Elastos' ‘eScription’ to Empower Creators to Distribute and Monetize Content via Bitcoin
The Bitcoin ecosystem is expanding significantly, with several interesting developments underway. Bitcoin Layer 2 solutions and Inscriptions are paving the way for unlocking new utilities within the Bitcoin network. Inscriptions are essentially BTC-denominated smart contracts or digital artifacts on the Bitcoin network, contributing to these advancements.
Elastos in a recent move partnered with YeloPlay to revolutionize music distribution, focusing on how soundtracks and musical hits are shared and monetized. This collaboration aims to create a music catalogue collection of Indian and Sri Lankan soundtracks, film scores, and hits available through Bitcoin. As part of this partnership, Elastos is leveraging Bitcoin’s security and integrity to usher in a new era of music access with a novel mechanism called ‘eScriptions.’
The music catalogue release will highlight the works from renowned Sri Lankan artists such as Roshan de Silva, Mariazel Goonathilaka, Nalin Perera, Mike De Zilva, Shane Vincent, and Joel Fernando will be converted into individual eScriptions. These eScriptions will enable the music to be accessed, distributed, and even traded directly in Bitcoin. Elastos’ eScriptions will use Bitcoin-denominated smart contracts that are both cost-effective and secure.
Jonathan Hargreaves, Elastos’ Global Head of Growth shared “Our partnership with YeloPlay demonstrates how this new model can create and distribute value in completely new and innovative ways.” Hargreaves emphasized that the entertainment, art, and cultural sectors will be among the first to benefit from these new models, which will not only enable the deployment and monetization of content and experiences but also foster entirely new relationships with audiences.
The collaboration is also supported by BeatFarm, a Web3 platform that empowers artists with control over their work and monetization strategies. BeatFarm’s involvement ensures that artists will have direct and secure access to all facets of the music ecosystem right from creation and production to merchandising and promotion.
As part of the future plans, the team is working towards integrating Bitcoin-backed eScriptions with Elastos’ BeL2 technology. This will enable seamless Bitcoin denomination for music inscriptions or financial transactions without the need for bridging or wrapping, thus preserving Bitcoin’s integrity and avoiding network congestion and additional fees.
The partnership also entails a live performance at this year’s Token 2049 in Singapore. This event will be recorded and later made available to fans through an eScription.
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Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.