentralized database, whose security and integrity is ensured by cryptographic algorithms.
The Potentiam project is far from the all hype but no result ICO’s that seem to be flooding the cryptocurrency ecosystem these days. In November 2017, Potentiam launched their first product, alpha product, and just one month after launching the product, Potentiam has already on boarded over 5000 artists testing the product.
The Potentiam platform will be comprised of various modules each playing a vital role to make sure that the artist remains the chief beneficiary of his creations. For example, the Potentiam core will afford composers, performers and producers the opportunity to advertise themselves and also to reach out to other artists for collaboration. Acting on the existing contract between artists who would have contributed to a composition the platform will ensure that copyright is shared as well as royalties that respective right holders are entitled to are automatically distributed by taking advantage of smart contacts that the blockchain is known for.
The Potentiam Platform is going to be a bit unique as it boasts not of only one but two tokens that will serve two different functions. The main token that will act as the platform’s backbone and will serve as the medium of exchange for all platform transactions is the Potentiam (PTM). The PMT is being sold during presale and ICO and will be the currency needed to transact on the various distribution modules associated with Potentiam Core. Token owners will also have the option of staking their tokens in the Potentiam vault granting special rights within the platform. Staking will be for f a set period of time and for every 10,000 PTM staked the owners will create and have ownership of one Vault Node. Users with less than 10,000 PTM can pool their tokens into a communal Vault Node and share the associated rights and privileges based on the weight of their contribution.
The second token, Clout (CLT) will underlie Potentiam Classic’s content rating and reward system. The token will remain internal to the platform and will be the currency with which readers reward content they like. Content ratings will determine both how the platform curates the content for readers, i.e. higher ratings will garner more prominence, and determine the share of PTM which is regularly awarded to content creators by the platform.
Token Sale
The Potentiam token sale is currently underway and can be accessed through their website, hurry and purchase yours as this is one of the hottest ICOs of 2018.
Contribution Address:
0x7c32db0645a259fae61353c1f891151a2e7f8c1e
Current Bonus:
20%
Token Details are as follows:
TOTAL MINTED PTM 100,000,000
Total tokens for public crowdsale: 60,000,000 PTM
Team tokens: 25,000,000
Other: 15,000,000
Lockup — All team tokens are locked with an emission rate of 5% per month. (Starting 1 month after ICO close). 1,250,000 team PTM will be released each month. Total vesting period for full release will be 20 months.
1 ETH = 4000 PTM
PRESALE Hardcap = 5000 ETH
Total Hardcap 15,000 ETH
ALL UNSOLD TOKENS WILL BE BURNED (This will happen in the case of not meeting our cap or in the case of Eth value increasing to the point where the hardcap cap is met quicker)
Bonuses
Presale Week 1 = 20% (Capped at 3000 Ether)
Presale Week 2 = 18% (Capped at 5000 Ether)
Main-sale Week 1 = 12% (Capped at 9000 Ether)
Main Sale Week 2 = 8% (Capped at 12000 Ether)
Main Sale Week 3 = 4% (Capped at 14000 Ether)
Main Sale Week 4 = 0% (Capped at 15000 Ether)
*Note. If the presale hardcap is met Potentiam will immediately enter into “main sale” at which point the first week main sale bonus will become active (12%).
More Information on Potentiam
Website: https://www.potentiam.io/ | Whitepaper: https://docs.wixstatic.com/ugd/73bd45_f697131e1a594059b7e644473e9ea2fa.pdf
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