Younk
Younk
Sep 3, 2018 · 2 min read

Introduction to YOUNK – the world’s first community music label on blockchain

How the blockchain introduces revolutionary way for music industry development.

What is YOUNK? What is the basis of the YOUNK platform?

Younk is the first blockchain-based, community label where artists are supported directly by the community. Its priority is to modernize the music industry and ensure artists get heard, and the community is actively involved in supporting the up-and-coming hits.

Why blockchain?

Blockchain technology provides a transparent way to track and protect copyright ownership. The process of discovering new hits and supporting the artists is easier than ever before with Younk. Younk is a new technology that opens the music industry up to the most important people – the fans.

What are smart contracts?

Smart contracts are a transparent way to secure the master rights of each co-owner of any song.

How it works?

The platform functions by combining both the voting for the tracks people like, and supporting artists’ music promotion and development in the form of internal cryptocurrency called YNK Bucks. The whole process can be divided into 6 steps:

  • Uploading – The artist uploads a track
  • Rating – The community listens to tracks and rates them
  • Hit Funding – Production of the track is supported by the community with YNK Bucks.
  • Soft Cap – Soft Cap is reached when a track is supported by the required number of YNK Bucks in the amount of 1000 YNK. It is a minimum of investment needed for the production of 1 track. The song then moves to Production.
  • Final Production stage – Well-known producers and arrangers help Artists record and release content on major platforms.
  • Distribution and Promotion stage – Once produced, the track will be released on 150+ digital platforms, including Spotify, iTunes, Apple Music, and YouTube.

What are YNK Bucks? What are they used for?

YNK Bucks are a means used to support the production of a track that has been selected by the Community.

YNK Bucks can be used for:

  • Funding song production;
  • Receiving master rights on the platform;
  • Rewarding the community and music experts;
  • Advertising privileges on the platform.

Such kind of blockchain community-owned label introduces better and more transparent conditions to promote young artists and make fair competition to the existing music market-making institutions. In fact, with blockchain technology, traditional labels can become archaic in the next 10 years because of the elimination of intermediaries between artists and listeners.

    Younk

    Written by

    Younk

    Younk is the first community-based music label where everyone can discover and support future Hits. Learn more at younk.com

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