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...
