Become a Musereum Validator and earn ETM tokens with your impeccable reputation!
How it works
The Musereum project is a Proof-of-Authority (PoA) blockchain platform for IP rights management in music industry. The platform will allow music rights holders to automatically license their music assets to business users and private users, stream music to the global public and get paid on a pay-per-play model, distribute shares in their IP rights and keep track of the current co-owners of their music. Since our blockchain uses a PoA consensus algorithm, only a limited number of certain trusted individuals are entitled to verify and sign transactions within the network. Those individuals are called Validators and they run the Musereum nodes, preventing undue influence on the system.
What do Validators do
An individual appointed to become Validator has certain responsibilities:
To run the Musereum node on a server and to make sure that it is operational
To apply critical software updates upon Musereum notice
To restrain from any affiliation with other Validators
To participate in election of new Validators, and to check whether applicants are eligible
To vote for exclusion of Validators who neglect their duties and/or participate in activities that can cause harm to the network
To perform their duties impartially and immediately notify Musereum about possible conflict of interests or any other undue influence
Identities of Validators are made public, and in addition to having their reputation at stake, they are legally bound by the formal agreement with the Musereum Pte. Ltd., under which they perform their duties.
How many Validators are there?
The network will start working with 12 Validators, but this number can be further decrease by excluding Validators or increased by adding new ones. The maximum number of Validators is 50.
How are Validators remunerated?
Our network will generate approximately 25,000,000 ETM tokens per year, out of which 2,5% - approximately 625,000 ETM tokens - are evenly distributed among operating Validators.
Who is eligible to become a Validator?
Applicants need to demonstrate their eligibility by providing a formal proof of reputation and verifying their identity. At the moment we require a valid license of Public Notary of the United States of America as such proof, but in the future we may accept validating services from other licensed professionals in other jurisdictions.