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Hdac Technology Introduces its First DApp Project…Expansion of Blockchain Ecosystem is Now in a Full SwingMar 18th, 2020
- ‘WeX’ is a platform for purchasing neighboring copyrights … “Participate in the production of your favorite artists’ new album and get shares from the profits of the songs.”
- ‘WeXDaq’ is a platform which allows individuals to buy and sell neighboring copyrights … Hdac blockchain and coin economy are to be applied to transaction and calculations of profits.
March 18, 2020, Seoul – Hdac Technology(“Hdac”), a blockchain technology company established by Dae Sun Chung, CEO of Hyundai BS&C, has introduced its first Hdac blockchain platform based DApp project hand in hand with ‘Levoist’, a music neighboring copyright platform startup.
‘WeX’, a platform developed and operated by Levoist is a platform which allows fans or individual investors to purchase neighboring copyrights and to participate in the production of artists’ new music. Of the neighboring copyrights induced by the production of a new music, producer Levoist sells its share of rights to individual investors and profits of the music are shared between the right holders.
Unlike other crowdfunding projects, those who purchase shares of neighboring copyrights hold an equal level of rights as the artists and the performers of the purchased music. The purchaser of neighboring copyrights is also entitled to profit distribution, which in the case of neighboring copyrights is valid for 70 years. It is possible to purchase neighboring copyrights with FIAT currently and purchase with Hdac coins will be made possible in the future.
The first project by ‘WeX’, a song titled ’Matter of Time’ sung by Naeun and Jinsol from K-pop girl group APRIL has reached its sales goal last January and successfully launched the single album this month. The project captured a lot of attention by having Hyungsuk Kim, renowned songwriter and non-executive director of Levoist, and lyricist Eana Kim participate in the project.
‘WeXDaq(prototype name)’, an Hdac blockchain-based platform which allows users to purchase and sell neighboring copyrights will be launched in upcoming July. Management of profits made from owning the neighboring copyrights of the music and sales of the copyrights for already released music will be performed on this platform. Deals will be made with 'point's which users can purchase with either FIAT or Hdac coins.
Yong Wan Ju, the representative officer of Hdac Technology Korean Branch, said “We hope this DApp project with Levoist will become a successful example in all aspects including the rise of blockchain use cases, the growth of DApp's business, and activation of Hdac Ecosystem.” He also stated “Starting with this project, Hdac will work towards gathering various blockchain-based commercial cases with market value to improve usability of Hdac to settle the ecosystem.”
Byung-hun Oh, CEO of Levoist, said “We believe the irreversibility, integrity, and security which blockchain technology offers is a must in managing the deals and profits of neighboring copyrights, which last 70 years from the date of the music release, transparently.” He added, “We are happy to cooperate with Hdac, a company which pursues a stable business continuity and owns global marketing ability.”
On the other hand, Hdac participated in raising a fund worth 32billion won with a venture capital company T Investment to develop, raise, and invest in small but mighty startups which possess solutions and to activate blockchain-based ICT services, as well as to expand Hdac ecosystem.