NIM is proud to announce that we have reached the first phase in a uniform administration of all Copyrights. Access to multiple services all over the Internet, whether under NIM or any of the partner’s 3rd party’s exchange or payments channels.
You will use the same login and signature service, starting with full Metamask support.
Background Web 3.0
Web1 was a read-only web, Web2 was a read-write web, and Web3 offers an unmediated read-write web, a decentralized Internet.
Web3 enables greater privacy, boosts transparency, eliminates intermediaries, facilitates data ownership and digital identity solutions, and all functionality is based on blockchain technology. In Web3, data isn’t owned by centralized entities – rather, it is shared.
What are dApps and Web3 apps?
One integral part of many dApps or Web3 apps is so-called” smart contracts”. The fact that Web3 apps and dApps use smart contracts means that the contracts’ logic can dictate the apps’ behaviour. In practice, this cuts out the need for a specific company or individual to act as an intermediary
How to Integrate Web3
The main pain point of Web3 development has traditionally been manually setting up a Web3 backend. Not only is this a complex task, but it is also time-consuming and prohibitively expensive (which is why we still see mostly Web2 development). However, with the modularity of NIM, a Web3 application is easier to develop.
Web3 Login standard
We have all lost our login info at some time. And every time you register at a new site (which in itself is tiresome), you have yet another username and password to keep track of.
This is why we at NIM has put a lot of resources into making sure you as a user owns your username, profile data and that you can use the same account across multiple services—all while providing you with secure authentication.
It grew out of the creators need to” control” their own copyrights and to empower their representatives the tools to collect royalties the same way music is streamed — instantly, to anyone, anywhere in the world!
Decentralised Finance (DeFi) and NIM
DeFi is referred to as financial applications built on blockchain technologies, typically using smart contracts. Smart contracts are automated enforceable agreements that do not need intermediaries to execute and can be accessed by anyone with an internet connection and a wallet like Metamask.
Most smart contracts allow multiple parties to interact with each other without needing a centralised intermediary, as with today’s financial markets.
DeFi revolves around decentralised applications, also known as dApps, that perform financial functions on several types of blockchains (including CopyrightChain)
dApps are accessed through a Web3 enabled browser extension or application, such as MetaMask, allowing users to interact with the blockchain through a digital wallet directly.
In NIMs ecosystem, dApps (NIMs and white label partners alike) handle the transactions of royalties and administration of CopyrightShares, always made secure by wallet signatures and access.
How does it work?
A songwriter works with two others to create a new top hit. They register the new song on a white label portal. The registration is confirmed and signed by one of the creators Metamask wallet. The song is registered on CopyrightChain with a unique ID (CopyrightID).
The two other co-writers wallet addresses are registered during the registration (already associated with their ISNI code). All three creators now have access to all registration data like transaction reports and recordings of the song.
The wallet address associated (like the bank account) with the ISNI gives access to information. The SAME wallet address associated with the musical works (compatible with ISWC) is used to receive royalties. In this example, the royalties go to an administration wallet before being distributed to the individual Copyright owners/holders.
The custodian/owner of the wallet can choose to make another wallet custodian of his (like an old fashion agent) or decide to put some of his CopyrightShares out on a marketplace as collateral for investment in the next music project.
The marketplace can, for instance, be where ”investors” find copyrightshares that represent the odds of the music-making a big hit. CopyrightShares can be acquired/leased for a specific price over a finite time. During this period, the ”investor” received all royalties as the creator instead of just the copyright holder.