Napster founder Shawn Fanning introduces new file-sharing project

Shawn Fanning, the creator of Napster and a founder of Snocap, Inc., on Friday revealed his plans for a legal peer-to-peer file-sharing platform. Snocap has signed an agreement with Universal Music Group to make the company's entire catalogue available through the new service. Financial terms of the deal were not disclosed.

According to Snocap's press release, the platform will include a copyright management interface, which will allow content owners to control the distribution of their intellectual property among users. The service's main competitor would be Apple's iTunes Music Store, which is currently the most widely used legal source of downloadable music.