The ethereum network has been getting a lot of hype lately, which is mostly due to the nearly 4,000 percent increase in the price of ether, its native cryptocurrency, since the beginning of the year. At the time of writing, the ethereum network, which is a distributed computing platform that uses blockchain technology to host decentralized applications, is worth nearly $30 billion.
This is partly due to a recent wave of initial coin offerings (ICOs), which are essentially crowd-funding campaigns for ethereum startups, have demonstrated that there is no shortage of ideas for how the ethereum network will be put to use. This has turned some developers into instant millionaires, but André Allen Anjos, a Grammy-winning DJ better known by his stage name RAC, is pursuing a more creative use for the ethereum blockchain.
On July 14, RAC will be releasing his latest album, EGO. Although this is RAC's fifth LP, it is still a notable first for the 32-year-old DJ since it will be the only full-length record that has been distributed on the ethereum blockchain. According to RAC, after he finished recording the album in November he began spending his free time learning about cryptocurrencies like bitcoin and ethereum. After learning more about how the blockchain worked, it dawned on him that it could be used as a platform to release his new album and so RAC set about putting this plan into motion.
"When the price of ether started to go up I looked more into it," RAC told me over the phone. "That's when the lightbulbs went off and I was like, 'oh wow, this is legit.'"
To release EGO, RAC partnered with Ujo Music, a platform owned by Consensys, the largest ethereum development company.Ujo made headlines in 2015 for partnering with Imogen Heap for a single that was distributed on the platform and paid for using the ethereum blockchain.
Other musicians have expressed their interest in the blockchain previously—Pitbull is a ...