EMANATE | A decentralized approach to creating a fairer and more dynamic music industry.
Everything is a remix.
No invention would exist without its predecessor. Imagine a global jam session that’s open to everyone to tune in or take parts from it to build a whole new composition. Now think that all these parts, building bricks and gigs of musical creativity are saved and timestamped on a distributed ledger, so anyone’s intellectual property is protected. Then add a platform to share, compile, stream and fairly monetize the audio files created.
This is Emanate. (Dictionary definition: originate, stem, derive, flow)
Music is an omnipresent part of everyday life.
It’s played in clubs, bars, movies, shopping malls, games….. and last but not least we have our favorite tunes saved on our devices for instant access.
Who is producing all this music?
Where are those musicians?
Who’s making money off of it?
Digital Music formats like Mp3 and P2P file sharing changed the music industry completely in the last 2 decades and became a big threat to the industry. It’s not the technology that’s causing the problems though. The royalty payment systems have never been really updated to modern times and different countries work under different models, which in a global market situation creates even more confusion.
Many smaller labels couldn’t survive.
The marketing potential of an act became more important than the creative talent itself. The mainstream market focusses on products, not music and the musical diversity on major labels became more and more narrow.
The answer to this phenomena were bedroom producers. Through digitalization, they were gifted powerful and affordable tools to compose, write and perform music. The significantly lowered production costs invited creatives to experiment again and several music sub-genres were created out of these new possibilities.
However, once those self-managed musicians reached some sort of recognition and popularity they were still missing a reliable model to easily monetize their creative output.
“EMANATE is the most promising blockchain music project yet” — HACKED.Com
Emanate is not the first blockchain project that aims to disrupt the current music industry model, but its scope is quite unique and promising. No doubt micropayments per click, like or listen (click actions) are a great mechanism for rewarding content creators.
Emanate goes further and starts earlier. It allows musicians to trust each other in the production phase by introducing their audio exchange protocol, which tracks every single piece of audio on the platform.
Vocal parts, stems, loops, beats, samples.
It immutably documents via smart contract the metadata of who did what, when and with who.
Musicians can agree without intermediaries on how to share potential profits of their cooperative works.
And it doesn’t stop there. Even the listeners can earn rewards by compiling playlists on the platform and doing so give additional exposure to artists. Win/Win!
Emanate creates one global jurisdiction to collect royalties on musical works, while it’s also providing a platform for consumers to stream their favorite tracks, knowing that each person involved will get compensated for their contributions fairly.
85% profits of a piece of produced audio file go to artists that created it, the other 15% go in a community fund.
Emanate aims to link musicians from all over the world to unlock an unbelievable potential for new kinds of cooperations, styles, and genres.
It gives validation for growing artists and creates a marketplace for a music middle class. Providing a reward system that gives aspiring musicians a chance to grow organically within their communities.
They’ve already started a strategic joint venture with Vampr, which is like a Tinder for musicians, already sharing an audience of 400,000 artists and music industry professionals.
How does the token work?
Emanate is a utility token project.
After partnering with the Coin Hunter Research Group, they’ve decided to go for a 2 token model to assure the best possible usability. Those tokens are MNX and EMT.
In order to publish music or playlists, EMT tokens need to be staked.
Once you have them staked you can earn MNX tokens.
The MNX serves as a stable coin to account for services on the platform whereas the EMT Tokens are staked for governance (via voting) and reputation. For the first time, content creators get a say via voting which direction the industry should go. It’s a decentralized self-governed music ecosystem.
You can find a more detailed explanation here.
Who’s behind it?
Emanate has 3 founders that lead a constantly growing team of hi-end professionals from a tech or/and creative industry background. You’ll find each team member’s experience well documented on their website. (emanate.live)
While the main team is based in Australia, project advisors and cooperating musicians are strategically spread across the globe. Just recently Matt Medved, Head of Billboard Dance, joined the Emanate advisory team and this should give a good example of how well connected this project already is in the current music industry.
Emanate has been one of the few projects recently featured by Block.one in their #BuiltOnEOSIO spotlight and presented at the Block.one Blockchain Village, where this Live Demo was recorded.
While many think the EOS Killer dApp might be a game or social network, to me, Emanate is in a very good position to be massively adopted and provide a key solution for an industry that has needed to reinvent itself for quite some time now.
Emanate’s token Sale will be starting soon and the “Alpha” is expected for early 2019.
EOS Nation is not sponsored by and does not receive or gain any financial incentives from any companies/products/dApps that are covered in articles or videos. These are simply for educational purposes and to demonstrate what is possible using the EOS blockchain.
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