OFFICIAL AUROVINE/AUDIOCOIN ANNOUNCEMENT
Over the past year Audiocoin has made several huge strides. We successfully integrated our Audiocoin wallet into Aurovine, which allows musicians and fans to earn Audiocoin by purchasing and sharing music.
We created a proof of concept utilizing the colored coin system to provide smart contracts for the Joni Fuller shares.
Now it is time to put our proof of concepts together to build something never seen before. We have identified multiple problem areas within the music industry. However during the course of designing the upgraded system we found out that our concept can be widely adapted to more than just music.
Our system is designed to be an all-in-one solution for music, images and video. By utilizing the blockchain’s best feature, its record keeping, we are able to decentralize not only file hosting, but we are also able to connect legacy systems APIs so they are able to come to a consensus in a much quicker time frame.
Current payment methods in use by the music industry are almost entirely manual. Because of this the royalty reconciliation factor is unwieldy and costly with processing taking nine months and longer. By allowing these legacy systems to interact via our platform we not only significantly reduce settlement costs we also significantly speed up the payment process by limiting how much manual entry is required. We believe we can get artists’ payment times down to a month or less.
We have also developed methods to provide revenue shares to fans who want to host music or files for their favorite artists’ all while getting rid of cloud hosting like AWS altogether. The fans become the cloud! True interaction exists both on a financial as well as an exciting and innovative engagement potential between artists and fans. Ownership became an archaic term in a streaming environment but we have developed a smart contract system that introduces the concept of digital scarcity to bring super fans closer to the music and artists they love.
Aurovine now offers two distinct solutions:
Music Industry:
Our latest proof of concept system is the market leader umbrella solution for innovating legacy music industry processes whilst introducing ‘never seen before’ features to energize a stale, inefficient and fragmented framework.
The aurovine system will combine payment reconciliation, label smart contracts, fan revenue shares through various different methods such as fan file hosting, special album revenue shares and and various other methods for fan and artist engagement. The fans now have a real stake in the success of their favorite artists!
SAAS Offering:
As mentioned above, we have been approached to develop blockchain solutions for other verticals and we are currently in negotiation with a number of large organisations to develop outright solutions or POC models on a contractual basis. We will announce these partnerships once each project commences.
New Partnership
Today we announce a partnership with Berlin based BigchainDB to develop a scaleable and robust storage and integrity framework based on an API integration with ADC.
This robust decentralized database is capable of 1 million read/write transactions per second. It is akin to a decentralized SQL Database used by companies like Netflix and Amazon. BigchainDB has devised a way to retain consensus at blistering fast speeds with linear speed increases the more people that join the network. This will allow the Aurovine platform to perform our transactions faster than any current system is capable of and to scale as demand requires without bloating the Audiocoin chain!
