LGCY x Paction Announcement
We’re excited to announce our partnership with LGCY Network! Leveraging LGCY Network’s L1 blockchain energizes our disruptive music contract management and royalty NFT systems with cheaper and faster smart contract and NFT deployments, allowing us to get artists paid in the Web3 era.
Paction’s mission is to establish a standard for digital legal contracts and smart contracts allowing the music industry to collaborate on a shared blockchain solution that can integrate and replace traditional paper-based systems. Paction will introduce the music business to a Web3 infrastructure that removes costs associated with traditional contract management, improving the transparency, credibility, and speed of royalty transactions.
- Contract management and smart-contract transformation enable the digitization of legal contracts. All legal agreements on Paction are briefed. For users, the briefs present complicated legal agreements in an easy-to-read format, but Paction Briefs are actually smart contracts that turn the elements that are the basis of all royalty transactions into executable code. This creates a modern, modular, and data-driven smart-contract which powers automatic payment execution and settlement on the LGCY blockchain.
- Royalty term extraction and NFT creation allow for the tokenization of participation rights contained within a smart-contract, providing direct ownership for the NFT holder. Royalty share earnings fed through Paction flow directly to, and accrue within, the linked NFT.
- Paction Payment Gateway will allow other music industry participants to automatically and trustlessly pay music royalties to any rights shares represented by Paction contracts and NFTs with ease.
Paction users are anyone in the supply chain including sound recording distributors, mechanical rights organizations, performing rights societies, and record companies
Jennifer Cary — Jenn Cary has 20 years of experience in the music business working directly with artists, managers, business managers, and entertainment law firms. A New York native and a 2nd generation entrepreneur, Jenn Cary studied at New York Law School and followed her career to California in 2006. She has a keen understanding of copyright and contract law, and a panache for music royalties.
Steven Weatherby — Steve has held positions at major labels, as well as top-tier business management firms. Steve is a hands-on leader who gently steers the creatively inclined through big business processes. His sound judgment and insight have established him to be a sought-after music industry advisor.
Morgan Soley — Morgan’s engineering accomplishments span several industries at the enterprise level. Most notably he has spent more than a decade in the music business as a VP-level software engineer and directed development teams in finance and marketing automation verticals, as well as overseeing platform/framework development.
Matt Green — Matt is a progressive leader in spaces where technology and society intersect, Blockchain and crypto being the most recent. He frequently leads diverse teams of engineers, developers, business analysts, and project managers — taming chaos and boosting effectiveness. Matt has directed teams delivering solutions to hundreds of thousands of enterprise customers while working at IBM, Maximus, and Canadian Provincial Governments.
Blake Soley — Blake is a seasoned software engineer with 20 years of experience designing and developing scalable data-driven applications. As a blockchain enthusiast and startup veteran, he sees the potential to go beyond the cloud with Web3 technology, and disrupt industries at a global scale with the innovations of decentralized applications.
About LGCY Network
LGCY Network is a DPoS open source blockchain protocol with an industry-leading transaction speed and flexible utility. Designed to be the most truly decentralized dApp blockchain in the world, the network implements the Libertas Protocol to the Governing Body (GB) system of governance. By splitting up the 27 GBs into three branches, limiting the power of each, and introducing terms to the governance system, no single large token holder will be able to gain an unbalanced amount of power.