Administration of Copyrights – Metamask

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A Copyright holder is initially always the creator(s). However, the creator can empower anyone to act on their behalf. Like CMO/PROs, agents, music publishers, record labels and investors to hold the right to receive royalties for a specific time. Metamask is used for this empowerment in a transparent and immutable way.
For instance, at the NIM Foundation, we use Gnosis (https://gnosis-safe.io) as a multi-signature app for anything related to the NIM Foundation. All secured with Metamask for immutable and transparent signatures (e.g. for auditors)

The Copyright User can be a DSP (Digital Service Provider like Deezer or YouTube) that uses Metamask to confirm buying Royalty tokens (ROY). ROYs are used for licensing (both User-centric and Service-centric). Furthermore, Metamask is used for Copyright Holders when exchanging ROYs to US dollars or CREATIVES (CCIM).

A subscriber to Deezer will use Metamask to pay for the monthly subscription in CCIM by authorising a monthly CCIM payment to be deducted from the Metamask wallet. The same user will use Metamask to confirm and pay (in CREATIVES CCIM) for individual articles at the Guardian or Financial Times.

More on Metamask!

MetaMask equips users with a key vault, secure login, and token wallet.
MetaMask simplifies the process to begin using Web3 applications. It actually forms the basis for Web3 by supporting the three cornerstones of CopyrightChain(s)

  1. Trustlessness – you do not trust anyone with your assets (you no longer have to trust an authority like a bank with your money).
  2. Permissionless – anyone can download the Metamask wallet. It is not restricted to any single group of people.
  3. Openness – everybody has access to each app’s coding processes and development processes.

NIM believes that a wallet like Metamask is vital for trading and administration in decentralised applications. Everything is transparent, immutable and not susceptible to manipulation. That results in a more fair environment for royalty transactions and execution of Copyrights leases.

Is Metamask safe?

Unlike other centralised wallets, Metamask does not control your data on any servers. All are encrypted in your browser and protected by your Metamask password. If you need to restore Metamask, you can only do that with your Secret Recovery Phrase.

This is different from centralised storage hubs like Google Drive or Dropbox, where a “password recovery” is possible. In order to enable password recovery, the password you keyed in would first have to be stored somewhere. Hence, it is inevitable that such storage hubs keep a copy of your password for this function to exist.

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