An affiliate of blockchain company AMAXG has begun a project to protect music copyrights, and find and foster musical talent through a decentralized autonomous organization (DAO).
A DAO is a member-owned community without centralized leadership and represented by transparent rules fixed in computer code. DAO’s financial transaction records and program rules are maintained on a blockchain.
AMAXG IX, AMAXG Group’s affiliate specializing in DAOs, said it has begun the BIZA M DAO project to find lesser known or unpublished songs, arrange them and digitalize them to foster budding artists.
A famous musician who was active in Europe will train the artists, the company said.
AMAXG IX plans to support the development of a DAO for artists and non-artists, and create jobs for artists.
“We are starting a totally new project where hidden masters release great hidden songs, and DAOs produce them,” Lee Jung-ryul, chief executive of AMAXG IX, said.
“In addition to creating quality jobs in the cultural sector, we will also develop performances and choreography in sign language for the blind and the deaf who are at a cultural disadvantage.”
The purpose of BIZA M DAO is to create jobs related to music and performances, and enjoy them with those who had been culturally marginalized.
Using a “smart contract” feature of Bizauto Mainnet, AMAXG IX is systemizing the functions and tools necessary for launching a DAO such as setting policies and rules, roles, responsibilities and rights, fundraising, service, profit distribution, entrustment and incentives.
The company has recently completed developing BIZA DAO Ver. 2, an improved version of the existing DAO that spends too much time and cost on collecting opinions and reaching agreements.
BIZA M DAO will seek to become a platform that discovers good music and artists; a community of artists, developers and fandom; an organization that leads “good campaigns” that contribute to society, the company said.
Through copying, expanding and modifying DAOs, it also seeks to become a global entertainment company.
It will also expand into music-based PARTY DAO, XR DAO, DeFi DAO and Music Tour DAO. For example, BIZA M DAO can plan parties where artists from the US, Europe, China, Japan and Korea take part, and link them with donation campaigns of AMAXG’s blockchain-based donation platform DonaX. DAOs on film, sports, art and murals can also be created to support less popular areas of art. A music award ceremony with the largest-ever prize money will be hosted in November next year, according to the company.
“BIZA M DAO will realize shared values by creating a community of creators, artists, fandom, participants and investors,” Lee said.
“By owning tokens, members of BIZA M DAO will have the rights to vote to make decisions. Investment details, rules on how to share profits, and how the DAOs are operated will be open to public.”
DAOs are viewed as a new type of organizations of the future.
On current Web 2.0 platforms, a small group of management staff makes decisions, whereas DAOs are run based on everyone’s opinions. Users with voting rights vote and make results.
Blockchain-based DAOs set policies on rights, rules and entrustment based on smart contracts that take effect when certain conditions are met.
These decentralized organizations raise funds, share profits and manage assets without the interference of third parties.
Through coded smart contracts, people who do not know or trust each other can sign contracts without a middleman. Transactions made through smart contracts are automatically sent to blockchain to carry out the contract, and are saved on a shared database where they cannot be modified. Businesses can save time and money this way.
As DAOs give out incentives based on how much a user has contributed to a service or a project, DAOs bring out active participation.
Motivation generated on a transparent blockchain-based structure is expected to build an entirely new type of organizations and services for the future, the company said.
“Technologically, it is a structure where the content of a contract is stored in code, and people who do not know each other make decisions, without a central entity, toward shared objectives,” AMAXG Group Chief Executive Choi Jung-moo said.
“Transparency and anonymity are guaranteed as decisions are recorded on blockchain, and there is no class division of members.”
Various DAOs such as those for investment purposes which are similar to venture capital firms; collector DAOs for the collection of high-priced nonfungible tokens; and social DAOs on hobbies and areas of interest have emerged.
There are even DAOs for space exploration, purchase of golf courses and journalism.
They are largely used for investment purposes, but they are also used to pursue values.
“The American state of Wyoming began recognizing DAOs as legal entities last year. Several companies have introduced the DAO structure in their work process. Along with Web 3.0, we expect to see new paradigms and structural changes across politics, the economy, society and culture,” Choi said.
AMAXG IX CEO Lee said the BIZA M DAO project will serve as an opportunity to upgrade the concept of NFT, which is merely known as a digital asset for now.
By Kim So-hyun (firstname.lastname@example.org