What is Opus (OPT) Crypto Beginner’s Guide
For years, the music industry has been the subject of multiple criticisms towards distribution and how artists are paid. This scrutiny has only magnified with the popularity of digital music and streaming platforms, with some streaming services having received backlash from artists regarding their revenue. Opus is a decentralized music streaming service that intends to give the power back to recording artists.
Opus Problems and Solutions
Opus points out many issues that plague music streaming services. Right now, services like Spotify and Apple Music claim up to 80% of an artist’s revenue. This may not have an affect on bigger, more popular artists, but lesser-known artists’ incomes can be exceptionally damaged by such high rates.
Music streaming services are no picnic for listeners, either. Constant competition between services can cause availability issues, and even those who invest in expensive subscriptions often cannot access the content that they think they are paying for.
The developers behind Opus believe that the blockchain will address many of these concerns. First and foremost, the platform intends to give artists 97% of their earned revenue, a huge improvement from the approximate 20% they often receive. Another problem Opus wants to address is that music fans who create playlists are never compensated for their work. The platform will fix this by rewarding playlist makers for sales they make for artists; if a listener buys a song they hear on a playlist, the artist can choose to reward the person who made the playlist with some of their revenue.
Opus (OPT) Features
Opus is built on the Ethereum blockchain and uses tools like the Interplanetary File System to speed along the service, meaning that it will be capable of streaming thousands of tracks per second. The platform can store music on the blockchain and deliver it quickly and in a decentralized manner.
Because all transactions are completely transparent on the blockchain, labels will not be able to hide any revenue from artists. Opus will also support a DAO that will allow the community to vote monthly on proposals that will affect the platform.
To incentivize new and upcoming artists to share their work on the platform, Opus will encourage bounties where artists can reward playlist makers for featuring their music. Playlists can assist in generating sales for new artists while also earning income for the makers. The decentralized aspect of the platform will also protect artists from censorship.
Anyone who is interested in how the platform functions can access an open source demo on GitHub.
Opus Token – OPT
The Opus token, OPT, was available through the ICO sale. 1600 million tokens will be made, with 900 million available at the crowd sale, 600 million going towards the Opus foundation, and the rest distributed throughout the platform to support the ecosystem.
Although music is now easier than ever to access, there are still disadvantages for both artists and listeners through current streaming services. By decentralizing music, Opus intends to fairly reward both listeners and the talented artists behind the music.