Opus is a unique and innovatively-designed music-sharing platform that helps deal with the rather complex issue of music ownership and its sharing. This decentralized platform makes use of the speed and redundancy of the Interplanetary FileSystem also known as IPFS. Opus is capable of scaling and delivering literally thousands of music tracks in a second.
The amazing throughput achieved by Opus is a result of encryption technology that deals with tracks on the fly. These files are stored on the IPFS system permanently. The elements saved immutably are the file hashes and the decryption keys and they are saved on the Smart Contract of Opus. This is the secret behind the ability to facilitate features such as file ownership and trade. Opus allows artists to earn money on their creation by selling access to their files and the encryption keys to the buyer through an Ethereum contract. This neatly obliterates the presence of any middleman.
The four-layered and beta-ready Opus decentralized system incorporates the innovative IPFS which is low latency. It works as a storage layer capable of storing songs transparently and permanently. All transactions on the network are handled efficiently by the Ethereum-powered logic layer. A key aspect of the system is the unique UMRN or Universal Music Registry Number that acts as a global ledger of tracks. The system also includes the Opus API which makes it easy for players to access the Opus infrastructure and play the tracks regardless of their location. The OpusDAO is the payment system of the network which compensates the artists.
The key benefit of the Opus platform is that it can help deal with the absolute monopoly and centralization of music albums and tracks controlled by a select few influential figures. It helps create a world where those using the system can take their music along anywhere they want to regardless of where they travel. It can be an amazing experience for music lovers to take their music along to any place they want to, on any music player they choose. Also, with Opus, the music tracks they buy remain with them forever. The music specific blockchain is ready for use.
The total supply of OPT, the token associated with the Opus platform are 249,308,531. The circulating supply of OPT is 140,080,549. The market cap of the cryptocurrency is $2,278,074. OPT is currently trading at $0.016263.
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