An article to interpret the blockchain project white paper published by the SSCI journal: Euterpe blockchain copyright trading platform

On October 6, the Euterpe white paper was officially published in the SSCI (Social Science Citation Index) American core law journal “Buffalo Law Review” (Buffalo Law Review). This is the blockchain project white paper successfully published in the SSCI core law journal.

Not only that, at the beginning of this year, the Euterpe project white paper also won the highest award of the International Machine Lawyering Conference 2021.

The white paper of the project has been recognized by many parties. On the one hand, it reflects the writing intention and research level of the white paper, and has produced great academic innovation value; on the other hand, it is also sufficient to reflect the market necessity of the project, with broad development prospects, and great business opportunities. potential. Euterpe’s project white paper was personally written by CEO Dr. Jerry Liu. It mainly starts from the status quo of the copyright industry, provides solutions to the problems of the existing copyright licensing structure, and proposes multiple solutions to prevent piracy.

The status quo of copyright structure is worrisome

The white paper pointed out that in recent years, in response to the inherent uncertainty of the public’s preferences for entertainment products, record companies have begun to diversify their investment portfolios, focusing on the “360-degree” model to manage all entertainment-related businesses of artists. This limits many artists who originally wanted to dedicate themselves to music and must devote their energy to other entertainment businesses.

With the development of new digital technologies, not only has it changed the business model of the copyright industry, it has also increased the complexity of the copyright licensing structure. Regardless of musical works and sound recordings, the author of the work and other copyright owners have traditionally adopted different Licensing mechanism to deal with the right to copy, distribute and publicly perform copyrighted works. This result has directly led to excessively high transaction costs in the process of copyright licensing and copyright distribution. According to statistics, after deducting the transaction costs of financing, marketing and licensing, the average artist can only get 14.73% of the royalty income.

Not only that, the decentralization of the royalty system has also resulted in a lot of royalty income that cannot effectively reach the copyright owner’s account. According to a report released by the Berkeley Conservatory of Music, 20%-50% of the royalty income has not yet fallen into the hands of the legal owner, but has entered the “black box.” The main reason is that the royalty collection society does not have enough motivation or activity amount to find its royalty owners and distribute the royalties. If the royalty fee is low, then the royalty fee cannot support finding the rightful owner; if it is a substantial royalty fee, the copyright collective management organization will legally obtain the copyright fee after the relevant person is not found.

Euterpe restores the artist’s single-point model and the market value of songs

The white paper bluntly stated that due to the pricing advantages of streaming media, the growth of streaming media services now has a substantial share of the download service market, but the reason behind it is actually at the cost of reducing royalties. The booming streaming music market has not only failed to bring artists their due income, but has led to a sharp decline in their income levels. In addition, streaming media also deprives users of the right to download music.

In order to significantly reduce the high transaction costs generated by the licensing model of online content services, Euterpe built a blockchain-based smart contract system and constructed a complex network woven from thousands of copyright rules and licensing conditions. Not only can the smart copyright licensing contract be generated immediately after the transaction is completed, and the accuracy of identifying the copyright owner can be improved, but also the problem of delay in the distribution of royalties caused by contract delays can be avoided. The income that artists earn per click through Euterpe will be 16 times higher than Spotify and 80 times higher than YouTube.

The white paper introduces that the ecosystem created by Euterpe provides three major advantages for copyright business: First, it eliminates the transaction costs that artists bear in traditional copyright licensing methods, allowing artists to have 100% control over all copyrights of their works; secondly, The blockchain smart contract system carried by Euterpe will run in real time and be on the public chain, without manual intervention, so that it will not be affected by external influences. This encryption stability can greatly reduce the risk of breach of contract or fiduciary responsibility; third, once the copyright contract Effective, the copyright fee will be allocated 100% to the relevant copyright owners, and it can also be directly divided among the copyright owners in proportion, without having to face complicated management mechanisms.

At the end of the white paper, the original intention and vision of the founding team to create the platform are explained. Euterpe is committed to establishing a sustainable ecosystem that can ensure that ordinary users continue to access creative works for free, while also greatly increasing the enthusiasm of all community content contributors. Just as the mission written on Euterpe’s official website is “Anyone who sweats and sows laughs and reaps”, the Euterpe ecosystem hopes to provide a platform for more people who love music to display their ambitions and be friendly and interactive.

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