Skratch is a decentralized marketplace protocol that connects music sites, artists, and listeners together--allowing them to securely trade products for Skratch tokens through trustless transactions governed by smart contracts.
Sound complicated? It’s easier than you think: Skratch is a digital token (cryptocurrency) that you can use to buy and sell music-related products, media, and services from other Skratch users. Through the smart contract process (and with the security of block chain) your transaction is safer (and more direct) than ever before.
Skratch tokens give users across the global music economy the ability to securely and directly transact with each other on message boards, forums, social media & chat applications. Through Skratch’s secure smart contracts, users can comfortably enter into transactions without the need for a third party. Even better, with Skratch, hosting sites have an opportunity to access hidden revenue on their forums, message boards, and social pages.
Initially, Skratch will be used as a form of payment on UndergroundHipHop.com. With Skratch, you can purchase vinyl records, CDs, merchandise from your favorite artists, even DJ equipment. From there, Skratch will expand so users can trade tokens on the open market.
Skratch will be used on a number of host sites (like UndergroundHipHop.com). A buyer (let’s say a rapper) and a seller (let’s say a producer) enter into a Smart Contract, where the buyer agrees to pay the seller for their product (in this case, a track that the producer created.) Once the seller uploads the product (the track) and the buyer approves that the product is what he’s looking for, the buyer’s Skratch tokens will be released to the seller. The product (the beat) is then released to the buyer. This secure transaction model ensures both parties are protected, and that everyone is happy at the end of the day.
