When the idea for Tao Blockchain (symbol: XTO) was born in late 2014, our goals were aggressive but simple: develop a rights management solution suitable for daily use by both professionals and amateurs. In early 2016, the Tao Network project was born when we formed our initial partnership with Boogie Shack Music Group.
This vital relationship allowed us to take a vested financial interest in the operations of a profitable business within the music industry, while at the same time gaining direct access to the day-to-day operation of the music supply chain.
In August 2016, we launched the Tao Network (symbol: XTO) crowd sale and raised $100,000. This crowd sale marked the culmination of three years of effort within both the music and blockchain verticals. The first quarter of 2017 ushered in a new wave of enthusiasm for our project, and we formed a strong business relationship with DigiRAMP.com, a working rights management platform serving the music and entertainment industries.
Once we’d assembled all of the components required to implement a successful new platform, we came to a shocking realization:
rights management applications had no place within the music industry without proper monetary incentive. Some blockchain projects have since attempted to address this issue by creating complex profit sharing schemes, however all blockchain projects have the same friction for adoption, regardless of the blockchain used.
This friction compounds a problem which already exists for rights management platforms WITHOUT a blockchain. There are already several rights management platforms that perform the exact Defining the future of the business of music