Musicoin: A Fusion Of Music & Block chain Technology
I would like to preface this article with a simple fact, I cannot live without music. Whether I'm commuting, exercising or even in the shower, I will always have a song playing in the background. I suspect that I am not alone in this love for music. Therefore, I would like to introduce to you all: Musicoin. The birth child of music and blockchain technology.
How It Works
You can get the full whitepaper here, but in essence, Musicoin is a platform designed to support:
"The creation, publication and consumption of music as a cycle".
The Musicoin system is rooted in its philosophy of "Sharism". This is the belief that content creators, in this case musicians, should be rewarded directly in line with the principle of equal energy exchange. This simply means that nothing can be gained without first giving up something in return.
MC (The Musicoin token), is mined in the same way that popular coins such as Ethereum and Bitcoin are mined. MC can be purchased openly on an exchange such as Bittrex and Cryptopia.
Musicoin also operates via smart contracts, this ensures that correct payments are made, as well as making sure users are receiving the right content. The first smart contract Musicoin currently runs is the Pay-Per-Play (PPP) contract. This contract works by a listener clicking "play", and a transaction taking place whereby the creator is immediately rewarded depending on the amount specified in the contract. PPP is just one example of a smart contract Musicoin intends on releasing. More smart contracts such as PPP are in the pipeline in order to give creators more flexibility in the way they choose to licence their content.
No finite limit has been set by Musicoin on the number of coins that can be mined. However, they hope that a mixture of standard market economics will keep supply ample and the price fair.
The Future
Besides releasing more smart contracts, the creators of Musicoin aim to fully dominate the music-crypto space by eventually allowing tokens to be redeemed for concert ticket and even merchandise. This is huge, because it would mean that Musicoin tokens would have tangible value outside the digital realm. Therefore, immediately giving it an edge over most cryptocurrencies.
Conclusion
Like many new cryptocurrencies out there, the idea is sound. At this point for Musicoin, it is all about execution. If the token can fully deliver on the promises outlined by the developers, then it will most certainly be a coin to listen out for.
Author: @bisade
Musicoin looks interesting
can we earn by listing music ?
How is this different from Muse? It sounds very similar...
I think Muse actually has more interesting features than musicoin. Waiting for that one!
I'm with ya there. I haven't checked to see if BMI/ASCAP has responded in any way about this.
Idea is good but I feel its too early. Musicians will stick to the industry for promotion and success. Maybe in a decade but for now in my opinion its just too soon.
Why too soon ? Lots of independent artists are already liking using the platform and talking about it a lot because they quickly saw the reward, which is night and day compared to any other music streaming platforms.
This is a great concept. Musicians, especially the less popular ones need to rely on shows for most of their earnings because of pirating. This looks like it could be a good way to help get musicians some of the money they deserve. Also a great way to find out about new music. I'm always looking for new tunes, something away from the usual top 40 stuff.
tip! hide
I haven't had a problem with pirating. Corgan, your music isn't good enough to get pirated.
There's some fact in that lol, but I have a few people who listen to my music and will buy whatever it is when it comes out because they want to support me. Also, if someone really wants my music bad enough to steal it I'm happy.
Its a good information. I follow you
You win!
By @fishmon
hahaha love this Mike, can I use it?
You can! Anyone can! Check the link to the artist's blog under the card. @fishmon. Go to his page and he has done like 38 cards like this, all free use, just credit him and you are good to go!
Enjoy!!!
Awesome. Thanks
Wow. Very impressive. I couldn't get my eyes off this post immediately I saw it. Thanks for this information.
It does sound interesting I will be looking into it more. The main thing is getting the artists to use it and it will move out from there. cheers and good luck to you Music coiners!
This is the second platform I heard related to music. There is another coming up, called OPUS too.
I look at the PPP and find myself Pretty Perturbatively Perplexed. As a rule, the song writer, especially if also the lyricist carries the most weight. As a child, I thought that the percussionist/drummer needed to maintain a harmony with the bass. That changed when I hear John Bonham, a masterful technical drummer, synchronize with the lead (Jimmy Page).
Based on subjective tastes, one could claim that Jimmy Page was the best rock lead-guitarist. Let's pretend that is a given. Let's also pretend that Robert Plant was the best rock male vocalist. Led Zeppelin does not reside in their plane WITHOUT Bonzo and the rest of the band agreed.
Then there is Robin Trower who is the draw, even though the late James Dewar, a phenomenal singer and vastly underrated bassist gave skin and sinews to the compositions. Trower was so influential that Robert Fripp of King Crimsom fame took lessons from him. In turn, Fripp's coaxing style encouraged others.
So, will the Proposed PPP exclude the next genius of a genre and thereby invalidate itself? I would like to hear feedback on this please. TIA
I don't understand your question. PPP is extremely simple. The proceeds from the play of a song are split according to the smart contract specified in the license agreement. What is the problem?
I understand that PPP is extremely simple. However, my point had to do with its defect as a piece of a business model in an industry where genius may be excluded from participating, simply because they/he/she opts out as not agreeing to "Sharism."
The PPP (via smart contracts) reference in the Whitepaper allows for adjustments so that the percentages could be radically different than the post-diagram which excluded such a possibility. Still, it is vague all around. A primary emphasis in the Whitepaper was the failure of systems that went before. What I explained would allow Musicoin to CUSTOMIZE the "smart contracts" instead of one-size-fits-all.
Customizing is the salient point and upon which the discussion lies. Therefore, not to appear to be a Wisenheimer, "What's the problem?"