BitSong Blockchain Documentation

What is BitSong?

​ is a multifunctional blockchain-based ecosystem built to empower the music industry. It unites artists, fans, distributors in an environment where music, merchandise, and fan loyalty are assets of value. BitSong’s decentralized ecosystem of services providers the global music community with a trustless marketplace for music streaming, Fan Tokens, and NFTs, powered by the BTSG token.
Brief History of BitSong
BitSong was conceived in 2018 by developer and entrepreneur Angelo Recca. Angelo realized that while the digitalization of music has brought many benefits to the industry, it’s also created a new set of problems around the ownership of music and attribution of royalties. He joined forces with Iulian Anghelin and BitSong was born.
The initial intention was for BitSong to become an Ethereum-based application where fans could stream music and artists could receive royalties directly. However, after discovering Cosmos and its ambition to become the “Internet of Blockchains,” Angelo and Iulian immediately recognized the full potential of becoming part of a multi-chain environment.
After launching the main BitSong blockchain in August 2020, the bitsong-2b mainnet went live on October 21, 2021. Featuring Fan Tokens, NFTs, and music streaming platform, all underpinned by secure, robust, battle-tested blockchain technology, the launch of BitSong marks a turning point in the ongoing development of the music industry.

What is BTSG?

BTSG is the ultimate currency for music, powering all the features of the BitSong ecosystems.
Artists, music industry participants, and fans can use BTSG to:
Buy, sell, and trade Fan Tokens
Buy, sell and trade NFTs
Swap BTSG for other cryptocurrencies on centralized and decentralized exchanges
Stake BTSG to a Validator to help secure the network and earn more BTSG as rewards

$BTSG it is also used to pay fees and facilitate transactions between artists, fans, music providers, and investors.
Our technology is based on open-source principles, allowing for max. transparency and accessibility. Individuals and orgs. from various industries, including but not limited to the music industry, can leverage our technology for their own initiatives and business plans.

2 years since our Mainnet launch, we’ve made significant progress in improving and developing our ecosystem. Our commitment to continuous advancement is highlighted in regular updates on our Github repository.

To offer a more user-friendly environment and a place where all the magic built by BitSong happens, we designed, funded, developed and deployed @Sinfoniazone, a cutting-edge #dApp that enables users to create and manage music FanTokens and NFTs.👇

Sinfonia bridges the gap between Web2 and Web3 technologies, empowering artists and music industry players with innovative tools to enhance their projects. Sinfonia is the only platform of its kind, providing a complete ecosystem of web3 products tailored for the music industry, from technological innovation to transparency and economic fairness

Sinfonia offers a new way of engaging with Fans, creating a more powerful, direct, and transparent environment for all music industry players..

With Sinfonia, artists or their labels can create their own FanTokens, which can be customized and branded according to their needs.

Fans can hold, trade, LP, or redeem their FanTokens for VIP rewards, as determined by the artists. FanTokens are a powerful and innovative tool that allow artists to create a win-win relationship with their fans, while providing unique experiences for those who hold their tokens.

The deployment of the NFT feature on Sinfonia is almost here, and a major upgrade will take place in just a few days. Once this upgrade is complete, all the new features, including the NFT feature, Studio, Media Player and NFT Podcasts, will be available.

BITSONG and SINFONIA are constantly evolving and we welcome you to join us on this exciting journey! Check out our Docs for guides and updates, and stay tuned for more developments in the future.

What is a delegator?

Delegating is an easy way for any BTSG holder to participate in securing the BitSong network and earn rewards through staking. Unlike becoming a Validator, there are low technical barriers to entry for Delegators. Delegators play an important role in safeguarding the network, by choosing Validators who behave in the best interests of the network. Delegators who stake tokens to the best-performing Validators will be best rewarded. Conversely, if a Delegator backs a Validator who misbehaves, the Validator gets slashed and the Delegator loses a share of their stake.

Therefore, the incentives in place for Delegators help to promote a positive balance of power among BTSG holders.
The reward structures for Validators and Delegators are slightly different due to the Validator commission. This is a percentage of revenues that the Validator takes before the rest is distributed to the Delegators in the Validator staking pool.

Delegators can browse commission rates before staking their BTSG, and Validators can only change their commission rate under certain conditions (see section below).
In terms of risk, a Delegator's BTSG may be slashed if their validator misbehaves. See Risks section for more info.
To become delegators, BTSG holders need to send a "Delegate transaction." The transaction should specify how many BTSG they want to bond and to which Validator.

Choosing a validator

In the BitSong Explorer, Delegators can find a range of information about the Validator set, as follows:
Validator's moniker: The chosen name of the Validator candidate.

Validator's description: Description provided by the validator operator.
Validator's website: Link to the Validator's website if they have one.

Initial commission rate: The commission rate that the Validator charges on revenues before they are distributed to Delegators

Commission max change rate: The maximum daily increase of the Validator's commission. This parameter cannot be changed by the Validator operator.

Maximum commission: The maximum commission rate this Validator candidate can charge. This parameter cannot be changed by the Validator operator.

Minimum self-bond amount: Minimum amount of BTSG the Validator candidate needs to have bonded at all time. If the Validator's self-bonded stake falls below this limit, their entire staking pool, including all delegated funds, will unbond automatically.

This parameter acts as a safeguard for delegators. Similarly, when a Validator misbehaves, part of their total stake gets slashed. The slashing applies to the validator's self-delegated stake, as well as their delegators' stake. Therefore, Delegators can use the amount of self-bonded BTSG as a gauge of the amount of "skin in the game" on the part of a Validator.

The minimum self-bond amount parameter offers a guarantee to Delegators that a Validator will always maintain their self-bonded BTSG amount above a certain level. Validators can only increase this amount, not decrease it.

Join us for more information👇

Website: https://bitsong.io/
Sinfonia: https://sinfonia.zone
Sinfonia App: https://app.sinfonia.zone
Twitter: https://twitter.com/BitSongOfficial
Twitter Hispanic: https://twitter.com/BitSongHispanic
Twitter Sinfonia: https://twitter.com/sinfoniazone
GitHub: https://github.com/bitsongofficial/