The first step is the tokenization of the authors’ digital identities, then will follow the digitization of the database of the works with all the actors with the right to compensation up to the management of the count of reproductions: “Tomorrow we will be able to do the entire reverse path from playcount to the payment of rights in a decentralized and automatic way, simplifying a very complex process – summarizes Matteo Fedeli, director of the music division of Siae, creator of the project -: it is a solution that solves theinformation gap current bringing out the value for end users, in our case the authors. Decentralized information exploits a scalable infrastructure that aims to bring value back into the hands of the holders of the rights ».
Consenso «proof of stake»
“The added value of the blockchain is the transparency of all the steps, the security that avoids manipulation and censorship, the speed of transactions, reduced costs and simplicity”, underlines Silvio Micali, IT professor at MIT, Turing award and founder of Algorand: “Our solution also has high scalability, such as to allow future use for the issuance and management of more complex assets, thanks also to the possibility of having smart contracts at the protocol level, which guarantee very rapid management “.
Unlike bitcoin, in which the consensus mechanism is characterized by the solution of complex cryptographic problems, the so-called “proof of work“Which requires very high computing capacity and high energy consumption, the Algorand blockchain is based on “proof of stake”: with a more “democratic” mechanism block certifiers are chosen randomly, on a cryptographic basis, between all the nodes of the blockchain, i.e. the holders of Algo tokens.
A system that in fact becomes fast, efficient and decisively less energy-intensive. It is also ready for use in other sectors. Thus an intermediary like Siae is betting on a vision of disintermediation, in an open logic, open to all other collecting worldwide.