Music tech startup Volareo aims to become the world’s first smart speaker for managing music streaming on blockchain. Powered by Blockchain technology through the Musicoin project, Volareo goes beyond Alexa and other streaming platforms with proprietary features looking to disrupt the music industry. The open platform targets musicians, Blockchain & crypto fans, developers and more, with the end goal to develop an open world of music with decentralization at its core.
Musicoin, the backbone of Volareo’s smart speaker
The Musicoin project is the backbone of Volareo’s decentralized smart speaker. The device allows users to enjoy free music while also providing compensation for musicians; thus disrupting services like Spotify mainly interested in pocketing huge profits. By harnessing the perks of Musicoin’s Blockchain, Volareo’s smart speaker rewards artists for their hard work, as opposed to paying for a service on other popular streaming platforms.
Musicoin creator, Isaac Mao, emphasizes that Volareo is not just meant for listening and discovering new music; its secondary purpose is to reward artists instantly with cryptocurrency via Musicoin. Blockchain technology provides engagement levels from avid fans and rewards for musicians that a centralized label simply cannot cover. Every Volareo device will be equipped with a unique wallet address and an initial 10 dollar amount in Musicoin tokens.
Nick Yap, Volareo’s founder, talks about empowering mavericks of the music industry with a project that will disrupt today’s music industry. “We want to be at the forefront of technological innovation and bring the experience of making, listening to, and interacting with music to new heights. Releasing on Musicoin is one of our ways to do so.”
Currently under development, all songs streaming on Musicoin’s decentralized ledger system will readily be available on a Volareo smart speaker. Newbie artists make as little as $0.72 per Spotify stream, which is a lot less than than what is required to manage living expenses. With Volareo, fans can support musicians and artists with tips in cryptocurrency, easily transferable with a press of a button.
Backed up by Blockchain, all micro-payments are direct, fast, and transparent via Musicoin’s smart contract system. Each play is about 1 Musicoin token (roughly 10 cents). With over 3,000 verified musicians and 33,000+ verified tracks on Musicoin, the official launch is scheduled for the 15th of August on Indiegogo, followed by the token sale in September. Volareo is set to seliver end of Q4 of 2018.
BLKCHN Records, managing music rights on the Blockchain
BLCKCHN Records is an upcoming project of Volareo. The startup has partnered with label manager & producer Karl Goedicke to launch the world’s first record label on the Blockchain. “By managing the music rights on the blockchain, we can ensure a fully transparent way of tracking plays, revenue split and payouts for all parties involved”, said Karl Goedicke in an interview.
To highlight that there’s a viable demand for transparent music labels, Nick Yap mentions that more than 50 artists have already jumped on Volareo’s mission, including several Grammy nominated producers and renowned international artists.
One of the main pain points of wanna-be artists is that they can’t enjoy full transparency from working with conventional music labels. Also known as middlemen or third parties, their goal is to make a profit and not render services in the best interest of the artist. BLCKCHN Records is committed to promote a decentralized business model that will make labels transparent, fully secure and profitable for artists as well.