Smart Contracts and the Modern Artist

Entrepreneurs, more than anything else, tend to be people who run into a problem or encounter some friction when pursuing their dreams and then create a business because of it. When confronted with a difficult pathway we see an opportunity to capture value.

For me, I always wanted to be a writer. I wanted to write and publish my own book and needed a way to pay collaborators like cover artists and editors. They wanted to know they were going to get paid a percentage of the revenue whether the book sold one copy or one million copies and I had no way to guarantee that.

The solution is smart contracts and Embermine.

Emberine is a smart contract platform that allows everyday users to create and manage their own smart contracts. They can create smart contracts with another individual or with a group of individuals. The idea is to ensure that simple projects or complex collaborations across multiple parties are contractually bound with the same power and strength of an old-fashioned contract drawn up by a lawyer. Smart contracts enable creative artists to collaborate with freedom and still have the general protections that larger organisations or individuals with more clout would typically have.

It’s a huge boon for amateurs and for people just getting into a marketplace.

The Embermine platform helps artists of all types – visual artists, songwriters, performers – to live their art which is part of their life and part of who they are.

There’s lots of different types of smart contracts but ultimately they’re digital agreements between two parties, defined by a very specific set of terms. Working through the Embermine platform, two people can create a digital arrangement that remains in state for as long as the blockchain exists on planet earth.

There is also a type of smart contract which transfers ownership across multiple parties. This is a single contract but a one-to-many relationship – there’s one entity on one side selling a product or service in a certain quantity and a party on the other side providing payment via some type of token.

This form of smart contract is like a vending machine. You take a very specific size and shape of token and insert it into a digital slot and where it falls determines what type of prize pops out. The cryptographic size and shape of the token ascribes the value of the transaction. This type of smart contract could represent a store front or an eCommerce bay and can control revenue and product flow through digital ecosystems.

The Embermine platform helps artists of all types – visual artists, songwriters, performers – to live their art which is part of their life and part of who they are. Through the use of smart contracts they can live the life they want to live. They have a greater sense of freedom knowing that payments owed to them will come their way, which is a sense of confidence that most artists don’t have today.

I knew what that felt like as a writer and an old internet dude trying to figure out how to make this work for me, until I discovered ethereum and smart contracts. From that moment I knew what the future was going to be. Now we’re reaching out to all types of creative industries to help people understand the platform and what we’re trying to generate for them, so that they can educate themselves and learn a little bit more about how these tools can become part of their lives.

We have lots of bands and lots of writers and, of course, lots of artists that are interested, but it goes deeper than that. This goes to coders, to game developers and to developers in general where they could actually be able to create smart contracts to portion out their code and services, all because of the certainty of the blockchain, and get paid in ways they never even dreamed would be possible.

James Drake is the CEO of Embermine.