LabelsCoin is a startup that claims to have established a scrupulously fair way of managing and paying royalties to musicians’ and protecting copyrights on their intellectual products through the utilization of the blockchain technology and the unique sound recognition device that has already been patented in Liechtenstein and Switzerland under the Unitary Patent Treaty. The project itself is affiliated with the eponymous legal entity, LabelsCoin Establishment, headquartered in Vaduz, Liechtenstein.
According to numerous studies, the non-transparent scheme of revenue generation and its distribution, which includes royalties, among musicians and record companies constitute a major problem, also known as the global value gap, that has been plaguing the music industry for decades. The record labels are constantly increasing their spendings on the recruitment of prospective music artists and the subsequent promotion of their products, but the profits from these activities are at a constant decline.
The mentioned participants in the market are not getting their fair share of profits from creating and promoting intellectual products, such as songs, soundtracks, jingles, etc., because the performing rights organizations (Broadcast Music Inc., the Society of European Authors and Composers, and others) lack the effective means for properly assessing the profits generated from playing the music pieces at public venues. The overall transparency of this process leaves much to be desired as, before the emergence of LabelsCoin, there were no instruments for tracing how the revenue is being calculated and allocated.
LabelsCoin designed a way to solve these problems at one stroke by implementing the Ethereum-based copyright blockchain, and further digital services, to afford the ground for a fair and transparent allocation of music revenues and royalties, the immutability of all records, as well as the efficient copyright management.
However, blockchain, with all of its inherent characteristics, serves only as a foundation of the LabelsCoin ecosystem. It is supplemented with a number of additional features, such as the online music recognition services, the physical device for detecting the copyrighted musical content at public venues, and the LabelsCoin platform with several interfaces and back-end engines.
The recognition service empowers the participants to identify the instances of plagiarism and copyright infringement; allows them to use live stats to monitor the use of their products and the allocation of royalties and other types of compensation.
The LabelsCoin platform has specific interfaces for each of the following types of users: royalty collection societies, owners of intellectual products, and distributors of copyrighted music.
The platform also has two types of engines, namely the licenses and the payment engines. The former contains unique product identifiers, whilst the latter calculates the revenue in accordance with a fee structure and carries out payments via blockchain.
The project’s whitepaper specifies that the LBSC token will be used not only as a mean of payment of royalties and remuneration of stakeholders, but also as an independent currency that could be utilized for purchasing or selling other goods and services.
Labelcoin initiated a prolonged ICO that is due to last till October 31, having allocated 30 million LBSC token for sale. The current price of 1 LBSC is 0.0001515 BTC with the minimum buy established at 0.1 BTC. Citizens of the United States, North Korean, China, and Afghanistan are prohibited from participating in the ICO.
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