What is Tune?
Tune is in partnership with an app called RecordGram that is available on the App store and Google Play Store. On the app you are able to ‘unlock beats, create music and videos and share their content.’
Tune is part of the ERC20 token with a platform that’s primary mission is to ‘solve digital songwriter rights and royalty transparency issues for the music industry.’ The platform will provide applications that grant ‘user tipping’ and ‘user/community incentivized rewards’ throughout the Tune experience.
This basically means Tune is a tokenized mobile phone app, in partnership with RecordGram, that monetizes upon the usage of Tune. Users are able to ‘tip’ artists for their music but are also able to sell or lease their creation of beats or songs to the community of Tune. This ecosystem can provide compensation for participating in Tune but also encourage talent to upload content and recognized globally.
Here are some important aspects that Tune uses for their project:
- Content Storage: Tune is using Filecoin for their decentralized content storage which will be stored centrally until Tune can find a preferred content storage. Tune feel they are confident using an integration method with IPFS (Interplanetary File System) as the platform works with a P2P (Peer to Peer) distributed file system. However, Tune has stated they are working with their R+D department to a create or find a more prosperous alternative in the near future.
- Transaction Scalability: Tune believes the ERC-20 token is a robust enough means to provide a ‘custom digital token with asset creation and smart contract integration’ for the ‘deployment of Dapps.’ Tune admit to its hindrance of transaction speed and cost but are looking into other ‘off-chain solutions’ such as Raiden. Raiden seems to be viable in that its attributes are ‘scaleable with low fees and near instant transact ability and privacy protection.’
- Economic Incentives: Tune are developing a wallet set-up to produce a frictionless transaction when signing up with RecordGram. Tune are also in the process of creating the wallet set-ups currency called TUNE Credits (TUNC) which will work as the fiat currency on the tune platform for all users to use when ‘tipping’ or for ‘incentive rewards.’
What issues does it solve?
The platform aims to encourage transparency throughout the music industry. Any young talent can upload their creation on to the ecosystem with the hope that they can be recognized, sharing music and monetizing on their activity on Tune. Any party is legible to be part of Tune and can view contractual relationships within the music industry. Transparency is emphasized as ‘payments to rights holders’ can also be viewed as ‘each party is now bound to Tune smart contract that automates the payment process based on certain sets of pre-agreed upon conditional smart contract logic and compensation algorithms.
- Website: https://www.tunetoken.io
- White paper: View
- Fundraising Goal: 6,000 ETH (Soft Cap) – 40,000 ETH (Hard Cap)
- Total Tokens:4,000,000,000 (For Sale) – 10,000,000,000 (Total)
- Sold Tokens: 19,000
Bounty0x profile: @jeremycole
- Encourages users to upload their talent so they are able to be discovered
- Can monetise on your activity on Tune
- Encourages transparency within the music industry
- Could encourage different talents to collaborate and infuse music globally
- Using the ERC20 token can cause delays in transactions and costs may be slightly high but as Tune are constantly looking to develop and innovate their future with other tokens such as Raiden looks promising
Tunes ecosystem looks very promising in the future with integration with multiple coins may create a high stability for the overall platform. Encouragement of talented users uploading content and monetizing on their activity can provide an increasingly popular Dapp, generating better prospectuses for young music talents. Overall transparency in the music industry can reduce the likelihood of illegal downloads with all transactions able to be viewed by any user. Tune can be new Itunes/Spotify of the cryptocurrency world.