BitChord ICO
BitChord ICO ICO
25.00 Soft Cap, ETH
560.00 Hard Cap, ETH
27 May, 2018 - 27 Aug, 2018 Campaign Duration (UTC)
11
33.57

                           MEDIUM                                                         WHITEPAPER

BitChord is the first-of-its-kind blockchain-based platform that enables guitar players to earn by creating quality original content and engaging directly with audiences. The zero-fee platform is developed to empower original content creators by making sure they receive 100% of their earnings as well as incentivize registered users to view and rate guitar players and their work by rewarding them with tokens. BitChord is connecting guitar players to their global audience and allowing them to make money. The BitChord Tokens (BCD) sold in the ICO will be the digital utilities that power and incentivize the BitChord ecosystem and platform.

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A DECENTRALIZED CONTENT SHARING PLATFORM

Guitar players sell access to their premium content, receive donations from users and pocket all their earnings. Users of the platform get rewarded for approving and moderating content. Advertisers place ads and pay directly to our highest performing users.

BITCHORD - THE DIGITAL CURRENCY OF THE ETHEREUM BLOCKCHAIN

All payments on the platform are done automatically in BCD tokens and the transaction history is stored on the blockchain. BitChord Tokens (BCD) are based on the Ethereum blockchain smart-contract and represent the main tool for transferring the value between guitar players, advertisers and users.

MUSICAL BLOCKCHAIN WITH A MODULAR APPROACH

Using the transparent attribute of a blockchain with smart contract technology, BitChord creates an ecosystem, where guitar players can monetize their content without intermediaries in both the distribution and payment processes. You get to keep all the money you make from your content!

UNLIMITED CONNECTIVITY AND A REWARDS-BASED SYSTEM

BitChord eliminates intermediaries by letting advertisers, viewers, and guitar players engage with each other directly. As the first decentralized video distribution network, guitar players will be the owners and beneficiaries of their content without paying hosting fees, transaction fees or commissions to third parties.

BitChord is a global solution that simplifies music content distribution and puts power back in the hands of guitar players and their fans. The platform uses its own BitChord Tokens (BCD) as its primary currency, and both guitar players and users earn BitChord Tokens automatically as part of the platform’s buying/distribution process.

The BitChord platform is developed to empower guitar players by making sure they receive 100% of their earnings as well as incentivize users to view and rate guitarists by rewarding them with tokens. BitChord is connecting the guitar player to the audience and allowing them both to make money, all the while spreading knowledge of the blockchain to the mainstream.

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What Makes Us Different

  • We connect guitar players and users in a way that reaches far beyond a simple download or sale. Through our marketplace, unique experiences and offerings come to life: from original video performances, guitar lessons and tutorials to backing tracks, tabs and sheet music guitar players want to sell directly to their fan base.
     
  • We provide a way for users to experience music and the creative process by giving guitar players a platform that allows them to directly connect and engage with their fans. Giving back is something we strongly believe in, which is why we encourage and incentivize all users on our platform to rate the content guitar players upload as well as tip them with tokens for a job well done.
     
  • We are a community of people coming together to play guitar and users looking for quality content, who believe there is a better way to experience music, share the unique relationship between artist and fan, and get rewarded for it.

Problem Overview

With very little money to be made, guitar players face the following problems in the digital age:

  1. The expected quantity of sales (CDs, mp3 and content downloads etc.) turned out to be a lot less than projected. The rise of Napster taught people that you did not necessarily need to pay for the music content you wanted. This mindset spawned a host of sites with pirated content, torrent trackers and other peer-to-peer services where content was readily available at no cost to the user and at no financial benefit to the creator.
     
  2. Global Audience size. In the digital content age – the majority of those who otherwise would be “music fans” or “guitar fans” instead of shelling $100 to buy ten CDs or downloadable albums – often chose to buy a starter audio interface and become recording artists themselves. That’s the thing with being an independent artist – anyone can do it right? And while there is nothing wrong with that – the result is tons and tons of new music related digital content flooding the distribution channels. There is literally too much of it. Sites like CDBaby were releasing hundreds of titles every single day. Naturally, the goal of all these new artists was to sell their own content, not buy other people’s. But if everyone is selling who is buying?
     
  3. Content Quality Ratings. While in the good old days you could take a look at the Billboard 100 list to see who the best artists were and buy their works – how does one know which of the thousands upon thousands of independent artists are actually good today? It’s all relative, right? Wrong. The quality of music content just like the quality of an automobile can be objectively measured. But no one is doing it. Who is the content buyer to believe? The artist’s own website? The raving reviews on Amazon Music left by the artist’s friends and family members? The blazing press-releases and reviews on websites making a living off of taking any payment they can get for “promoting artists”?
     
  4. Channels and cost of distribution. The majority of critical issues facing the music industry today stem from a few sources, but distribution channels for original content remain a key problem. More importantly, a large portion of the creators’ earnings are being withheld by the platforms that host the content. Also there is limited artist visibility. The leading streaming music companies — YouTube, Spotify, SoundCloud, Amazon Music, iTunes, and others — have been routinely accused of treating artists poorly through duplicitous contract structures and low payments. All of that has created a low-trust environment. Compounding the problem is the fact that streaming services like Spotify offer very little reliable guidance on their payout structures. They have even been accused of deliberately creating payout structures that are too complicated as well as over-stating their pay-per-stream payouts, based on discrepancies exposed by actual artists publishing their actual pay-per-stream payments. Independent and smaller content creators often complain that their rates are significantly lower than those endorsed by a major label, while their production quality may not necessarily significantly differ.

What is BitChord

BitChord is a global solution that simplifies music content distribution and puts power back in the hands of guitar players and their fans. The platform uses its own BitChord Tokens (BCD) as its primary currency, and both guitar players and users earn BitChord Tokens automatically as part of the platform’s buying/distribution process.


BitChord reduces costs and puts all revenue in the hands of guitar players for the original content they create, upload, host and sell in the BitChord’s Marketplace. At the same time, through automation and better data moderation and management, enabled by blockchain technology and machine learning, BitChord creates a database of high-quality content that users are interested in and will pay for.


By enabling direct artist-to-consumer engagement and commerce, BitChord not only eliminates intermediaries and makes the process of getting paid for playing guitar possible, but strengthens the traditional music industry by making it more efficient and transparent for guitar players as well.

How It Works

Built on the Blockchain, BitChord gives guitar players complete control over their content and engagement with users. The zero-fee platform allows them to create, upload, host and sell original content, including video performances, video lessons, original tracks, tabs in electronic format such as GuitarPro files, backing tracks, full albums and keep all profits from their work. Each registered guitar player has his/her own profile page on the platform and space in the BitChord Marketplace, where he/she can sell their content.

At the same time, users who have purchased BitChord tokens can buy original content, rate the content they have purchased and/or viewed and tip their favourite guitar players. To incentivize users to contribute to the growth of the BitChord platform and its population with high-quality content, they will get rewarded with tokens for rating the content uploaded by guitar players. This rewards-based system will enhance fairness and transparency while ERC-20 token authentication for each transaction on the platform and location security check will eliminate information asymmetry and fraud.
Once a member of the platform, both guitar players and users will be able to transact directly and with zero fees. They will also actively contribute to the quality control of the content uploaded and shared on the BitChord platform and marketplace. This multi-dimensional ranking feature will drive the platform to become more social while preventing misuse, fraud and abusing the system.


The biggest incentive for the widespread adoption of the BitChord platform is the monetization of user activities that sees people get paid for rating the content they view and purchase as well as their contribution to its moderation, thus creating a database of high-quality guitar playing materials.

Additional benefits from using the platform include target ads by partner music equipment retailers who will offer special discounts for BitChord registered users.


Guitar players, on the other hand, will have the opportunity for the first time ever, to receive all profits from the content they create, host, share and sell on a music distribution platform. They will be able to directly engage with their target audience and get rewarded in tokens for it. They will also be able to earn a 20% commission through our affiliate program for partner music equipment retailers on every referral sale made through their profile on BitChord.

What are BitChord’s benefits

For users For guitar players For music equipment retailers

* Enjoy access to the best quality guitar playing materials
from desktop or mobile devices
* Free registration
* Quality content from established and up-and-coming guitar players
* Exclusive high quality content
* Buy tokens
* Earn tokens (rating content and referring friends)
* Receive target advertisements and spend
tokens on special offers from partner music equipment retailers
* Instant payouts in BCD to your wallet

* Earn tokens for creating, uploading and hosting your original content
* Rewards-based referral system
* Get tipped in tokens from users who like your content
* 20% commission on all sales from users referred to music equipment retailers’ sites from the ads on your profile
* Preferential rates on music equipment from our retailer partners
* Instant payouts in BCD to your wallet

* Increase organic reach to your target audience
* Integrated native ads placement and local advertising
* Lead-generation opportunities
* Increased on-site spending from referred members
* Consistent traffic from referrals


Crowdsale


BitChord Tokens will be the digital utilities that power and incentivize the BitChord ecosystem and platform.

The BitChord Token provides access to the platform. With BCD token transactions, we aim to offer a ZERO commission fee structure for all our target user groups.

All remaining BCD tokens, which are not distributed during the Crowdsale, will be distributed back into our reserve on the Crowdsale completion date. No more BCD tokens will be issued, created or minted other than distributed during this time.

Tokens will be listed on exchanges chosen by BitChord within 3 months after distribution.

ICO on KickICO.com starts on May 27th 2018. All ETH pledges made through KickICO.com will receive a 10% token bonus. (Example: You purchased 1000 BCD - you will receive 1100 BCD to your wallet).

Project Economics

BitChord is a community-driven music content platform, where content creation, upload, hosting and rating will be rewarded with tokens. It will also offer a unique opportunity for target advertising for music equipment retailers to drive traffic to and sales on their websites. Registration and use of the BitChord platform will remain free, although to participate – users will need to acquire tokens and spend them on content in the BitChord Marketplace or rate and review the content posted by guitar players on their profiles. All transactions and transfers of digital assets on the BitChord platform are zero fee.

Revenue Model

As brands are looking for more ways to increase organic reach to their target audiences, they are discovering the benefits of using local advertising. New research shows that consumers are 68% more likely to share native ads than display ads and 53% more likely to absorb native ad messages.


The biggest challenge for companies is channelling the efficacy of local advertising. Digital still remains the most measurable and trackable form of mass media and with the right metrics and methodology, it can provide marketers with much more insights than other media. But due to the oversupply of ad inventory, unscrupulous tactics by publishers and marketers to force feed ads down users’ throats, and the lack of progress the industry has made to show effectiveness beyond sheer click thru rates, we are at a critical juncture where we need to change how we do business. The scale, efficiency and targetability of digital content sill makes it an incredibly powerful tool for online reatilers.


Music equipment retailers who wish to acquire access to a large number of target consumers registered on the BitChord Platform will be required to pay a small monthly subscription fee as well as a 20% commission to the guitar players whose profiles the referred sales have come from. Because all content on BitChord will be strictly regulated to ensure consistency and quality, music equipment retailers will receive the unique opportunity to target users whose uploads have been rejected due to: poor lighting, poor sound quality, inadequate video quality, inadequate overall production quality, etc., meaning they will receive that information automatically and be able to start displaying ads to users for the specific piece of equipment that will ensure his/her upload gets accepted by BitChord.


The advertising feature is fully customizable and e-wallet based where the advertiser can segment and target their campaigns and define custom PPL (pay per lead) or PPS (pay per sale) rates. Each time a user clicks on a published CPA Offer the related PPL or PPS rate is automatically deducted from the advertiser’s e-wallet balance and paid to the guitar player whose channel made the referral.


BitChord’s biggest source of projected profit will come from lead-generation opportunities presented to music equipment retailers.


Existing partnerships with companies in the sector will allow BitChord to position itself as a player on the market who ethically sources data from its users to dramatically increase the speed of lead response, contact and qualification rates. By increasing growth and social engagement through incentivizing users to use the BitChord platform, we can promote content dissemination, partnering with brands and influencers, and capturing audiences’ attention on a whole new level.

  • Use Case 1:

Guitar player A is using their laptop camera to record content. The video uploaded to BitChord gets rejected for poor video quality.
When Player A logs in to their BitChord profile, they see a notification that their content was rejected along with a specific reason why - low video resolution, poor lighting. In addition, the user sees ads in the sidebar that suggest video equipment that will produce the level of video quality required to have their content approved by BitChord.

  • Use Case 2:

User B is frequenting the channel of a favourite guitar player on the platform.
The user gets shown ads that recommend for purchase the same processor/guitar effects/presets as the guitar player they watch uses to achieve their sound.

  • Use Case 3:

Guitar player C records an original work or a cover and attempts to share it on the BitChord platform in order to monetize their performance.
Unfortunately, player C is still a beginner and their tone quality, sense of timing and overall guitar technique do not allow them to create content which will be of benefit to other users. Their content is rejected with specific reasons and the sidebar displays adds to video guitar lessons on the BitChord platform that may help improve their playing abilities.

 


Token Distribution
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Allocation Of Funds
 

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Roadmap

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Who's Behind BitChord

Each core member of the BitChord team is personally vested in the success of this platform with years of experience in the fields of guitar playing, software engineering, finance and legal. Our vision is based on the foundation of developing a platform that brings true value to guitar players, and the desire to create a bridge between musical content creators and the digital asset ecosystem. While blockchain technology is undoubtedly going to change the way we do business across many industries, we believe that the music sector is far from exploring the full benefits of the blockchain space.


Our team is uniquely suited to create this bridge. Rather than starting from scratch, BitChord plans to build on the foundation of established music content platform models by seamlessly transferring them onto the blockchain to give guitar players greater control over their content, earnings and social interactions.

Our Team

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