Building an open, value-for-value digital music marketplace through the Lightning Network and Nostr aims to give artists greater control and unlock their potential.
https://yakihonne.com/article/e6948aebead0caf4e3a8380e17138ef5d67bb0e7cb6f28885e515591b34a5622
#Nostr #LightningNetwork #music #YakiHonne #relay
Key components for creating an open music marketplace using standard protocols include:
RSS (Really Simple Syndication): A web feed that allows users and applications to access updates of online content in a standardized, machine-readable format. In the context of music streaming platforms, artists can use RSS feeds to publish new songs or albums, which will automatically update and achieve interoperability across any platform that pulls the feed, similar to how podcasts currently work.
Lightning Network: A "layer-two" payment protocol built on top of Bitcoin. It offers faster and more efficient transactions, allowing for microtransactions with minimal fees. This makes it well-suited for applications likde streaming music services, where numerous small transactions may occur.
Nostr (Notes and Other Stuff Transmitted over Relays): Nostr is a relay network that enables anyone to publish content on the web and allows anyone else to subscribe to that content. Essentially, it is a decentralized and federated network for public events, primarily used for social media currently. However, in the future, it may enable decentralized publishing and subscribing to music tracks.
The main benefits of this model include direct and instant payments from listeners, borderless transactions, fair compensation, and stronger connections with fans.
Currently, the #[5] platform is implementing this value-for-value model in its music streaming platform. Users, including artists and listeners, can easily create accounts on Wavlake.com. Artists can upload their music tracks via Studio, which has a built-in Lightning wallet. Listeners can set up a payment method using a Lightning Network compatible wallet (such as Cash App or Strike) to fund their accounts with Bitcoin.
While the value-for-value model may require artists to invest more time and effort in building their fan base and audience at the initial stages, it provides a fairer and more direct way to earn rewards and establish deeper connections with fans. The success of this model relies on mutual cooperation and support between artists and listeners, but it offers creators greater autonomy and income opportunities.
Special thanks to the author of the article #[6] ; the article was published on #[7] relay and curated by the Yakihonne client.
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