Inspiration
Music industry has achieved a lot of technological advances but still behind regarding blockchain potential. Musicians, Artists, Producers, Record Studios, Investors and general public can participate with BMMM3 tokenomics platform focused on creators and their fans.
What it does
BMMM3 Platform allows creators to mint their audio data as ERC721 and ERC1155 custom NFTs through the BMMM3 Minter dapp into the blockchain and distributed storage in a way that audio data only can be played by the BMMM3 Player.
Creators mint an Album that are composed of one custom ERC721 and one custom ERC1155 smart contract deployed by The BMMM3 Minter.
Fans and general public then can buy the audio data as ERC1155 tokens for unlimited listening on The BMMM3 Player.
Users can also subscribe to The BMMM3 Player Premium Subcription*, that is a pre-paid, pay-as-you-go, token credit-based payment plan in which user pays forward any amount of tokens to the BMMM3 Threasury and is recored as the user's BMMM3 Credit Balance and it is transfered to the BMMM3 Threasury as user listens to tracks (minute based, with preferance price than pay-per-listen).
User can pay a pay-per-listen price setted by the creator. It means that user pays a price to listen one time the track.
Users have several options to listen, buy, own and trade the audio data from creators while creators still receiving royalties on each transaction.
When creators mint their audio data through the BMMM3 Minter dapp, they generate two types of NFTs: Intellectual Property and Trade Audio Assets.
Intellectual property means one ERC721 token is minted per audio data object and the owner(s) receive royalties as specified by the creator.
The royalties came from users listening Trade Assets (The BMMM3 Player Premium Subcription and pay-per-listen) as specified by the creator. The owner of the ERC721 token has access to retrieve this royalties while owns it.
The Trade Assets are ERC1155 tokens that contains storage information encrypted by the BMMM3 Minter dapp. This can be from 1 to any number the creator defines. For example if creator mints 10K of this token this means that 10K "records" are going to be sell and get royalties from users trading those 10K "records".
The BMMM3 Player retrieves from blockchain the audio metadata information and storage locations, then it verify that user requesting to buy or listen that audio data owns it or has paid to listen to it. The BMMM3 Player then retrieves the audio data from distributed storage, decypher and play it to the user.
Users connects their wallet to the BMMM3 Player and can listen one time each time for an amount defined by creator, listen certain amount of times by a prepaid subscription plan to the BMMM3 Player** or by buying the corresponding ERC1155 token from the creator or other owner. Other than the BMMM3 Platform Commission, all prices and royalties distribution percentages are defined by the creator. Once bought from a Marketplace, an ERC1155 serves as proof of ownership to reproduce audio data on the BMMM3 Player any time.
So users can buy, listen, then sell and buy again. Creators can also make profits from selling and trading and have total control of their smart contracts.
BMMM3 platform receives a 2% commission for transaction.
- Not all features are fully implemented yet, MVP (creator upload audio, user can play it in browser but no charge are done yet) ** The prepaid subscription plan to the BMMM3 Player gives users access to several hours of audio data listening from any audio data source available at the BMMM3 Player for a fixed amount. The fee given to a creator for a audio data object is derived from the fixed amount divided by total user minute listening allowed times a factor of reproductions of that particular audio data object.
*** Any one can mint their audio data, the BMMM3 Platform allows any one to mint anything. The creator is who handles and uploads directly from creator's device to the blockchain and distributed storage whithout the audio data passing hough any BMMM3 Platform related service and creators can sell and transfer the ERC721 and ERC115 on other NFT marketplaces, however to be selectable to be able to play the audio data object on the BMMM3 Player, creators need to submit a request to the BMMM3 Platform to review their audio data content to the BMMM3 Review Content Consensus Committe in order to protect Property Rights and prevent hate speech, discrimination, propaganda, mass manipulation, fraud and anything that the BMMM3 Review Content Concensus Committe considers a best for a cordial and harmonic community prior and post publishing on The BMMM3 Player.
How we built it
This development is target to EVM blockchains tested on Mumbai Network and planned to deploy on Polygon. Hardhat is used as development environment with solidity to develop smart contracts and JavaScript as test and deployment language. Front End is handle in react and still working on establish a good UX/UI design. The Back End will be providing and verifying encryption/decryption keys, only BMMM3 Platform has access to this. For storage IPFS will be use with https://js.ipfs.io/.
Open-Source software is used in most (if not all) the cases.
Challenges we ran into
Generating, providing and verifying cryptographic keys in a distributed autonomous way is still challenging. So design decision is to do it by now in a Back End side. Also preventing hate speech, discrimination, propaganda, mass manipulation and fraud is very serious topic and hard to achieve without very advance (and costly) technology.
Accomplishments that we're proud of
This is a product result of several yeas of design, develop and management of several software projects in many areas, industries and with many technologies. Being able to integrate such great technologies in a whole picture is important.
What we learned
I am amazed by the all the amount of knowledge I acquire from blockhain news, lectures, workshops, documentation and so on.
What's next for BMMM3
Automated Audio Analysis to protect Property Rights and prevent hate speech, discrimination, propaganda, mass manipulation and fraud prior and post publishing on BMMM3 Player. A distributed protocol for key providing and verifying.
Also planning a distributed investment schema for investors interested on The BMMM3 Platform with independen BMMM3 Share Coin. Holders of this token can qualify to access to The BMMM3 DAO, an STEAMM (Science, Technology, Engineering, Arts, Mathematics, Medice) oriented organization.
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