OKExChain/BitSong Partnership Proposal

Author Angelo Recca (@bitsongofficial)
Status Draft
Category Core
Created 2020-6-30

Introduction

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.

OKExChain: https://www.okex.com/okexchain BitSong: https://bitsong.io https://github.com/bitsongofficial

Summary

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.

Proposal

Our aim is to choose a solid and reliable partner such as OKExChain 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 OKExChain for decentralized trading. In this way, all participants in the BitSong ecosystem will be able to take advantage of the opportunities that OKExChain makes available, just as OKExChain 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 OKExChain DEX.

Considering that BitSong is an OKExChain 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 OKExChain/BitSong partnership, therefore with only music tokens.

Integration

The implementation of the proposal will require close collaboration with the developers of OKExChain and BitSong. The major milestones to work towards are:

  • Create a bridge between OKExChain and BitSong to freely move assets. If both chains adopt the IBC module, it will be the easiest but other solutions are available.

  • OKExChain will need to approve BitSong assets to move onto the DEX.

  • BTSG get listed on the OKExChain DEX.

  • OKExChain specifies the derivative products it wants to offer and collaborates with BitSong to get the appropriate data it needs.