We've read it. And we can't believe it. There's a 28-page proposal to solve the problems posed by DRM and its limiting features, and even revenue and security solutions for the music rights holders. It was submitted by a New York intellectual property rights lawyer Bennett Lincoff to RIAA Chairman Mitch Bainwol and Apple CEO Steve Jobs.

In an open letter to Bainwol and Jobs, Lincoff honored Jobs for his views over the inefficiency of DRM to provide what the customers need. The technology only sorts what the record publishers would ask from it. People, who were enraged or dissatisfied at what DRM did do well, were quick to circumvent (or find circumventions) to rid themselves of the DRM limitations.

Lincoff suggested a whole new approach to the licensing issues. As he described it, the Internet just cannot accommodate "the music industry's traditional sales-based revenue model." Without an alternative business model, Bainwol cannot even begin to think about eliminating DRM anytime soon.

The proposal outlines a totally new approach to licensing music, and this time, it is a fair distribution of royalties. We mean fair, as in only those who actually contributed to the creation and publishing of the music actually get paid.

The entire system revolves around the current system established for public performance licensing. It's the system that allows or disallows certain musical performances from being played in certain territories. Should an artist decide to hold a concert in a certain country, any performance identical to those that will be done in the concert by the real artist will be prohibited.

It's a rather simple idea, but we found many complexities and difficulties in implementing it. Of course, if the music industry is really concerned in intellectual property rights and the satisfaction of their customers, the solution isn't far from reachable. Unfortunately, because the approach is new, it isn't tried and tested. Just like record companies DRM experiments, there is a possibility it could seriously fail.

Click the "Read" link below to hop over to the open letter. A link is provided there to see the proposal.