We cannot afford to build the full protocol with the $100k. Our plan is to build a PoC, which we're almost done with. By building a simple music player on the Cardano testnet, powered by tADA, we can prove to a music industry professional that the auto-distribution of music royalties via blockchain is possible. But it obviously wouldn't be the completed version. In fact, we might even have to scrap the PoC and start over, with LOIs in hand.

My plan is using this PoC to obtain Letters Of Intent from record labels, expressing interest in using our protocol to manage their music catalogs. Our hope is that these LOIs will send signals of credibility to investors so we can receive the full amount of funding necessary to build a fully-featured working music protocol on the mainnet.

To this end, we have a very simple wallet-integrated music player. But it still needs UI/UX work. We also still need to finish up our smart contract work (almost done), so the tADA used to play the songs has instructions on which wallets to go to.

Again, It's important to note that this is a simple working PoC. It's not meant to be a finished product. We need millions of dollars to get there, and I believe this is a great first step to onboarding the music industry.

Implemented Jukebox UI including initial wallet integration, audio playback and local playlist.

Implemented smart-contract for royalty payout. Conducted internal code-review of contract; no vulnerabilities identified; reviewed a couple of future features (already on roadmap). Identified one current enhancement for smart contract, and implemented the change.

Deployed development version of content-hosting infrastructure, and integrated Jukebox with its song-library APIs. Integration of content-fetching API with jukebox is in progress.

Drafted data-interchange format accounting for music-playing activities, to be used for shifting funds for withdrawal availability to rightsholders through royalty-payout contracts. Currently implementing code for same.

We've recently completed a very simple working proof of concept.

We have been heavily researching and developing, while also building a crucial piece of infrastructure we'll be able to demonstrate very soon.

We're getting ready to launch something before our protocol launch that will be a big value-add to the community. Very excited about introducing it. This was not written in the F8 proposal, but its something we could easily do.

I'm excited to show the world what we're building!