Coming to the everwave ecosystem, you will probably have many questions about where the DAO tokens ($WVE) come from, where they go, how they transit from one party to another etc. This blogpost is meant to bring clarity to our tokenomics, and help you understand what the $WVE token stands for, how the DAO tokenomics are structured in a way that allows for fine tuning, and what it means to be a $WVE token holder. We will explore in detail all the ways a $WVE token goes out from the DAO controlled pools, and all the ways it goes back to DAO controlled pools.
$WVE is an SPL token. SPL is the token standard for tokens living on the Solana blockchain, just like ERC-20 is a standard for tokens living on the Ethereum blockchain. $WVE has a supply of 1,000,000,000 units, and 9 decimals.
This blog post is a brief overview of how we see music rights in web3 and more specifically, how we see music rights in the context of a DAO focused on collaborative music production.
With everwave, music is made collaboratively between people who, in most cases, don’t know each other. They have no existing agreements with each other, no pre-determination about how their rights as creative collaborators should be split, how those rights should be managed, etc. To avoid problematic situations caused by unjust exploitation or bad faith actors, we've worked to create a system that supports fair and equitable rights management of music created through everwave.
The everwave DAO acts as a central node for the rights management of all the music produced through our platform. Let’s try to break down the construction of a piece of music created through everwave, and see how this would play out:
There needs to be some context explanation before we can get to where we want to go with this piece. If you’re new to the blockchain space, or not familiar enough to be DeFi savvy and understand the concept of liquidity mining in & out, you might need some definitions to understand what’s behind the concept of creativity mining. If you got into the Decentralized Autonomous Organization (DAO) space through the prism of culture and community, this might feel boring and uninteresting as we’ll have to dive into Decentralized Finance (DeFi) mumbo jumbo, but please bear with us as we promise we’ll try to make it worth your time.
As reported & analyzed many times since its inception, Compound protocol kickstarted the concept of liquidity mining by distributing $COMP tokens to its users in June 2020. From there on, most DeFi projects started to adopt this method to attract liquidity to their project and reward users for bringing this liquidity.
everwave is a Solana based Decentralized Autonomous Organization (DAO) facilitating an online collaborative music production platform. Our core product is a webapp where members of the DAO can connect through their wallet, produce music together and get rewarded.
At the beginning of a Wave, there’s a musical idea: one or more Musicians create this seed idea, providing the inspiration for others to contribute to. Anyone coming to the platform can listen to it. Any DAO member can choose to join in by uploading their own parts to the Wave, or by producing a completely different Version using the existing parts.
As the Wave grows, participating Musicians and Producers can collectively vote to close the Wave and mint it as an NFT - or choose to keep the collaborative creation process flowing until they decide otherwise. On top of that, the whole DAO will vote for its favorite Versions from the Wave and the selected ones will be minted as Ripple NFTs (think of these as ‘singles’).