Pitbull Will Invest in a Blockchain Solution For Music Industry

Pitbull Will Invest in a Blockchain Solution For Music Industry

Blockchain may soon shake up the realm of music as Armando Perez, more known as an American rapper Pitbull, or Mr. Worldwide announced his plans to set off a universal blockchain programming contest Smackathon to change the game-rules of the showbiz.

This project will allow the entrants to use Ethereum when it comes to progressive ideas vary from curated playlists to entertainer royalty contracts.

Pitbull’s Blockchain Tug

The rules of the contest appear to be pretty simple. Since the day of announcement till May 25 all the partakers will have to generate a resolution, based on the blockchain. For that, they must utilize an open-source smart contract platform (provided by Zeppelin).

There are no particular criteria for participants. All of them just will have to demonstrate that they are capable of generating an idea that can undermine the current state of showbiz and change it for better.

Later the best ideas will be picked, and high-achievers will get an opportunity to get to Miami and present their project to Pitbull in a finale.

Given the following aspects, the entrants’ resolutions will be judged:

  • Novelty
  • Applicability
  • Framework
  • Breadth
  • Technology

Some entrants might get premium grades, and that is if they use the OpenZeppelin platform.

All the solutions will go through the judgment of four referees, among which there will be Pitbull. The champion crew will get $6,000, and if the known rapper appreciates the idea, he will pile his funds into it to get it implemented. Zeppelin, eMerge Americas and Medina Capital will also support the resolution.

Another Blockchain Bull

Despite being highly successful in the music business (by the age of 37 Perez has won three Grammies), Pitbull is also known for being a continuing businessperson. And about his recent venture, he notified the world just this week – on April 24.

The title of the blockchain "fight" Smackathon that will be reachable for part-takers from all over the globe comes from the famous geek event hackathon. In accordance with Pitbull’s plans, Smackathon will permit people worldwide to apply the blockchain-supported independent platform of Ethereum as they consider new ideas to be implemented in the realm of entertainment.

Smackathon’s event will take place on par with eMerge Americas gathering, which is a yearly technological gathering held in Miami Beach. Its goal is to unite tech-enthusiasts from North and South Americas as well as Europe.

Melissa Medina, the exec VP of eMerge Americas, told CNBC that she has always been into bringing music into the project, so she indeed appreciates the participation of Pitbull in that and even believes his involvement will be something "big" and "special."

According to her words, Pitbull has not been satisfied with some issues (as she called them "frustrations") in the modern music world, so apparently, he is trying to solve them with the help of blockchain. Medina also added that Pitbull keeps in mind what is going to be the future of artists like as well as the obstacles that they are encountering at the moment.