Musical creations are real-world assets that affect billions of people across the world, which are still distributed in a surprisingly old-fashioned way. By tokenizing music royalties, we can revolutionize the way musical creations are distributed and compensated. However, the complexity and inefficiency of the distribution hierarchy prevents “long tail” music creators from getting what they deserve. Music creators are known to earn as little as 10% of music streaming revenues. We attempt to solve this problem by developing a decentralized app where music creators can issue royalty tokens and users can buy the tokens to earn shared profit.
What it does
Audiograph is a mobile app/platform that allows users to browse through musical creations and buy tokenized shares of royalties from which users can profit. A) Browse tab - you can browse and buy music royalty tokens B) Play tab - you can stream the musics you own C) Manage tab - you can manage your investments
How we built it
We use an optimized set of tools and libraries to build a backend server that relays between the mobile application, PostgresDB and HTS(Hedera Token Service). On the frontend side, we use react.js and GraphQL queries to talk to the server.
Challenges we ran into
Designing a new financial product was immensely difficult. Also, debugging the module for the HTS was quite painful without proper documentations. Lastly, suppressing new ideas to limit the scope of our work was another challenge.
Accomplishments that we're proud of
We believe Audiograph is a simple but powerful demonstration which boasts the capabilities of Hedera Token Service. 1) We provide a starting point for tokenizing a new types of real-world asset that is currently being consumed by billions of people around the world. 2) We propose ways to supplement or replace the existing systems/services. 3) We have devised an app with a minimal entry barrier which can elicit active Hedera account creation from users of all cohorts.
What we learned
It’s not just about tokenization - Tokenizing assets can have far-reaching consequences. It has powers to revolutionize the ecosystem and change the way we percieve the real world assets. SDKs are the way forward - We were able to utilize SDKs provide 3rd parties with a a nice development experience. Should this become a foundation for all should allow developers to experiment and propose many other hashgraph-powered apps in the future.
What's next for Audiograph
Seamless interoperability between music tokens and online contents (Youtube, Vimeo, etc.) for near real-time collection of royalty fees