Law Decoded: Crypto cities, investor protection nation, Nov. 8–15
Major U.S. cities embrace crypto as federal regulators remain much harder to bring around.
Crypto as a Primary Source of Income for Artists
With the skyrocketing prices of cryptocurrencies like Bitcoin and Ethereum over the past year, cryptocurrency can be a lucrative source of primary income for artists. StarCoin is aiming to help artists seize this moment, maximize their revenues and increase their autonomy. StarCoin is the first cryptocurrency that offers a crypto-backed record label to artists.
First, it’s important to outline the issues of today’s music industry to understand the value that a crypto-backed record label could provide. Generally, when artists sign onto record labels, the label provides the artists with a loan so that they create their album. Artists usually do not make any revenue from their album once it is released until they have paid back the loan. Even once the artist has paid back the loan, the label usually takes the majority of the revenue through an 80/20 or 90/10 ratio at the artist’s disadvantage.
A crypto-backed record label is superior to the traditional record label-signing industry for several reasons. StarCoin is the first cryptocurrency to partner with a record label, allowing a holder of the cryptocurrency to be signed to a contract. StarCoin’s community will have the opportunity every month to vote for their favorite artists, with artists with the most votes being able to sign a record label deal. StarCoin allows talented artists who aren’t as well known or mainstream to shine, enabling them to be seen and supported by people who support their work. Currently, record labels are most interested in signing artists that they believe will generate the most revenue, benefitting artists who are more mainstream, leading to the overlooking of serious talent.
StarCoin is a decentralized autonomous organization (DAO) — an open-source protocol underpinned by blockchain where rules are enforced through smart contracts. The advantage of a DAO is that its leadership is distributed between its members, and everyone has a say in its governance. StarCoin community members who have its coin are able to vote on which artist should be signed, with members who have held its coin for the longest time having greater weight when voting for an artist.
Once enough votes have been garnered for a specific artist, StarCoin and a record label will sign and fund an artist, with the funds generated through transactions for the token. Unlike a loan provided by a traditional artist-record label arrangement, the artist would have free funds and not have to worry about repayment. As StarCoin signs more artists, a portion of funds generated through a tax will be used to contribute to the continued growth of artists and artists signed under the label.
Through NFTs, StarCoin will enable artists to earn up to 80% of the revenues accrued through their music on streaming platforms. Currently, artists only accrue about 12% of revenues on traditional steaming platforms, like Spotify and Apple Music. StarCoin, in addition to signing an artist and recording their music, will facilitate artists’ ability to create exclusive NFTs of their songs and sell it on StarCoin’s NFT marketplace, providing the artist with additional revenue. StarCoin token holders could purchase these NFTs and add them to their collection, resell them on StarCoin’s platform and to other platforms. NFT sales will allow artists to continuously generate royalties, making them earn far more than the typical $ .0006 than they currently do through mainstream streaming services.
Cryptocurrency is all the rage and there’s a good reason for it. With the potential to spur creativity, talent, opportunity and autonomy, StarCoin is seeking to benefit artists by providing them with additional funds to spur creativity, opportunity, talent and autonomy.
Price analysis 11/12: BTC, ETH, BNB, ADA, SOL, XRP, DOT, DOGE, SHIB, LUNA
Bearish pressures mount against Bitcoin price and this could lead to sharp short-term pullbacks in the prices of many altcoins.
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The company aims to develop a decentralized data query system following new funding.
Cardano Flips Solana, Tether To Reclaim Spot At 4th Place
Cardano has resumed on an upward movement again. The crypto which had staggered continuously for the better part of a week has finally begun to pick up steam, pushing it back up again. Solana, one of the rivals of Cardano, had successfully flipped the latter last week after SOL had hit new all-time highs continuously. At a point, Cardano had been pushed out of the top 5, courtesy of Tether and Solana.
For a while, it looked as if ADA would never be able to pick itself back up from this fall. However, this would prove to not be the case. The smart contracts platform had begun posting a small upward rally that saw the asset begin trading in the green again. This has enabled the digital asset to reclaim its spot on the top 10 cryptocurrencies by market cap.
Related Reading | Shiba Inu Beats Out Cardano, Dogecoin On Top 10 Watch-Listed Tokens
Cardano Flips Solana
In what looks to be a flipping the flipper situation, Cardano has reclaimed its spot from rival Solana. ADA now sits at 4th place on the top 10 crypto list on CoinMarketCap, putting it back in the top 5 most valuable cryptocurrencies.
The price of ADA had stagnated after the bull run that saw it break $ 3 for the first time. Its reign above this price point would later prove to be short-lived as ADA took a beating down that, at some point, the digital asset fell below $ 2. This gave rival asset Solana the perfect opportunity to pursue a flippening event and it did not take long before SOL had overtaken ADA.
ADA on a downward trend | Source: ADAUSD on TradingView.com
During this run, ADA also flipped another high-ranking crypto, Tether. Tether has consistently maintained its spot in the crypto top five and has retained this position. But it is now one spot below Cardano which claimed the highly coveted 4th spot from Solana. BNB had flipped ADA last month to take the 3rd place and it has maintained this position ever since.
Optics For ADA
Looking at ADA in the short term does not spell positive trends for the altcoin. ADA has been trading below its 100-day moving average, showing strong sell pressure in the asset. This has worked towards beating down the price of the digital asset to its current value.
Related Reading | Is Cardano Fighting A Losing Battle Against Solana?
The market sentiment being positive has not seemed to rub off on the asset, which has consistently done poorly in the past month despite the rest of the top cryptocurrencies rallying.
Mostly, the lull in Cardano has been due to waiting for decentralized finance applications to debut on the blockchain. The Plutus Application Backend (PAB), is yet to launch, which would aid developers in deploying their applications on the network. Nevertheless, the project is said to be on track, as confirmed by Cardano founder, Charles Hoskinson. Once the PAB launches, the asset should begin to see more upside in its value, in addition to bullish trends picking up.
Featured image from Finbold, chart from TradingView.com
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Reddit to reportedly tokenize karma points and onboard 500M new users
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