Music streaming service Napster is launching a token on the Algorand network in a bid to move towards Web3 integration.
As Binance Research explained in a research report published in June 2019, Algorand is “a permissionless, pure proof of stake blockchain that ensures full participation, protection and speed within a truly decentralized network.”
Algorand’s aim is “to remove technical barriers that have undermined mainstream blockchain adoption: decentralization, scale, and security.”
Algorand was built by a team of “internationally recognized researchers, mathematicians, cryptographers, and economists along with proven business leaders from global technology companies.” The executive team consists of Silvio Micali (Founder), Steve Kokinos (CEO), and W. Sean Ford (COO).
According to a report by Decrypt, Napster, which was one of the first online music streaming platforms, has announced plans to launch a $NAPSTER token on Algorand. Last month, Napster Innovation Foundation, “an independent non-US entity formed for the purpose of issuing the $NAPSTER token”, released a litepaper (titled “Napster 3.0”) detailing Napster’s intention to improve upon its music streaming service by building on Algorand.
The litepaper stated:
“Now, Napster is going back to its roots and will launch a decentralised music first ecosystem to the benefit of fans, music makers and rights holders. These communities will be empowered by the adoption of the tools of Web3 to unlock meaningful new ways for artists to build sustainable careers on their own terms and for fans to get even closer to the music. The Web3 space provides a unique opportunity to deliver something truly ground-breaking for music makers, their fans, and rights holders. True to our DNA, that will be the focus of our innovation…
“Napster will unlock all the opportunities of Web3 for fans, rights holders and music makers, backed by the Algorand blockchain protocol (the only carbonnegative blockchain infrastructure currently in existence)…
“We believe that blockchain technology, specifically token based incentives, will play a key role in aligning the interests of all stakeholders in the Napster Network. To this end, the new Not-for Profit Non US entity conducting the initial launch of the Napster Network, which we will refer to herein as the ‘Napster Innovation Foundation’, is introducing the Napster Token, (‘$NAPSTER’).
“$NAPSTER is the foundational medium of exchange that will be integrated throughout the products, tools, and ecosystem partners that constitute the Napster Network. In order to bootstrap this new economic system, the Napster Innovation Foundation will implement a series of systems to reward stakeholders in $NAPSTER for completing useful work. We call these systems, ‘Napster Incentives.’
“Initially the Napster Innovation Foundation will publish the conditions to qualify for useful work, but over time we will look to the community to propose, vote and approve new Napster Incentives to determine the future direction of the Napster Network.“
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