RecordFarm, a decentralized platform based on Ethereum, is a blockchain-based music platform that rewards content creators with RCD tokens relative to the amount of ‘likes’ or ‘voting’ the content has received. RecordFarm plans to build the world’s first reward-based music platform service for artists who have not only struggled to post and share music, but also to receive fair compensations for their work.
The reward system is in based on blockchain technology. Transparency is ensured, as all activity is recorded and made public on the blockchain, which cannot be hacked or altered. This nature of blockchain ensures that the artists’ works are recorded safely on RecordFarm’s platform. Compensation on RecordFarm is based on RCD tokens which are immune to exchange fees which plague non-cryptocurrencies internationally. Thus, no matter the number of countries served, we do not need to establish local currency conversion contracts which skim from total profits. Operating expenses are further reduced by the blockchain’s burden sharing system. By spreading the data from a decentralized server with cryptocurrency miners, costs of operating RecordFarm’s servers and resources are greatly reduced. All the savings from these harnessed innovations will be returned to our artists and listeners.
Another core feature in the RECORD Ecosystem is the roles listeners play. Traditionally, listeners acted exclusively as consumers by forking over cash whenever they downloaded music or subscribed to a streaming service, but in this newfound RECORD Ecosystem, listeners can also be compensated. Audio consumers often devote their time to curation activities, such as sharing and voting on music. This crowd behavior directly evaluates the competitiveness and value of the music content. We believe that this interaction between listener and content fundamentally encourages good music that the people want. For this elemental reason, we hold that it is only fair that we reward any listener who acts as a ‘Value Co-creator.’ In this sense, RecordFarm is not just any run-of-themill platform. It is the next generation music platform that emerged as a solution to the problems rampant in unfair profit distribution that characterizes the traditional music industry.
Honest and astounding rewards for creators and listeners - RECORD Foundation is on its path to build an unprecedented music platform.