Introduction
Recently, Rise In organized a hackathon at Delhi Technical University (DTU) where eight teams competed with creative Web3 and Blockchain projects. In this blog, we will explore the journey of the second-place team, their innovative project, and the perspectives shared by its members.
Project Overview: A Decentralized Audio Streaming Platform
The second-place team undertook a revolutionary mission to transform the music industry. To solve a widespread problem in the music industry, they created an audio streaming platform on the decentralized network. Conventional platforms often set big fees on both artists and labels, leaving musicians with a fraction of their earnings. The team aimed to resolve this problem by migrating the music industry onto a decentralized network, thereby making earnings streams more transparent for artists and users.Here's how their platform works:
When artists publish their tracks on the platform, NFTs are stamped for these tracks.
All these NFTs are fractional NFTs, meaning they can be divided into smaller units.
Supporters of the artists can purchase these NFTs and listen to the tracks.
As the popularity of a track grows over time, these fractional NFTs can be traded for different prices among users.
This trading generates profits for the supporters, and a portion of it goes to the artists with each transaction, ensuring a regular income stream for musicians.
Meet the Team
The team is composed of three core members, each with a specific role:
- Aditya: Responsible for managing the creatives and operations aspects of the project.
- Hima: Takes charge of the technical infrastructure, including smart contracts, front-end, and back-end development.
- Hemang: Smart Contract Developer, An essential part of the team with expertise in smart contracts and solidity.
Inspiration for Web3
The team's journey into web3 was born out of the realization that Web3 is more than just trading and DeFi. It's a growing industry with great potential. They wanted to explore the technology side of Web3 and dive into blockchain development. This work allowed them to look beyond financial aspects and see how web3 could revolutionize various sectors.
Technical Challenges Faced
The team encountered several technical challenges during the project's development. The most significant limitations included creating an in-house music player with custom features and addressing state change errors and routing issues. They also faced issues related to NFTs not minting due to network errors. Despite these challenges, the team persisted and resolved the issues to deliver a functional product.
Valuable Lessons Learned
The project offered several invaluable lessons to the team members. These lessons revolved around teamwork, setting and meeting goals, adhering to deadlines, and adapting their pace as required. They also learned to recognize when they were deviating from the course and how to redirect themselves effectively.
Advice for Aspiring Web3 Enthusiasts
The team's advice for those considering entering the Web3 space or participating in hackathons is simple yet powerful. They encourage individuals not to overthink and to embrace the challenge. The key is to dive in headfirst, learn new things daily, and maintain a mindset that fosters continuous learning and growth. In essence, it's about persevering, enjoying the learning process, and having the drive to make things happen.
Conclusion
The second-place team's journey at the DTU Blockchain and Web3 Hackathon showcases the potential of Web3 to transform existing industries and create innovative solutions. Their decentralized music streaming platform has the potential to revolutionize the music industry, empowering artists and providing a transparent source of revenue for both creators and users. The team's story is a testament to the power of Web3 and the impact it can have on solving real-world problems. We congratulate them on their outstanding achievement and look forward to witnessing their continued journey in the world of Web3 innovation.