Abstract
The music industry generates $43 billion in revenue but only 12% goes to content artists. Furthermore, artists have minimal control over how their music is distributed and little visibility into who is streaming it. To address these and other problems faced by artists, we introduce SoundProtocol, a fully decentralized music streaming protocol built with public blockchain infrastructure and other decentralized technologies. SoundProtocol allows artists to distribute to and get paid directly from their fans, and is comprised of the following components:
An efficient token economy powered by the SoundProtocol platform token ($SOP), 3rd-party stablecoins, and artist tokens
A decentralized storage solution and ledger for sharing audio and metadata
A unique track encryption scheme paired with a programmable mechanism to unlock user-specific proxy re-encryption keys for content
A discovery protocol for users to efficiently query metadata
A decentralized governance protocol, whereby artists, node operators, and fans are individually and collectively enfranchised in decision making about protocol changes and
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