Ontology partners with Muzika to develop a decentralized music platform - Ontology (ONT) News. Saturday, September 15
Ontology Cryptocurrency News
Ontology partners with Muzika to develop a decentralized music platform
The new music ecosystem will be powered by the multi-chain project’s platform
Ontology has just announced it will cooperate with decentralized music platform Muzika in the development of a new blockchain-based music ecosystem. The public multi-chain project and distributed trust collaboration platform will serve as the basis for Muzika’s new decentralized music environment, in which they seek to empower fans so they can have a more active role in any stage of the industry, while attempting to resolve certain issues.
“This industry has its own problems: middlemen and copyright, limited fan participation, unbalanced and unclear economic distribution, and more. With the continuous development of the music industry, the revenue share of musicians who produce original music has declined, while music publishers are enjoying long-term returns from a one-off task. In this regard, there is an urgent need to build a decentralized and reliable blockchain music platform,” reads the press release.
With the new platform, Muzika will be able to develop dApps that bring music producers and fans even closer, eliminating the need for intermediaries, and distributing profit more accordingly.
“Muzika is creating a real decentralized digital music ecosystem for the digital music industry to close the gap of all stakeholders with an innovative structure,” said Inseo Chung, CEO of Muzika. “The cooperation between Muzika and Ontology will be a great step in this. We look forward to working together to achieve a transformation of the digital music world”.
Muzika is a “music blockchain platform” that aims to be the first digital music application based on distributed ledger technology to gain public recognition and popularity. Its founders are listed in Forbes Asia’s Top 30 under 30.
With more than 2 million active users and 17,000 music artists around the world, the company poses itself as the bridge between producers and consumers and this way, contributing to a more transparent music industry.
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