PolkaMusic
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Rights Management Pallet
The PolkaMusic database is open, transparent, and constantly in-sync. There are no gatekeepers. PolkaMusic is not proprietary. It is an ownerless, automated, globally distributed, Peer-to-Peer network. Businesses worldwide, from streaming platforms to music retail websites, will know exactly which copyright holders to pay (in real-time!) by using the open data contained within PolkaMusic, solving what we call the “Who to pay?” issue currently plaguing the music world.
The “Rights Management” Pallet is central to the whole PolkaMusic ecosystem and holds the "rights" information of music in the form of "Smart Record Contract" (SRC). SRCs are accessible publicly and artists can create them via the Rights Management Portal. Whenever any royalty needs to be processed for a song, the SRC's unique identifier (computed IPFS multihash of the original music file uploaded) will be used to retrieve the ownership shares. SRCs also doubles up as a copyright for the music as it is timestamped at the time of submission, and such proof on a public blockchain is increasingly being accepted in various jurisdictions across the world.
The data structure of a Smart Record Contract is as follows:
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{
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"ipfshash": "xxxxxx" // ipfs hash of the metadata (one hash is usable for whole folder of files)
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"mastershare":30, // the shares for the master
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"master": [{ // multiple masters wallet and percentage of the master share
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"nickname": "xxxxxxx",
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"wallet": "xxxxxxx",
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"percentage": 50
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},
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{
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"nickname": "xxxxxxx",
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"wallet": "xxxxxxx",
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"percentage": 50
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}
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],
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"compositionshare": 30, // the shares of the composition group
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"composition": [{
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"nickname": "xxxxxxx", // shares of each member
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"role": "xxxxxxx",
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"wallet": "xxxxxxx",
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"percentage": 50
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},
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{
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"nickname": "xxxxxxx",
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"role": "xxxxxxx",
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"wallet": "xxxxxxx",
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"percentage": 50
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}
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],
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"othercontractsshare": 20, // other contracts crowdfundingshare get shares (optional)
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"othercontracts": [{
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"id": "xxxxxxx",
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"percentage": 50
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},{
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"id": "xxxxxxx",
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"percentage": 50
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}
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],
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"crowdfundingshare": 20, // crowd funders can get share and we make referece to a crowd funding campaign
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"crowdfund_token": "xxxxxx"
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}
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The metadata and the music file are stored on a private permissioned IPFS network called PolkaMusic File System.
Updating Smart Record Contract
Updating Smart Record Contracts is possible and each SRC comes with editing rights that need to be set during the SRC creation. It is possible to assign multisig update rights, and below are 3 scenarios:
- 1.
(1,[wallet1,wallet2,wallet3])- any one of the 3 users can update the contract and no other approvals are required. - 2.
(2,[wallet1,wallet2,wallet3])- here, 2 signatures are required for the change to go through. - 3.
(3,[wallet1,wallet2,wallet3])- here, any of the 3 users can update, but the update will be committed only if all the 3 users sign off.
The crowd-funding share cannot be updated.
Last modified 1yr ago
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Updating Smart Record Contract