Music streaming giant, Spotify has announced its partnership with Mediachain Labs as it officially bought out the crypto based company. Mediachain known for creating the attribution engine and the CCCoin, which have laid the foundations for a future of cryptocurrencies in the music industry.
The acquisition of the Mediachain labs also brings in further funding for the two biggest projects which include the Mediachain attribute engine. The engine is aimed to allow users to upload an image and instantaneously explore the information surrounding it. This has been ideal for creators as various information such as the creator and copyright details can also be found.
Today we are excited to announce that Mediachain Labs, the core team behind the open source Mediachain protocol, has been acquired by Spotify to further the streaming leaderâ€™s journey towards a fairer, transparent and rewarding music industry for creators and rights owners.
Furthermore the CCCoin has also been developed keeping creators and their audiences in mind. The cryptocoins aims to make use of Ethereum technologies and Blockchain technology to allow users to support content creators as it boasts free transactions with no fees attached unlike many other applications currently built on the Ethereum network.
To conclude the acquisition of the Mediachain company is set to incorporate Blockchain technology into the likes of spirit .With Spotifyâ€™s billion dollar operations operating on a international scale many consider one of the most practical and biggest acquisitions of Blockchain technology by a mainstream company. The Mediachain platform aims to revolutionize the music industry by incorporating Blockchain technology to create an open source and transparent platform to organize and centralize artists and their content.
Also having developed a cryptocurrencies to reward artists and also allow increased penetration, the Blockchain spin on traditional methods of servicing music and audio content will open many more opportunities!