Fun

Ditto Promotes Accessible Finance for Streaming Artists with the Launch of Defi Platform

News Feed - 2021-02-03 07:02:47

Ditto Promotes Accessible Finance for Streaming Artists with the Launch of Defi Platform


Global music distribution service Ditto has unveiled the latest addition to its service lineup for musicians with a blockchain-based financing platform named Opulous. Opulous Peer-to-Peer Lending Platform Serves as a Loan Pool Designed to Help Artists


Dittocontinues its efforts to improve the value chain for artists. Unlike other decentralized finance (defi) protocols, Opulousreflects asset-based lending, which bridges the physical and digital worlds. The Opulous’ defi lending mechanism, which is being developed on the Algorand public blockchain, leverages music copyrights’ tangibility through a smart contract setup that automatically handles principal and interest payments along with distributions to investors.


For musicians already receiving royalties, this presents a unique opportunity to monetize their assets or contribute to the pool to stake other artists. When seeking capital, artists can access funds by collateralizing loans from Opulous’ Music Copyright Pools with their music royalties.


Besides digitizing music as an asset class, the move will invite more democratized participation from artists and investors seeking to gain a foothold in the music industry, which is undergoing tremendous annual growth and expected to double in size by 2030. Artists benefit from interest rates starting as low as 4%, while investors in the copyright pools can add exposure to music royalties as an asset class for 10% returns per annum.


Per Ditto CEO Lee Parsons, Opulous cuts out traditional banking, providing musicians with a platform with minimal interest payments, while giving investors the chance to stake a claim in one of the most exciting and fastest-growing financial industries in the world.



Ditto, which has already processed more than $1 billion in royalties for its 250,000-plus users, sees industry revenues doubling in the next ten years, building a compelling investment thesis. In keeping with Opulous’ mission to democratize musicians’ financial access, users outside the Ditto ecosystem are welcome to join the peer-to-peer lending framework.


Opulous has raised $1.5 million in funding to-date from BASIC, Borderless Capital, Kosmos Capital, Somesing, and TrustVerse. Roll out of the platform’s minimum viable product (MVP) is anticipated in two months as development proceeds.


Elastos, which built its decentralized application (dapp) platform and currency (ELA) to protect users’ digital assets and creations, will be among the first token staking partners for Opulous’ proof-of-stake consensus protocol. Opulous, in concert with Elastos, will allow investors to stake their Elastos (ELA) coins within the Music Copyright Pools.


According to Clarence Liu, the VP of Development at the Elastos Foundation, Elastos and Ditto Music have been researching how blockchain can address fundamental inefficiencies in the music industry. Access to funding – which Opulous will address – is only the tip of the iceberg.


“Our collaboration has much more in the pipeline and our community is definitely set on using the forward momentum sparked by recent world events to introduce new users to the decentralized internet ideals set by Elastos,” Liu concludes.


What do you think about the defi application for musicians? Let us know what you think about this subject in the comments section below. Publicly-Listed Air Purifier Manufacturer Adds Dogecoin as a Form of Payment Amid Token"s Popularity NEWS | 3 hours ago Michael Saylor Predicts Massive Investor Shift from Gold to Bitcoin After Buying Another $10M Worth of BTC NEWS | 7 hours ago Tags in this story asset-based lending, Blockchain, DeFi, Ditto, Financing, peer to peer lending


Image Credits: Shutterstock, Pixabay, Wiki Commons Use Bitcoin and Bitcoin Cash to play online casino games here. Show comments

News Feed

Analyst: 1,500 Bitcoins Lost Every Day, Less Than 14 Million Coins Will Ever Circulate
Analyst: 1,500 Bitcoins Lost Every Day, Less Than 14 Million Coins Will Ever CirculateA cryptocurrency analyst, Timothy Peterson claims that 1,500 bitcoins are lost each day meaning
Analyst Reveals What The Gold Chart Says About The Possibility Of Bitcoin Price Reaching $100,000
Este artículo también está disponible en español. Recent action has seen Bitcoin price retest the $67,000 price level. Particularly, the Bitcoin price declined by about 8
Sensorium’s Senso Token Lists on the Top Ten HitBTC Cryptocurrency Exchange
Sensorium’s Senso Token Lists on the Top Ten HitBTC Cryptocurrency Exchange The move follows a similar listing on the KuCoin exchange and will drive further usage of cryptocurr
Crypto Fear & Greed Index jumps back into greed territory
Stephen Katte17 hours agoCrypto Fear & Greed Index jumps back into greed territoryMost of August was spent in “Fear” on the Crypto Fear & Greed Index, with sentiment hitting a yearly low of 17 on Aug. 6.3417
Travelbybit to Drop Bitcoin Payments After Viral Double Spend Video
Travelbybit to Drop Bitcoin Payments After Viral Double Spend Video On December 18, Bitcoinbch.com published a video explaining how easy it is to double spend BTC transactions in
Universal Music Group’s Web3 Label Buys Bored Ape for $360K in Ethereum
Universal Music Group’s Web3 Label Buys Bored Ape for $360K in Ethereum On Friday, Universal Music Group’s Web3 label dubbed 10:22PM revealed it purchased the Bored Ape Ya
Bitcoin Mining Company Griid Secures $525 Million Credit Facility From Blockchain.com
Bitcoin Mining Company Griid Secures $525 Million Credit Facility From Blockchain.com On Monday, the mining firm Griid Infrastructure announced the company has secured a $525 milli
XRP Breaks Multi-Year Resistance – Main Target Remains $2
Este artículo también está disponible en español. XRP has broken through a key resistance level, reaching price points not seen since its multi-year highs set in 2021. Th
Kevin O’Leary, Bill Ackman Slammed for Defending Sam Bankman-Fried — ‘I Think SBF Is Telling the Truth’
Kevin O"Leary, Bill Ackman Slammed for Defending Sam Bankman-Fried — "I Think SBF Is Telling the Truth" Shark Tank star Kevin O’Leary and billionaire hedge fund manager Bil
Clesson Co. Ltd: The Operating Company of LABEL Foundation Receives $2 Million Equity Funding From Groom Investments and eBEST Investments & Securities
Clesson Co. Ltd: The Operating Company of LABEL Foundation Receives $2 Million Equity Funding From Groom Investments and eBEST Investments & Securities press release PRESS RELEASE.
GMT Token Pre-sale is Live Now
GMT Token Pre-sale is Live Now PRESS RELEASE. GMT has started the pre-sale of the GMT token. In total 100,000 GMT will be sold in this phase at the price of 1GMT
HUMAN Protocol Foundation Announce HMT Now Listed on Probit
HUMAN Protocol Foundation Announce HMT Now Listed on Probit press release PRESS RELEASE. The HUMAN Protocol Foundation is delighted to announce that HMT is now listed on Probit. Pro