[DOC] BitSong / IBC Transfers Requirements document

[angelorc]

Type of Proposal

• Feature Request (e.g. functionality)

• Economic Model

• Underlying Technology (e.g. performance)

• Application Development

• Others

Background

BitSong is an open source blockchain born in December 2017. Our mission is to simplify the music bureaucracy as much as possible, make the artists independent and facilitate the management of royalties. Based on Cosmos-SDK/Tendermint, BitSong is an interoperable and cross-chain blockchain.

A user can publish his smart media contract (music and license record), can also tokenize his track (NFTs) and sell his shares to new users/investors. Each SMC containing a set of Right Holders, when a SMC gets a new reward (eg music stream/download), it is divided and automatically sent to the Rights Holders according to the Smart Media Contract

Describe The Proposal (No more than 50 words)
Our aim is to choose a solid and reliable partner and give users and artists the opportunity to trade their own music productions. There are many ways to transfer tokens, the simplest and most intuitive is to use IBC for the transfer of NFTs and then use KuChain for trading.

Business Model (Optional for underlying technology)

• User A, publish his SMC to BitSong
• User A and is Rights Holders earn when a consumer report the usage
• User A and User B choose to sell his share to new investors at X price
• User A and User B move his SMC as NFT to KuChain
• User A and User B put sell order to KuChain
• KuChain User buy the share (or portion)
• KuChain User transfer back to bitsong the share and start to earn royalty

Implementation Steps (Optional for economic model)
Shares in Smart Media Contract are similar to cosmos-sdk NFT, to transfer the asset in a decentralized way, both chain should be IBC ready.

• BitSong or KuChain must build the module to convert the NFT into a desiderable KuChain format
• BitSong must build the module to get back the NFT from KuChain

There is a secondary option

• BitSong or KuChain must build a module that can handle kind of functions like mint and burn

Expected Outcome
In this way, all participants in the BitSong ecosystem will be able to take advantage of the opportunities that KuChain makes available, just as KuChain users will be able to enter BitSong much more easily and be part of its ecosystem.

Timetable (Optional)
TBA

Additional Context (Optional)

Contact Information
Angelo Recca
CEO/Founder BitSong
hello [at] bitsong.io
Discord KuChain/BitSong - https://discord.gg/CgykhNM

[svabhishek]

Hi @angelorc,

This sounds great. A very useful proposal to increase value of the KuChain.

Regardless of whether this passes, we are interested to collaborate building the infrastructure for video assets (similar to how BitSong is doing it for audio assets) and integrate BitSong's assets (on BitSong / on KuChain) into the FreeFlix Media Suite.

We will also run another proposal for video assets and pool up resources to introduce decentralized media on KuChain.

Great going! Look forward to collaborating.

[angelorc]

Feel free to pm me on telegram. I'm interested to doing that