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Ed-ed by David Gerard of Rocknerd
After the light paper a few months ago, venerable music download store eMusic published the complete white paper (PDF) for their offer of ICO chips!
It's a little disappointing. The plan is:
- Collect a big pile of money by selling magic beans.
- Spend money by writing a brand new platform, selling downloads and serving streaming stores.
The details of step 2 are a sub-style specific to Gnomes "???"
The Plan
The current eMusic platform is a web-based download store. Customers subscribe and get a number of download credits each month, which they must use or lose.
Totally transparent music editing system that can be used by a producer, creator or music provider – from uncluttered / DIY individual artists to major labels with thousands of artists on their list. [19659012] eMusic is not currently in terms of talking with any of the majors, and the haemorrhage of indie catalogs. But the labels will surely come back for that plan!
eMusic c It must be a profitable business in a world where very few players see significant revenue from music sales.
This is a slight surprise, give n how eMusic went bankrupt and has been bought several times over the past twenty years. In addition, no one can have a direct answer on how they lose all these independent catalogs lately.
Note that these plans are all in the future – none of this still exists . The artist and the label plan
The new platform will begin with unsigned independent artists. "A small platform fee will apply for storage / hosting of files."
The split is 50/50 between you and eMusic. They recognize that you could get more outlets with no name – ie Bandcamp – but it's really worth it, because eMusic will be so good .
As we grow, we expect to attract independent, major and possibly major brands on the platform by offering batch ingestion tools on a larger scale. For thousands of existing eMusic tag partners, this process would be rather transparent since we have already integrated their catalogs into our systems.
To address the legal challenge of delivering entire label catalogs through our platform, we will work closely with music rights. lawyers and other industry specialists to establish a clearing house service that would allow us to incorporate any catalog content, and we will work with associated rights agreements to ensure uninterrupted flow royalties.
you might think were quite important – only exist as a vague notion. They do not know how to make all this work legally.
Your eMusic uploads will be available on many other platforms too! … once eMusic made arrangements with them. "We have no illusions that to convince established service providers, such as Pandora or Spotify, to integrate our blockchain platform will be easy."
Blockchains!
Blockchain evangelists will tell you that supply chains and other economic structures complicated by intermediate processes can be simplified and their efficiency increased by digitizing the transactions involved, distributing them on a public register and allowing the parties involved to interact with They can tell you this, but that does not mean that they are not talking about their hat. I have written a chapter of a book on how this would not work in music, and until then I have been correct.
The white paper says a few times that blockchain systems will be more efficient, so cheaper – but there are no concrete examples of this work this way.
Smart Contract 1 will be "Content" – for artists to publish on the platform. Smart Contract 2 will be "Sales":
When a sale or flow is made to a retail outlet, the data is recorded off-line into a database containing music asset identifiers . On a regular basis (every day in the case of eMusic), the service provider will update a Sales Smart contract, sending the funds generated by the sale / flow of each music item along with the IDs, as well as the value per asset and number of sales / flows per asset for that period.
That is, smart contracts are just the programs you would need to run a store. The blockchain is just used as a transaction log – its "blockchain" nature is not used significantly.
"Smart contract" is a cool-sounding lingo for "computer program" – writing this system will be just as much work as any other new computer system, and it will have exactly the same problems with bugs and user acceptance tests.
And, as I spent all of Chapter 10 of Blockchain Attack 50 feet trying to club at home – smart contracts are almost impossible to program for humans safely . The coding of smart contracts is harder than ordinary coding – it's hard to fix the bugs, the programmers and languages that they use are often terrible, and security is a nightmare.
Yes, but where is my money?
eMusic will present an exclusive ERC-20 token based on Ethereum, a digital asset that can only be used in our new music ecosystem.
You are paid in eMusic magic beans. Few owners, supermarkets or music stores will accept them for the moment. I asked about it on / r / eMusicofficial on Reddit, and they replied:
This will be the choice of the artist to decide whether he should be paid in cash or in chips – part of our $ 70M increase will be to provide the option artists to pay as they wish. Being paid in EMU will have benefits that the normal fiat will not include participating in fans incentives for referrals, crowdfunding access for future music projects, and even third parties that allow payment for goods and services across the platform, etc.)
Page 35 of the White Paper states:
10. Liquidity
eMusic Tokens are not money issued by any individual, entity, central bank or national, supranational or quasi-national organization, nor are they backed by physical assets or by others. credits. The circulation and trading of eMusic Tokens in the marketplace depends on the consensus on its value between the relevant market participants. Neither the Company nor any other person is obliged to purchase eMusic Tokens from any buyer or other eMusic Token holder. The Company in no way guarantees the liquidity or market price of the eMusic Tokens. Buyers of eMusic tokens who wish to sell their eMusic tokens must find one (1) or more willing buyers to buy at a mutually agreed price, which could be time consuming and costly. At any time, no exchange of cryptocurrency or other public market may contain eMusic Tokens for trading purposes. The Company does not intend to take steps to ensure that eMusic Tokens are listed on any exchange of cryptocurrency or other
Thus, tokens are non-tradable customer loyalty points, and you are stuck with them. But at least you can choose to get real money instead.
No answer – why they do it on a public blockchain at all. They try to pretend that these tokens are not tradable and should not be tradable. There is a whole page warning that these ICO chips are not a kind of investment.
We are aware of the fact that we share society in our quest for a decentralized solution with many projects of different levels of reputation. Putting aside all dubious and doubtful schemes, get-rich-quick …
No aspect of this system is decentralized. Everything revolves around their website and their business.
There is no functional reason why tokens should not simply be entries in an eMusic database. Why do you do all this ?
Customers answer!
eMusic has paid subscribers, many of whom have been with them for years. The closest you'll see on an official forum is Reddit / r / eMusicofficial.
Existing customers are mostly troubled by this ridiculous trash blockchain-and consider it a distraction from the loss of catalogs of labels :
To read the eMusic light paper and Medium posts, you openly claim (almost touting) that you will take artists and labels from companies like the Orchard, while paying less for labels than practically n & rsquo; Any other major platform of the industry. How does it magically bring back the content once the transactions take place in chips instead of money? There is an impression – and this may not be accurate – that Music pays so much attention to blockchain and an unproven pretense of focusing on non-creative artists. Signed (which will not address any content issues, anyway – these are signed artists that are searched for but that disappear from the site) that no one keeps the strong compared to existing content partners.
Their main concern is the loss of eMusic labels:
After 12 years and about 2000 € spent, I've finally finished. It has been going down since the stimulus, but today I had 10 pounds to spend before my credit was renewed, and almost everything I had in my wish list did not. was not available. I just have the impression of wasting my money. Add to that so many flaws and errors on the site, that it just becomes a frustrating experience.
I feel a little sad about this, because I was on a very good package, but it's not worth it anymore. Subscription canceled.
I hope you are all luckier than me. This forum has made sad and sober readings in the last 6 months, but I'm done with that right now. I do not know how long they will survive.
But blockchain will save them, is not it?
The sale of chips is scheduled for Q4 2019.
Update: Orchard Sweaters Labels, Artists Off eMusic for non-payment . "The Orchard was in communication with eMusic about the money owed, and despite the threats of withdrawal, we have not received any payments.Therefore, all the content of The Orchard was removed from the eMusic platform in July 2018. "
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