On January 16, 2019, Bitfury introduced the launch of their new open supply music platform referred to as Bitfury Encompass. It seeks to streamline the assorted processes of commercializing music in addition to the sharing of income.
From Mining to Music
Bitfury, recognized within the blockchain world for his or her bitcoin mining-rig manufacturing, has forayed into the music enterprise, asserting BitFury Encompass in a blog post on January 16, 2019.
The brand new platform makes use of blockchain to unravel one of the vital widespread problems within the music business: the sharing of income between the creators of the music itself and the assorted middlemen. The assertion writes:
“The Encompass platform will allow the complete music leisure business to streamline operations by safe switch of copyright belongings, streamlined connectivity in addition to higher monitoring and administration techniques,”
What the Platform is About
The platform will probably be developed in addition to run on the bitcoin blockchain. It's designed to foster collaboration and innovation with the business while bringing uniformity to enterprise practices.
Numerous processes reminiscent of copyright switch and the administration of uploaded content material are streamlined on the platform. With due to blockchain know-how, mismanagement of funds and points with the distribution of income are additionally prevented.
All these are in an effort to make sure transparency within the music business, says Valery Vavilov, the CEO of Bitfury.
A number of the providers that the platform will present embrace Service Authorized Settlement capabilities, Cost rails and collaborative possession of belongings.
The tip objective of this platform, Bitfury says, is to unravel a variety of issues within the business reminiscent of fraud, gradual money circulation, and unclear financial allocation in addition to administrative inefficiency.
The group behind this new platform consists of Stefan Schulz, a veteran of the music business who has served as a founding member and Govt Vice President of Common Music Digital. Schulz will probably be approaching board because the music division’s CEO.
Bitfury Encompass will probably be based mostly in Europe and its first tasks will launch in Amsterdam and Berlin. Nonetheless, the press launch states that different operations will launch in Los Angeles, Tokyo, Seoul, and Moscow.
Transferring Away From Mining
The previous couple of months have been a time of nice enlargement for Bitfury. They raised over $80 million of their final closed funding spherical and partnered with BTCBIT to launch a Bitcoin Lightning Community fee channel.
This enlargement transfer is also a way for Bitfury to hedge their bets, as the prices of mining have made the enterprise less profitable for the reason that Bitcoin worth hunch.