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Ontology is proud to collaborate with ROCKI, a next-generation music streaming service and music NFT platform built on Binance Smart Chain. We aim to provide decentralized identity (DID) solutions to ROCKIās music creators and users to ensure they are authentic andĀ secure.
The market for non-fungible tokens (NFTs) exploded in 2021. According to Forbes, since the start of the year, āthe combined market cap of major NFT projects has increased by 1,785%.ā These projects, which specialise in the creation and sale of tokenized images, songs, virtual real estate, and other artistic creations, are now valued at over $400Ā million.
NFTs offer creators a novel way to monetize their creations. Unfortunately, there have been reports of artists having their artwork sold by impersonators. This is, in part, due to popular NFT platforms lacking a robust verification process for determining a creatorās identity.
The potential for fraud in the growing NFT market recently attracted the attention of the Financial Action Task Force (FATF), the inter-governmental watchdog that establishes standards for anti-money laundering (AML) and know-your-customer (KYC) requirements, which is currently drafting new guidance proposals for both DeFi and NFTĀ markets.
Ontologyās Decentralized Identity (DID) Registration Management SDK will enable ROCKI to prevent bad actors from impersonating artists and help buyers avoid purchasing inauthentic NFTs. Ontologyās DID technology relies on global trust anchors to verify user credentials that can then be used to establish a digital identity across multiple blockchains (e.g. Ontology, BSC, Ethereum, OKExChain).
ROCKI intends to have all creators on the platform go through an initial KYC/AML process to verify their identity. Upon completion of the verification process, creators will receive a public stamp of approval, similar to Twitterās blue checkmark.
Initially, the verification process will be used to verify national ID credentials. However, there are also plans to enable users to verify social media accounts such as Spotify and Instagram. This way, artists with large social media followings will be able to create a robust assortment of verified credentials, leaving little doubt that their NFTs are authentic.
ROCKI spent months searching for a suitable KYC provider and decided Ontology was the best fit for securing its usersā accounts. Their previous partners include Bounce, a decentralized NFT marketplace, and Ankr, a provider of blockchain node hosting solutions.
ROCKI has expressed interest in implementing other Ontology services such as ONT ID. When announcing the partnership, ROCKI wroteĀ that
Ontologyās DDXF (Decentralized Data Exchange Framework) and OScore, which provides credit and reputation scoring based on user ONT ID data, is a powerful tool that may bring further benefits to ROCKIās creators.
Stay tuned for future news and updates about Ontology Networkās progress.
About ROCKI
ROCKI is a user-centric music streaming ecosystem that incentives both the artists and the listeners by rewarding them with its in-house ROCKS token. Specifically, ROCKIās marketplace provides artists with near-real-time royalty payments, paid in ROCKSāāāthereby solving one of the major challenges in the modern, COVID-stricken digital music industry, where most artists have to fight for streaming pay. ROCKI recently received attention from some large crypto media and finance outlets, when dance producer Guy J sold the very first NFT representing 50% of his new trackās future royalties for 40Ā ETH.
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Ontology Providing DID Solutions to Music Streaming Platform, ROCKI was originally published in OntologyNetwork on Medium, where people are continuing the conversation by highlighting and responding to this story.
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