The RECORD Project is attempting to re-create the economics of the music business in favor of the artist. By using the blockchain and the RECORD (RCD) token to measure and reward an artist for the use of their work, RECORD Foundation can be one of the first companies to succeed in removing the 16th Century system whereby an artist gives up most rights to a publisher and instead becomes their own publisher. Artists will be able to track where their music is being played and calculate the amount of usage and get paid.
Art, Business Services, Communication
RecordFarm, by RECORD Foundation, is a revolutionary reward-based music service platform that transforms traditional music services. RecordFarm effectively uses blockchain technology to protect the content rights of its valuable artists. Also, direct, transparent transactions are made between the artists and listeners in the absence of an intermediary, preventing losses for the artists. This resolves the core problems in the current music industry.
RECORD token (RCD) is the cryptocurrency of the RecordFarm platform. Both artists and listeners are rewarded for contributing value on the platform. This reward system using Record coins incentivizes active engagement between the artists and listeners. Artists are rewarded with Record coins for creating music and listeners are rewarded for interacting with the music. These Record coins can be used to purchase music and other related goods. With an open platform, RecordFarm already reached a million monthly active users and has been selected as Facebook’s Fbstart global partner. It seeks to expand its influence globally and revolutionize the music service platform.