LexDAO discuss Web3 music legal landscape concerns and ways DDEX could potentially help solve them
Pushing towards fixing legal issues within the music sphere, legal engineers have joined forces to work at LexDAO, an unincorporated nonprofit association aimed to accelerate online agreements.
Using deterministic tools to interpret frameworks for figuring out new models for the Web3 system, its goal is to help make ownership of music rights and co-ownership for musical systems on-chain easier to execute.
Following this, it hopes the standards-setting organization based on the creation of digital chain standards, DDEX, will soon support the database qualities it has developed in Web3.
How Are Web 1, Web2 and Web3 Different?
Web1, Web2 and Web3 consist of different facilities for interacting with end users. Here's are the differences between all of the web technologies:
Web1 is a "read-only" web, showing only online pages. It consists of minimum user interaction, allowing users to only read and search information, rather than email and discuss topics.
Web2 is a "read and write" server, allowing users to communicate better through social media channels, as well as allowing users to tag, comment and link to the content of the web pages.
Web3 is a decentralized internet built on the blockchain. It provides broader searches for information through simpler interfaces; specializing in analyzing search engine information. By gathering all information on a Cloud database, the information it holds can be easily connected on-demand.
The Importance of Web3 for Music Standards
Thus, one of LexDAO's legal engineers believes Web3 is the way forward for bettering music standards.
Kyle Smith (Bestape), LexDAO Legal Engineer, commented: “Web 3 is the most backward compatible with mostly closed source legacy systems. DDEX could make additional standards to meet Web3's needs, such as new types of royalties from NFTs. “Ultimately, the way to get all due royalties to creators, not just Web3 royalties (e.g., SOCAN royalties that come from government-mandated tariffs), is to properly log creator contributions using DDEX standards.”
Based on information consumed when discussing security measures with DDEX, Kyle discovered music companies unlikely captures the benefits of Web innovations over still having a pre-Web1 philosophy.
“DDEX has direct access to Universal, Warner Bros and other entertainment giants. A member from the firm proclaimed to me that the music industry treats its data the same way it did when I worked for BMG – as private information handed out sparingly to a few close business partners," added Kyle. “I view this as a pre-Web1 philosophy based on offline databases and assume music companies aren't dealing with the Cloud, whether it be good or bad."
Encouraging Web3 Open Sharing
However, in regards to DDEX not focusing on open sharing and Cloud use in Web3 standards, he believes the firm should partner with The Graph.
Partnering both firms will allow Web3 data to be accessible for everyone, allowing anyone to build, publish and subgraph on networks such as Ethereum and IPFs. “What I propose is DDEX makes money with its databases through The Graph or other comparable marketplaces, to leapfrog over Web2 entirely,” he concluded. Interested in joining LexDAO? Click here to find out more.