OPUS is a decentralized music sharing platform that leverages blockchain technology to guarantee fair
compensation for artists, transparent and reliable payment rules; and extensive music content stored by
the community. OPUS introduces its own digital token (OPT) for payments and revenue management
for both artists and fans. These tokens give us new possibilities in the music industry: artists can decide
how to split revenues between band members and for each song separately, can share their own revenue
with the fans, who in turn can support their favorite artists or can purchase extra content. Leveraging the
speed and redundancy of a decentralized and immutable file storage technology – IPFS (Interplanetary
File System), OPUS can scale and deliver thousands of tracks per second in a very decentralized manner.
This is achieved by encrypting music tracks on the go and storing the encrypted music files permanently
on the IPFS swarm.
The smart contract on the blockchain collects hashes of the statistics of the played songs which are the
basis for revenue calculations for each artist – this data are available for public and its immutability can be checked by comparing hashes.
When everything is transparently stored in the OPUS smart contract, we also consider introducing
additional governance mechanisms such as an OPUS DAO (Decentralized Autonomous Organization)
used for voting on new features, artists revenue sharing and a variety of other possibilities.
Due to the fast-paced emergence of blockchain technology, and high fees within the Ethereum ecosystem,
OPUS has decided to start with hybrid technology stack: music files and payments are fully decentralized
on IPFS and Ethereum and real time transactional data between players/web panels and the platform
are API with off-chain data storage based. With technology growth and its business suitability OPUS will
responsibly and gradually switch its remaining components to the blockchain.