OKChain Monthly Report — July 2020
BitSong & OKChain Ecosystem Partnership Proposal
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 (independently and unchangeably) his own music record. A user can also tokenize his track (NFTs) and sell his shares to new users. Each track containing a set of Right Holders, when a track gets a new reward, it is divided and automatically sent to the Rights Holders. Through the BitSong api, any user can build their own decentralized music player and/or manage their royalties.
Our aim is to choose a solid and reliable partner such as OKChain 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 OKChain for decentralized trading. In this way, all participants in the BitSong ecosystem will be able to take advantage of the opportunities that OKChain makes available, just as OKChain users will be able to enter BitSong much more easily and be part of its ecosystem.
BTSG the native BitSong Blockchain token, will also be listed on the OKChain DEX. Considering that BitSong is an OKChain validator node, synergies could also be created from the rewards generated. In order to avoid confusion within the decentralized exchange, a quick and easy solution would be to fork OKDex and build a version dedicated only to the OKChain/BitSong partnership, therefore with only music tokens.
OKDex is the first Decentralized Exchange based on OKChain, built and made open source by BitSong. OKDex is an open source project, its mission is to facilitate the adoption and implementation of more decentralized exchanges based on OKChain. Thanks to the use of Cosmos-SDK, OKChain sets the foundations to become one of the most interoperable decentralized and open source exchanges.
- Send and receive tokens
- Manage transactions
- Manage the staking activity
- Analyze the OKChain validators
- Issue of a token
- Listing of the token
- Order entry
- Cancellation of orders
- Historical display