Tempo is requesting funding to build a platform (codename Project Coda) that allows for tokenization of creative assets and automated distribution of royalties on the ICON blockchain. Initially, our focus will be on the music industry where the existing ownership model and payments infrastructure is ripe for disruption.
At this time, ownership of music is often still handled via paper contracts or digital contracts without interoperable API endpoints. Payments are still handled manually for the most part, and artists have become accustomed to waiting 6-9 months in order to receive royalties for their work. Far worse, the majority of music created is never even registered or claimed due to the incredibly confusing, expensive, and frankly painful barriers leaving the artist with no residual income.
Our goal is to rethink the incentive model for musicians by making ownership into a tokenized and liquid asset that can be integrated into a payments smart contract for faster royalty payments. We would like to build this product on ICON because we believe tools like Bridge will allow us to create an accessible and intuitive platform that can be used by everyone.
With this proposal, we are hoping to build the following:
- Web platform for tokenization of ownership and metadata. This will include an API for creative assets listed on our platform that can be monetized in the future.
- Smart contract infrastructure for handling payments to Bridge accounts.
- Music marketplace that uses the layers above to show off the technology.
Following the completion of this project, we will utilize our network of musicians to launch exclusive EPs on our marketplace. With a successful MVP, we hope to approach entities in the legacy music industry to negotiate possible integrations with our backend.
Ultimately, we believe that our database and infrastructure will result in a win-win for artists and legacy music industry institutions alike: Artists will get access to capital that often eludes them; institutions will provide better services to artists, further cementing the importance of their role in the ecosystem.
Technology Research (1 months) - In this phase, we intend to work with technical members of the ICON community to identify a suitable IRC token standard and general smart contract structure for the tokenization and payment layers.
Development (6 months) - In this phase, we intend to build out the core functionality of the platform culminating with a closed alpha with artists that have already expressed interest.
Refinement (1.5 months) - In this phase, we will refine the user experience of the platform further to ensure it is ready to be used by musicians with no interest or experience in blockchain.
Closed Beta (1-2 months) - In this phase, we will open the platform up for a closed beta period. During this time, we plan on reaching out to various music schools within our network to recruit users to the platform.
Open Beta (2-4 weeks) - In this phase, we will open the platform up for an open beta with discounted pricing.
Public Launch - Following the open beta, we will launch the platform publicly.
What We’ve Done So Far
Over the past month, we’ve consulted with a number of musicians from indie songwriters, to bands, to A-list artists. We’ve also consulted with a variety of entertainment lawyers within our network, and we plan on continually consulting with more after receiving funding.
From our discussions so far, we believe there is a need for a product like this. At this stage in the game, the music industry is still comprised of gatekeepers and archaic manual processes – but this will change and we want to be ready for it!
Below are a few other tasks we’ve accomplished.
- Our technical consultant Brian Li has spoken with ICX Station lead Scott Smiley about possible tokenization options. From that call, we are now exploring the ICON multitoken standard internally as a possible option.
- We’ve mapped out a basic structure of the payments smart contract, and have consulted with Andrew Burns from the ICON community on the feasibility of our idea.
- We’ve had extensive UI/UX discussion internally, and believe we have a solid idea about the look and feel of the platform.
Funding Amount Requested
For this proposal, we are requesting funding for the first two phases of the project - technology research and development. Following successful development, we will submit another proposal that’s more geared towards the user interface and user experience design side of things.
For technology research and development, we are seeking $50,000 (breakdown below).
- Backend Engineer ($3,500/month for 4 months) = $14,000
- Frontend Engineer ($3,500/month for 4 months) = $14,000
- Smart Contract Developer ($3,500/month for 4 months) = $14,000
- Project Manager = ($833 for 6 months) = $5,000
- Additional Technical and Legal Consultation = $3,000
Please let us know if you have any questions or comments.
We look forward to building on ICON!
Update: Specific Milestone Information for CPS Proposal
- 1 Month - Research music publishing metadata standards (specifically ERN and MEAD), and develop token standard prototype to tokenize publishing rights. We will publish a report that outlines our findings and reasoning behind the chosen token standard prototype.
- 1 Month - Develop testnet smart contract to handle payments to rights holders. Smart contract will be visible on the ICON tracker.
- 2 Months - Develop CODA token feature set – DAO fund, lending, etc. This will be visible as contracts on ICON tracker. For more information, please reach out to us on Twitter DM. There are several parts of the platform we do not want to disclose publicly for competitive reasons.
- 2 Months - Develop prototype music marketplace platform to showcase the technology.
After the initial development process, we will refine the platform further during a closed beta, followed by open beta, before the platform launch. Following the launch, we intend to leverage our connections with music institutions in the USA (Julliard, Berklee, Northeastern, etc.) to pitch our product to music students, which we see as one of our major user demographics.