PurpleMusic as a real application of the blockchain concept in the music industry
If you’re interested in investing in this company, head over to PurpleThrone.com. Why? You’ll find the answer! Just keep reading…
The blockchain is something like a 2.0 ledger, that is, a system that allows you to keep track of all transactions carried out, in this case with cryptocurrency. In addition to accounting for money and transactions, it could become the alternative to SWIFT (a system that currently manages bank transactions).
The blockchain is a very safe, very cheap and fast system. Its security is due to cryptography, and it reliably protects all personal and financial data of users who decide to use this route to make their payments.
How does the blockchain work?
Transactions with cryptocurrency and through the blockchain solve the problem of digital currency transfer, eliminate fraud and dependence on a central server. The Blockchain is a system that records and saves all the transaction data exhaustively. Save the whole process and record every time a Bitcoin changes hands. The user knows where that money comes from.
Why could you decentralize everything?
The possibilities offered by the blockchain are almost endless, so much so that they can be applied in new markets as well as in existing ones. Also in new services and products and in existing ones. Although the blockchain is known for cryptocurrency transactions, it could be applied to traditional payment systems, as well as others that are back in trend, such as the exchange of objects or time banks.
As all movements are also recorded, a reliable mechanism is created regardless of the type of transactions that are discussed. This system is like the Internet, nobody or nothing owns it but everyone can use it to make their payments. It is true that the change and decentralization of the financial system is a fact that can seem very appealing. This action will almost say goodbye to the banks and they will be left without any influence on society.
What if the blockchain concept is applied in the world of music?
PurpleThrone is a music and technology company that provides a variety of music-related services such as production, promotion and royalty management. The target of this company is independent artists, those who are not covered by large / global music companies. What is unique about this company is that it provides its services via a crypto-token mechanism known as PurpleCoin (PPC). Through this token, indie music fans can buy tickets for music shows, music videos, and whatever products are available.
With the crypto-token mechanism, fan contributions can be made anonymously. Not only digital products, PurpleThrone also facilitates the sale of physical products such as audio accessories but with crypto-token payments. Artists as paid parties will be able to use the crypto-tokens they get (from sales) to rent studios, produce tickets for music shows, and much more. They receive anywhere from 3x – 50x on streaming royalties on PurpleThrone and they will get the social media exposure and industry recognition they desire with the increased funds they are earning. Along with the support of PurpleThrone and its staff, as long as they make great content, work hard and make PurpleThrone’s charts.
PPC is crypto living in the Ethereum ecosystem. This crypto can serve as a financial infrastructure enabling listeners to, through P2P microtransactions, contribute a fraction of the value to the artist, instantly and without any restrictions. With the crypto-token concept, every fan can contribute actively while maintaining anonymity. With the PPC platform, there are no obstacles regarding currency differences and no more complicated procedures to buy or donate across countries. Globalization in the world of music has been implemented perfectly by PurpleThrone as a provider of PurpleCoin.
With a crypto system, transaction history cannot be changed, so the implementation of royalty payments based on the amount of contributions can really be accounted for. The history of royalty payments remains in the system and is legal evidence of the use of licensed content by external parties. Of course, this system will eliminate copyright infringement by music lovers as long as every music activity that is carried out remains under the auspices of the PPC system.
Today the use of PPC is getting more and more widespread and it will come to a point where it will become a native token that remains on its own blockchain where every copyright is protected.