- Bitcoin-denominated Smart Inscription will enable artists to control and monetize their work direct; all protected and assured in the World’s most popular decentralized currency
- Partnership leverages decentralized platform from Beatfarm that also gives artists direct access to potential collaborators, promotors, producers and industry professionals on their own terms
Singapore: September 03, 2024 – Elastos is joining forces with YeloPlay, a Web3 ecosystem for creators to distribute and monetize their content, to make a compendium of Indian and Sri Lankan soundtracks, film scores, and hits available through Bitcoin.
Through the partnership, YeloPlay’s catalogue of original work will be converted into individual ‘EScriptions’ enabling them to be accessed, distributed and, even, traded directly in Bitcoin. Elastos’ EScriptions enable Bitcoin-denominated smart contracts to be generated at a fraction of the cost of alternative and importantly – since the Bitcoin remains untouched and on the BTC network throughout the process – resulting contracts enjoy all the security and integrity of any ‘native’ Bitcoin transaction.
YeloPlay’s back catalogue includes material from some of Sri Lanka’s most famous artists such as Roshan de Silva, Mariazel Goonathilaka, Nalin Perera, Mike De Zilva, Shane Vincent, and Joel Fernando; curated for both local and export markets
The partnership is being marked by a live performance at this year’s Token 2049 in Singapore, which itself will be recorded and subsequently registered and accessible to fans via an EScription.
Mike de Zilva, Founder and CEO of YeloPlay, describes eScriptions not only as the future of music royalties but of a deeper relationship between artists and their audiences.
“EScriptions represent the perfect vehicle, not just to make music available, directly on the artist’s terms, but to establish deeper and more exclusive relationship with audiences. EScriptions offer the possibility of sharing and protecting, for instance, early releases, re-mixes, even, personalized versions according to a criteria of an artist’s choosing,” says Mike.
“For instance, an artist could choose to specifically recognize long term fans, or new ones; those who have attended a recent movie or concert; or those how have contributed in some other manner. BTC-denominated Smart Contracts – EScriptions – offer a way to, not just distribute, but build these types of relationships at scale.”
This partnership will also be supported by BeatFarm, a Web3 platform which helps to put musicians and artists in control of their work, who they work with and how the resulting work is monetized. Through the collaboration, artists will have direct and secure access to all aspects of the music ecosystem – from composition and production, to merchandising and promotion as well as genuine ‘superfans.’
In the future, the goal is to have a direct integration with Bitcoin-backed EScriptions for music inscriptions or finance using Elastos’ recently launched BeL2 technology. This will enable direct denomination in Bitcoin since the process doesn’t require bridging, wrapping or otherwise interfering with the Bitcoin layer. This will assure the security and integrity of the currency, while avoiding network congestion and additional fees that would otherwise result, allowing users to establish Smart Contracts on their own terms and remunerated direct in Bitcoin.
Jonathan Hargreaves, Elastos’ Global Head of Growth, emphasizes that throughout the process, the Bitcoin integrity remains uncompromised since – unlike bridging or wrapping alternatives – through the principle of “no cross-chain assets, only cross-chain information – the Bitcoin network remains absolutely untouched.
“The ability to stake native Bitcoin – without interfering or compromising any of its fundamentals – makes the possibility of a truly decentralized economy a reality. Our partnership with YeloPlay demonstrates how this new model can create and distribute value in completely new and innovative ways. What’s at stake – literally – is the possibility of unlocking up to $1.3 trillion of otherwise ‘dormant’ Bitcoin and putting it to use,” says Jonathan.
“The entertainment, art and cultural sectors will be some of the first to benefit from such news models which will create opportunities to – not just deploy and monetize content or experiences – but create entirely new relationships with audiences.”
The partnership will be inaugurated on 19 September at the Asia On-chain RWA, DePIN & DAO side event including a live performance by YeloPlay’s first Web3 artists.
About Elastos
Elastos is a public blockchain project that integrates blockchain technology with a suite of reimagined platform components to produce a modern Internet infrastructure that provides intrinsic protection for privacy and digital asset ownership. The mission is to build accessible, open-source services for the world, so developers can build an internet where individuals own and control their data.
The Elastos SmartWeb platform enables organizations to recalibrate how the Internet works for them to better control their own data.
https://www.linkedin.com/company/elastosinfo/
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