Emanate is looking to decentralize the music industry with its blockchain-fueled audio exchange protocol. The vision involves giving established and emerging musical artists the ability to distribute their music to the ends of the earth and be paid in real time. Industry collaboration is also at the heart of the project.
Trust is a major issue in the music industry, considering that in order for artists to collaborate with their peers, a musician must share their work. This can prevent industry professionals on opposite ends of the earth from ever working together because of a lack of an opportunity to establish trust. That’s where the blockchain comes in, as the immutable ledger removes the threat of theft and ensures that payment will be made in real time. Budding musical artists also get a better shot at making a name for themselves with a platform like Emanate.
Emanate’s project is comprised of “collaboration, sharing, remixing, posting and playlisting,” all of which is encouraged and rewarded via a token-based rewards system. Emanate has chosen to build on the EOS blockchain.
There are various use cases for the Emanate platform, which remain in the conceptual stage currently.
A music producer who works with musical artists has a file--intensive job, one that is comprised of sending and receiving many documents including contracts with financial details, etc. By using Emanate’s MN8 AEP protocol, the producer can create smart-contract fueled agreements that make the terms of the agreement clear to the other party and are recorded on the blockchain so they can’t be altered.
A radio station might use the Emanate platform to discover artists on the other side of the world. Through a combination of the blockchain and social media, the station can gauge the audience’s repsonse to the music in real time. Musical artists, meanwhile, can pubilsh their songs on MN8 AEP as well as on platforms like Spotify, iTunes and soundcloud in an attempt to be discovered and paid in real time when the music is played.
Emanate will make its debut via a trio of decentralized apps created on the Emanate protocol. These include smart collaborations, which are akin to a file-sharing system; collaborative music marketplace, which is a “music streaming and collaboration marketplace” designed to give artists the ability to generate income and which is expected to ignite the use of the MN8 tokens; and a full audio exchange protocol, which the company describes as a “two way audio access and monetization protocol for artist-listener playback,” according to the white paper.
Emanate is comprised of what they describe as a two-token economy including the MN8 token and the MNX token. MN8 tokens fuel the Emanate ecosystem and must be held by individuals in order to participate in the ecosystem. MNX is stablecoin designed to bring liquidity and stability. MNX would fuel artist interactions and give listeners the abiltiy to stream music on the platform.
Record labels, curators, musical artists, songwriters, producers, labels and promoters, DJ’s, radio stations, music influencers and fans/listeners.