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Call for founders: Disrupt the music industry with the permaweb and profit sharing tokens

cedriking opened this issue · comments

commented

Call for founders: Disrupt the music industry with the permaweb and profit sharing tokens

What is the permaweb?

The permaweb is the new, decentralised, and permanent web built on top of the Arweave network. The permaweb enables builders to launch new forms of web services, backed by fairer and more equitable organisations. You can check out some of the amazing profit sharing community apps already live on the permaweb here.

How does this work (for founders)?

This contest is for you to build your first permaweb app and community, inspired by the idea outlined below.

There will be three winners of this contest. Rather than receiving a traditional flat reward, winners of the competition will sell a portion of the tokens in their new profit sharing community to the Arweave core team and potentially others. We are excited to become your first external backers!

During the contest, any other members of the permaweb community that are excited by the idea and your build can also signal their interest in purchasing profit sharing tokens from the apps. Once the contest is over, valuations will be calculated based on the entire pool of interested capital purchasing a 20% stake.

As a founder, this mechanism ensures that you receive a minimum valuation for your app if you come first, second, or third, in the contest, but also allows you to gain a higher valuation if there is additional community interest in your project.

Min. Purchase Size Purchase % Min. App valuation
First place >=10,000 USDC 20% >=50,000 USDC
Second place >=3,000 USDC 20% >=15,000 USDC
Third place >=2,000 USDC 20% >=10,000 USDC

After the competition and token purchases are complete, you will still own 80% of the profit sharing tokens in the community backing your service. This will allow you to further build and expand on your permaweb app, bring in new community contributors, builders, and stakeholders. The core Arweave team may also offer to purchase additional profit sharing tokens as your application gains traction post-launch!

How does this work (for token purchasers)?

As a community token purchaser, this new mechanism allows you to support high quality permaweb apps alongside the core Arweave team at a fair market valuation, as they are being built.

If you would like to signal your interest in purchasing PSTs from apps in the contest, simply reply to this Github issue! Alternatively, you can contact a member of the core Arweave team via team@arweave.org. Remember to specify how your desired purchase size (in USDC terms).

The Permaweb App

The following is simply a guideline for the type of application we would like to see. Feel free to iterate on it and explore different approaches with us on the Arweave developer Discord server!

Elevator Pitch

An ownerless BandCamp-like platform on the permaweb, where revenue sharing is effortless and participants are incentivised to find and share great music with others.

Ok, so what is it?

A web application where musicians can publish their music, which can then be streamed by listeners. If listeners would like to download the high quality audio locally, they must pay a tip. Unlike Bandcamp, however, tips are distributed to a profit sharing token (PST) generated and initially owned by the artist.

After an album has launched, the artist can sell parts of this profit sharing token (via normal PST exchanges like Verto) to others. This allows the artist to monetise the future profits from their work at any time.

Tipping dynamics

When an artist initially uploads an album to the streaming platform, a small tip (=<3% of the AR storage cost) should be sent to the profit sharing community that built the platform to remunerate them for their work. Further, a small portion (=<2%) of the tips given by listeners should be sent to the community's profit sharing token. Finally, ~1% of the tips given by listeners should be sent to the gateway that has served the traffic, in order to remunerate them for hosting and providing bandwidth.

Core benefits over existing solutions

  • Artists are able to realise the value created by their work quickly, without having to wait for it to accrue slowly over time under the centralized control of a streaming platform. This allows musicians to invest in creating new recordings earlier, and better manage their cashflows.
  • Purchasers of the profit sharing token backed by an album are incentivised to find high quality, but under-recognised, work and bring it to a wider audience. This helps the artist reach new listeners, as well as rewarding the album's backers for investing in the recording.
  • Rather than taking a 15% cut of every fee (like BandCamp), this profit sharing community app can afford to be far cheaper for musicians -- taking just ~3% of income from the creator in order to cover costs.

Feature ideas

While the core judging criteria for this contest is focused around which permaweb app we think will receive most usage in the future, here are some ideas for useful features you may consider adding:

  • Artists could be able set a custom tip amount to unlock their albums.
  • Album pages should probably feature a simple, elegant, streaming UI with space for art and text provided by the artist.
  • Bands could add similar artists to a “We’re Fans Of” tab on the artist’s profile to help their fans discover more music. If someone tips from a referred artist, a small percentage of the tokens go back to the original referrer.
  • A 'library' page would be a useful way for users to keep track of their purchases. This would also add an additional incentive to provide artists with a tip, as this would be the mechanism to bring the music into the 'space' that the user 'owns'.

Additional Rules

  1. Your permaweb app must be fully decentralized. It must be able to run without any further involvement or maintenance after launch.
  2. Your permaweb app must provide tips during usage to holders of the token in your profit sharing community.
  3. The app must have a basic, beautiful and usable design.
  4. The user login process must be conducted using Arweave wallets, without the need for further registration.
  5. Tips must be distributed to PST holders in AR, unless agreed otherwise with the Arweave core team.
  6. You must make your full source code available over Github and it needs to include an OSS license. Which one is up to you!

If no published apps (or fewer than three) meet the rules outlined above, there will be fewer (or zero) winners.

We are here to help you build your idea for the bounty, Join us on our developer Discord if you have any questions!

Resources

  • You can read about profit sharing communities here, and read the announcement post for profit sharing tokens here.
  • You can find the documentation needed for getting started deploying a permaweb app here.
  • Documentation for ArweaveJS library that allows you to read from and write to the permaweb is available here.
  • We're providing free tokens for you to get started building and deploying your app - Grab your wallet here. For guidance on how to use the Chrome/Brave/Firefox web extension wallet, check out this user guide.

Don't forget to join us on our developer Discord server to chat and get feedback/assistance from the Arweave core team and community!

Submission Process

Submission Deadline

11:59pm EST on October 2nd, 2020.

Judging Criteria

The token purchases will be made in the applications that the Arweave core team believes are most likely to generate the highest volume of usage and tips over the long-term. Factors of this decsion include...

Product Proofs

  • Listener Experience: How fun is it to listen to music? How easy is it to discover new music? How quick is it to tip musicians?
  • Artist Experience: How easy is it to post music? How easy is it to get paid? How fast can I cross-promote other bands I like?

Team Proofs

  • Unique strengths of the communities who are launching it
  • Has the community already started recruiting artists and musicians?

Technical Proofs

  • Shipping a technical MVPP (Minimum Viable Product you're Proud Of 😊 )

Purchase Announcement Date

October 9th, 2020.

HAPPY HACKING!!

commented

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

Work for 15000.0 USDC (15000.00 USD @ $1.0/USDC) has been submitted by:

  1. @silentx07
  2. @nekomeowww

@cedriking please take a look at the submitted work:

commented

hey there

commented

If any of the time you need a pull request open please go to Arcucy/ArcLight#198

commented

The day has passed, what is the result?

commented

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

The funding of 15000.0 USDC (15000.00 USD @ $1.0/USDC) attached to this issue has been approved & issued to @ivanmolto.