TLDR
PRIDE is an innovative NFT music market for independent artists and a token reward driven music arcade platform for supporters and followers. As a developer and an artist myself, I’ve conjugated a variety of features that will not only benefit the artists but everyone involved in the PRIDE project to help build a strong and successful ecosystem. And to be honest, features and tools are subject to be added on to this project when new and efficient ideas are introduced. Now I know we are not the first to propose integration of music and blockchain technology, but by the end of this summary I am confident to say that our hard work and creative minds will prove our worth of attention.
Problem / Opportunity
First, our project aims to work around or work with different networks and chains, whether it may be off-chain, on-chain, sidechains and/or parentchains, to guarantee seamless payment solutions to fit anyone and everyone’s comfortability. Our means of currency will be our $PRIDE tokens (not yet minted) as a means of participating in the PRIDE platform. Our music platform protocol consists of the tri-system set up, similar to the MCD system, to maintain a stabletoken for the $BLU community. Our web3-based marketplace allows users to upload, publish, and sell their songs (ASSETS) recorded with their own DAW, as PRIDE Tokens (Both ERC-721 and ERC-1155 tokens). To utilize these Tokens, new users will be granted 1 free PRIDE #3 Token, see chart below, upon sign-up to circulate it back into the platform’s ecosystem.
Funding Milestones and Payments
As the PRIDE ecosystem follows the MCD, we can mint it as a SFT in our NFT marketplace, giving it the flexibility to retain its fungility, for example, consider a song-play on the jukebox at the IPL T20 music arcade. A song-play would be valued at a fixed amount, and is interchangeable for a song-play that equals in value, on the jukebox at the music arcade. After the song is over, the song-play can no longer be used at that music arcade – but becomes a reward’s item instead, memorable for fans with a different value assigned to it. Now, those rewardable song-plays that were used on the jukebox will automatically be staked enrolled in the artists royalty pool to be converted into 1:1 ratio, PRIDE Royalty:$BLU, which by using the MCD system would sustain its market value. Note, using a token to play an artist’s song will be like investing in that specific artist, which goes in the artist royalty pool to gain interests and allows the opportunity for artists to redeem them for $BLU coins (the PRIDE stablecoin). The more plays, the more tokens gaining interests, the higher the redeemable reward.
Milestones & payments:
Phase 1:
- Foundation Pool: Is designed to ensure that revenue generated through the music arcade is redistributed to support the growth of the ecosystem. The token allocation of this Foundation pool will be progressively decentralized as we implement a DAO/Community driven solution towards a decentralized model for the benefit of the token ecosystem.
- Staking Pool: Is designed to provide incentives to token holders who are actively locking their funds in smart contracts. Its governance will migrate from a centralized decision in year 1 towards a DAO mechanism in the coming years. Token holders that are also active artists and supporters will generate an extra yield rewarding their activity.
- Company Treasury: This represents the PRIDE that is owned by the company that comes from the proceeds of sales of company owned assets with a 12 months lock-up. The PRIDE generated through this Treasury will be sold back to the market to pay operational expenses.
- Company Reserve: This is the initial company reserve of 20% of total PRIDE Token Supply. This reserve will be fed with the proceeds of sales of company owned assets with a 6 month lock-up.
Respectfully, for the fact that our company strives to ensure to cover every aspect in every project we develop, with funding of $10,000 for this phase, it will guarantee more job opportunities within Blu.Fi Tech, Inc, and with the right team, we can effortlessly deliver top notch development in a timely manner (2-3 month period).
Phase 2:
Supporter’s Loyalty Rewards program with benefits
- Staking Pool for governance opportunity
- PRIDE and $BLU benefits by earning yield
- Earn points on yield with the option to trade for in-platform purchases like merch items, avatar items and more to be updated soon.
- Opportunity to “invest” in their favorite artists within their Royalty program. Example, the first 10 supporters to download the artist’s song/album, they are automatically enrolled in the royalty pool to receive 1% of royalty. The more songs/albums they support, the greater the reward. (This can be done by a split creators fee feature similar to OpenSea and Rarible NFT marketplaces).
- Ability to participate in in-app mini games and voting polls.
As we set the foundation for our developers and investors, we can begin the development of the actual platform and marketplace. We respectfully ask for an additional $10,000 for phase 2. (2-3 month period)
Phase 3:
The rewards and royalty system with no risks or worries.
- Each song-play earns royalty rewards
- Using analysis to track an artist number of plays, as in SoundCloud, artists can enroll in special in-platform promotion programs such as Highlight of the Month, most popular downloads, fan favorite contest (by most votes), and now our theme song reward to which an artist has the opportunity to debut their song in our gaming platform (newly under development) for our upcoming games powered by Unreal Engine 5.1.
- Connect with other artists in our community of creators and network on possible collaborations or ideas.
- Enroll in our digital award show displayed in the metaverse.
- Even throw an album release party for fans across the globe.
We believe it will be more efficient to create a separate rewards system for both the artists and supporters, we gratefully ask for $10,000 for phase 3 as well. (2-3 month period)
Phase 4:
- As presentation plays a major factor at our company, we will ensure the quality of each song uploaded in our marketplace.
- By using AI, our system will perform quality assurance similar to SoundCloud and Apple Music.
- Artists can use other platforms for promotional use and advertising.
- For song quality requirements, artists will be given a chance to enroll in our Workshop Program to access features like mixing and mastering, DYI’s, cover art assistance and more to be updated soon.
- Copyright ownership verification through API requests to reliable companies such as SoundCloud and YouTube, as well as a work-in-progress API partnership with DiggerFactory.com. (AI generated system upon pre-upload to ensure authenticity)
- With various options of multiple integration methods, we are constantly progressing our infrastructure as new partners are strategically added to the network, as we currently review Coinbase Cloud.
Please understand that we refuse to develop anything less than extraordinary, we tend to implement blue chip tokens for the entire operation to minimize, if not eliminate, the risks and worries of any loss of investment and credibility. We ask for $10,000 for the phase also. (2-3 month period)
Phase 5:
Security
One important factor that we can all agree on is security. We have looked into many other projects and protocols to compare and gather significant effective information and modify improvements to apply them to our own system. Ensuring and providing upscale security is an obligation for any of our projects.
Progressing Implementations
- Currently reviewing the Bug Bounty Program, in reference to the MCD system in their protocol, to strategize maximize security testing by approaching it from different angles and multiple layers for our smart contracts. Bug Bounty Program - Security
- Possible Coinbase Cloud integration. https://www.coinbase.com/cloud
We treat our security processes as a completely different phase in every project. As new protocols and extensions are added into our technology, we are eager to stay up to date with our security measures to maintain a strong ecosystem. We sincerely ask for $10,000 for phase 5 as well as we move towards operational success. (2 month period)
Total payment: $50,000
Payments will be made to the following Ethereum address: 0xe6A615B265481647472C110Ed9fd437b727ACa5C
We consider ourselves independent contractors of the Rarible DAO and will report taxes accordingly. Forms W8-BEN and W9 will be filled out accordingly before funds get distributed to our team.
Use of funds
Funds will be carefully used for this project’s hiring process, reimbursement for time and effort of our current developers on-board, marketing strategies, software (open source) or hardware needed, and any other project related expenses.
Business Model
With every developer racing for funds on ideas integrating traditional services with blockchain technology, most fail to present unique and distinctive proposals to show creativity and their work ethics. But Blu.Fi Tech, Inc strives to stand out and become a recognizable name in the world of the future.
Team Members
- Damian Nieto: Director/Engineer/Developer. Here is a link to our company’s Linkedin, https://www.linkedin.com/in/blufitechnology/. I have been a very active community figure for more than 6 years, taking part in human rights protests in NY and PA. Volunteering in charities as well as churches to help feed the less fortunate and even played a role in my own food bank in low income communities. I own and/or organized several companies, just to name a few Royal Blu Company, LLC (Owner), The Blu Community Non-profit Organization (Director), Blu.Fi Tech, Inc (Director), and will continue to be an advocate of philanthropy.
- Tiffany Riles: Graphic Designer/Developer. Here is a link to her Linkedin, https://www.linkedin.com/in/ladytiffany/. She currently works beside me on numerous projects and business ventures, here are examples of their work: https://tiffsdollhouse.com https://impropershit.com as well as gaming development using Unreal Engine 5.1
- Josua Destine: Developer and Entrepreneur. Early investor in Bitcoin and co-founder of CCConference for blockchain and crypto education.
The contact person for this project will be Damian Nieto. Their contact information is blufi@blufitech.com and their Discord handle is BLU #6936
All work history and business relationships are mentioned above.
Accountability
Our project will attend weekly community calls, and provide updates on our milestones as we make progress. In the event that we can’t fulfill our commitment, funds will be returned to Rarible DAO. We will also work with community members to ensure updates are distributed through the Rarible communication channels.
-We agree to these terms and conditions
Why should Rarible DAO fund this?
We are a growing firm of well-educated developers and will continue to recruit like-minded individuals who are eager to contribute to the mission of the improvement of the quality of life, love and philanthropy. With deep understanding in the open source world of technology, we will be more than willing to accept professional help and advice on any of our projects at hand. I look at each project as another significant piece of the puzzle to this beautiful masterpiece. As there is much more to cover and develop, I consider this as a 1st draft outline of the project that will only be upgraded, improved and updated as we move along. I would like to thank you for your time and will be looking forward to our future partnership and business ventures.
Key Takes
- A high demand market
- An operable protocol
- Lucrative sustainability