Web3Sound is a groundbreaking project developed for the HackFS hackathon. Our vision is to create an open-source music streaming platform that revolutionizes the way artists and creators are compensated for their work. At the core of this platform is the innovative decentralized autonomous organization (DAO) called dApp/dao, which governs the codebase and operation of the platform.
Traditional music streaming platforms have long been criticized for their opaque revenue-sharing models, where artists often receive only a fraction of the revenue generated from their content. With Web3Sound, we aim to disrupt this industry norm by leveraging the power of blockchain technology and Web3 principles.
Our platform provides artists with real-time visibility into the revenue generated by their content. Every transaction and interaction within the platform, from content consumption to revenue distribution, is tracked transparently on the blockchain. This ensures that artists have full transparency and control over their earnings, eliminating the need to rely solely on the platform's reporting.
By utilizing smart contracts and decentralized technologies, Web3Sound ensures that revenue distribution is fair and efficient. The dapp/dao governance structure empowers artists and creators to actively participate in shaping the future of the platform. Decisions regarding revenue distribution, platform fees, and feature developments are made collectively by the community, ensuring a more democratic and artist-centric ecosystem.
Our ultimate goal is to create a platform where artists can thrive financially and creatively. By embracing the principles of decentralization and blockchain technology, Web3Sound aims to establish a new standard for transparency, fair compensation, and artist empowerment in the music streaming industry.