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SoundMoney, led by CEO Benito DeRosario, is aiming to transform the music streaming industry by offering a platform where fans can directly support their favorite artists. Speaking at Paris Blockchain Week, DeRosario highlighted the challenges posed by traditional streaming models, which often fail to fairly compensate artists due to their reliance on intermediaries like record labels.

Addressing Inequities in the Music Industry

As both a Web3 developer and a former songwriter, DeRosario is well-acquainted with the struggles artists face in the current music landscape. His vision for SoundMoney is to empower musicians who have been overlooked by existing systems through a platform that leverages blockchain technology for transparency and direct engagement.

“SoundMoney Protocol is a Web3 infrastructure, a financial infrastructure for the music industry. We provide a way for artists to connect with their fans directly,” said DeRosario.

How SoundMoney Stands Out

Unlike traditional platforms like Spotify, where a significant portion of revenue goes to record labels and artists face delayed or uncertain payouts, SoundMoney uses blockchain technology to create a decentralized and transparent compensation system. Transactions are publicly verifiable, eliminating the need for costly audits and ensuring artists receive their earnings directly and promptly.

Key Features of SoundMoney

  • Direct fan-to-artist connections without intermediaries.
  • Blockchain-based transparency for compensation and transactions.
  • A decentralized model that reduces operational inefficiencies.

Upcoming Launch of BEZY Token

SoundMoney is currently in its pre-launch phase, with plans to release its main token, BEZY, by April 28. The token will have a maximum supply of 27 billion and will initially be available for trading on Ethereum and REZO. According to DeRosario, the token’s name reflects the ease of use they aim to deliver to both artists and fans.

“It should be easy, which is the name of our token. It’s called BEZY, because it just should be easy,” he explained.

Partnerships and Technology

SoundMoney has partnered with Saga, a Layer 1 blockchain company, to establish its own blockchain ecosystem. This collaboration integrates liquidity solutions through Uniswap, enhancing the platform’s scalability and functionality. The platform itself is designed using a “Web 2.5” approach, combining the user-friendly experience of traditional platforms with the decentralized features of blockchain technology.

What Artists Can Expect

  • Tools to upload music and manage metadata.
  • Opportunities to launch fan tokens for rewarding superfans.
  • Monetization options through ticketing, exclusive content, and sync licensing.

By offering these features, SoundMoney.social aims to create a more equitable music economy, prioritizing transparency and empowering artists to build deeper connections with their audiences.

“We feel like art and artists have been washed out in favor of digital, and we’re trying to bring that real-life connection back,” said DeRosario.

As SoundMoney continues to develop, it promises to provide a groundbreaking solution for artists and fans alike, fostering a more participatory and transparent music ecosystem.

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