The TAO Network, a blockchain-based content distribution platform for the music industry, has reached a funding milestone of $100,000 USD through its crowdfunding campaign.
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TAO Network Hits Funding Milestone
Calling its launch and subsequent crowdfund “flawless,” the team behind TAO told press that the wallet has been made publicly available for download at the project’s website.
Following the successful crowdfund, TAO developers plan to use the funds to continue development on this blockchain solution for the music industry. Believing in the blockchain’s ability to revolutionize industries, the team said that their project will change the music industry’s content distribution mechanism.
“I think technology is going to take us to a whole different place digitally,” said Roberto Noriega, who has worked with names such as Michael Jackson, Julio Iglesias and Madonna. “In the end it’s going to be about the song and what you do with it,” he continued.
TAO advisor Dale “D-Wiz” agreed on technology’s ability to change the industry. “Something like the TAO Network that strives to be a public utility,” he said, “would be very advantageous.”
The team told press that tokens purchased in the crowdsale were distributed within 96 hours after its close on August 28.
The NAO Network project began in 2016 with the goal of decentralizing content distributing in the music industry, giving content creators more control over their work. Through this project, TAO developers believe they are “breaking the century old corporate monopoly on content distribution.”
Since its launch, the project has received praise from several influential people inside the music industry, including Roberto Noriega and Miguel Lara, who are associated with names like Michael Jackson, Madonna and Justin Timberlake.
What do you think about the TAO Network? Let us know in the comments below.
Images courtesy of TAO.