PeerTracks music royalty technology is complete after beginning development in 2014 and claims to be the “future model” of how musicians will be paid instantly for streams. The system can handle 1117 million transactions per second and the technology,SounDAC, was one of the originals available for private exercise.
The developing technology has made appearances in the press over the years, and but founder Cedric Cobban explained the process in depth to Inquisitr.“A network of miners manufacture money by facilitating transactions on the blockchain – streaming on PeerTracks is the transaction – mining revenue is split,the miner makes a small fraction for his/her contribution by keeping the network alive – the other portion of the mining funds goes to pay royalty cost,” Cobban said.“SoundDAC takes instruction from a smart contract – SoundDAC reads the data splits from a smart contract – Songwriters, and labels,publishers, PROs – whatever the split is, or if you record it in our RMP,Rights Management Portal, it will be executed as written.”Click here to continue and read more...
Source: inquisitr.com