SINGAPORE, Sept 20, 2024 - (ACN Newswire) - Elastos, a SmartWeb ecosystem provider, today created the World's first live music inscription at its Asia OnChain Real World Assets (RWA) event at Token 2049. Elastos, part of the Group supported by the Singapore headquartered Elastos Foundation, used its eScription technology to create a recording that was not only inscribed live to Bitcoin and the Elastos Smart Chain (ESC) but now remains available to artists and fans for all time as a minted collectible of the occasion. This is a significant example of the New Age of Bitcoin, where artists and creators can eliminate intermediaries, reduce fees and drive immediate revenues, while retaining an immutable record of their work.
This first recording was supported by Elastos partners, YeloPlay, a Web3 platform with a catalog of Indian and Sri Lankan soundtracks, film scores, and hits and BeatFarm, a transformative music industry platform focused on the development of new inscription technology and blockchain-based music consumption models. Today's demonstration is a significant moment in showing the potential for Bitcoin and the Bitcoin infrastructure to deliver a new economic model. The song being inscribed is "Back to the start" composed and performed by Mike De Zilva, Kat Sonata and Charth Fernando.
ESC Transaction: https://esc.elastos.io/tx/0x79c7133488539c63d1fcf81bff6a8826a4df40c14fdd4eae73fb9b0072e8b411/internal-transactions
Bitcoin Transaction: https://mempool.space/tx/e947500f21340a2760ef3c00f54f52ae7f2524bfd6ce2658dceb5dba4dc86729
BeatFarm enables this inscription by inscribing an Ordinal on Bitcoin and an eScription on ESC, which is attractive to Bitcoin holders as it maintains the benefits of the currency's security and integrity to protect their investment. For creators and artists, it means Bitcoin owners can easily use their currency without bridging, wrapping or otherwise interfering with the Bitcoin layer. The inclusion of ESC is important, as it avoids network congestion and additional fees that would otherwise result, allowing users to establish Smart Contracts on their own terms, ultimately becoming an attractive alternative way to commercialize content.
Jonathan Hargreaves, Global Head of Growth, Elastos explains: "This is a key moment for Web3 models and the music industry as for the first time an instantaneous record of a performance can be created and monetized using Bitcoin and crypto technologies. This gives artists ownership rights and control, as well as a direct relationship with their fans cutting out intermediaries and their fees. This approach has the potential to transform how music is made, consumed and stored, empowering everyone to enjoy and cherish the creative product."
One interesting aspect of the Elastos BIT Index is that BRIC nations and the Global South are moving quicker to embrace Bitcoin. For example, 24% of tech-savvy Indian consumers and 26% of UAE respondents use Bitcoin every day as their currency of choice compared to the global average of 18% while only 11% of Germans, 13% of UK respondents, 14% of South Koreans and 15% of US tech-savvy consumers are prepared to do the same. Furthermore, 91% of Nigerians and 90% of Indians see a time when Bitcoin could become a type of 'default' current compared to only 70% in Germany and 73% in the UK and South Korea, and 75% in the US. Therefore, it is perhaps no surprise that YeloPlay, whose 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, has participated in this project.
Jonathan Hargreaves continues: "Although today's first live inscription signals both a technological and creative revolution, it also enables cultural renaissance where artists from anywhere in the world, such as these Sri Lankan and Indian artists supported by YeloPlay, can experience new artistic and economic opportunities. It means every community can promote and share a unique cultural record by preserving it on the Bitcoin infrastructure forever."
Beatfarm's Co-Founder, Alex Panos shared: "Crucial to this revolution, BeatFarm is providing artists the tools and resources to control their content, collaborate, and take advantage of new ways to connect with their super fans in ways which we haven't seen before, supporting communities and social media movements who want to share musical culture."
Mike de Zilva, Founder and CEO of YeloPlay, describes completion of the live eScription as a milestone for the creative and music industries:
"The World's first live eScription, literally, signals the moment when artists regained control over their creations - it's massive. And it's not limited to content, Bitcoin-backed eScriptions will enable artists to develop and define completely new relationships with their audiences, incentivising super fans, for instance, with exclusive content, access and experiences. All on the artist's terms," says Mike.
About BeatFarm
BeatFarm is a Web3 music distribution platform that enables artists to mint and inscribe their music onto multiple blockchains simultaneously, while also connecting directly with their superfans. BeatFarm aims to democratize music distribution by leveraging blockchain technology to provide artists with unprecedented control over their work and direct access to their fans.
For more information, please go to: https://beatfarm.io/
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.
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Media Contact
Company: Elastos
Contact: Roger Darashah
Website: https://elastos.info
SOURCE: Elastos