Report: My First Release On Musicoin - The Smartmoney/Blockchain Platform For Musicians
I just released my first recording on Musicoin, the new blockchain/smartmoney platform for musicians. It was exciting, to say the least, to get my first tip within minutes of my composition going online.
The Musicoin platform is fairly simple. After a musician agrees she/he is not infringing on any copywrites, he/she can upload their digital work onto the blockchain. Each song has its own page with your choice of uploaded graphic and any "liner notes" about the music that you wish to include. There is also a comments section which allows you to interact directly with your fans.
Musicoin calls their system "Sharism." This is how it works. When listeners 'discover" music on the site that they would like to hear, they push the play button to listen to the music. The musician who created the work is rewarded immediately with Musicoin tokens deposited to his/her Musicoin wallet. Of course, musicians have the option to cash out the tokens into their local currency through an exchange at their convenience. Furthermore, fans have the option to reward their favorites with additional tips of $MUSIC token if they so chose.
Currently, the payment the musician gets when a listener plays their song is provided by the blockchain. 314 Music Coins are mined every 15 seconds and 100% of these go to the musician according to the number of times their music is played.
After familiarizing yourself with the website, it is time to hit the "release" link at the top of the page and get verified by linking your social accounts (Twitter, Facebook).
The next step is to upload an MP3 music file and confirm that you are the exclusive rights holder for the entire work, or have obtained the rights necessary to release this work.
On the following page, you upload a graphic, provide metadata about your work and cut and paste any text you may wish to display with the music.
Here is what the Pay Per Play (PPP) contract looks like:
The parties involved in the creation of the work can specify how revenue earned from the song is to be divided up. For example, the contract might specify that 25% of the proceeds would go to the guitarist, 25% to the singer and 50% to the composer. An algorithm administers the system and allocates tokens earned to the appropriate wallets as specified in the PPP contract.
After endorsing the PPP contract this screen appears:
In a matter of minutes, the music is approved, encrypted and saved on the blockchain. The subsequent screen will state that your track has been confirmed:
You can also post links to your song's new page on various social media. Your song's page will look something like this:
While checking out the results, a fan named Isaac tipped me and I responded with a comment. I was earning money within minutes. A very efficient system indeed!
Next, I clicked on the "discover" button at the very top right of the page and found myself on this page:
Needless to say, I was elated to see my composition listed near the top of the page under New Releases toward the right.
Also, you can create an "artist" page. Mine looks like this:
Overall, I found the whole Musicoin process to be easy and straightforward. I actually enjoyed handling the business aspects. What remains to be seen is how profitable it will be. There are many factors involved; how much I promote my pages; the increase/decrease in value of $MUSIC on the financal markets etc.
More details about Musicoin can be found in the White Paper. Here is the Abstract:
Abstract. This article describes Musicoin, a decentralized system for the publication and consumption of music, which combines a cutting-edge cryptocurrency ($MUSIC) to a peer-to-peer file sharing network. Musicoin allows musicians to license their content as a “programmed contract” directly to a decentralized database called a “blockchain”. These contracts automate the collection and distribution of royalty payments and remain in the control of the artists themselves. Listeners can access a global catalog of music stored on a peer-to-peer network and pay artists directly using digital currency, based on their usages. Ease-of-use tools can be designed to allow a seamless experience for both listeners and musicians, and an open protocol will allow third-parties to build a rich ecosystem of value-added software and services. By providing a distributed and highly transparent platform that connects musicians and listeners directly, Musicoin lays the groundwork for a new age of music that is sustainable, borderless, and fair to all stakeholders.
It's time for the century-old music business to take a rest and let the new smartmoney/blockchain model take over. The old ways may have served a purpose, but the discombobulated music industry is long due for some changes, especially when it comes to rewarding musicians for their efforts to bring cultural enjoyment to us all. Musicoin provides an elegant way to do this.
Please play my song, Sounds Of The Singularity at least for a few seconds, so I can see how it works and get paid;) The reward comes out of the blockchain, so it does not cost you anything to play my song and reward me. I realize that this particular work is extremely experimental and non-conformist, but you might check back later when I have had time to upload some tunes that are easier to listen to. A more representative example of my music can be found on @SteemRadio:
https://steemit.com/steemradio-chill/@transhuman/transhumanity-quiet-village
Or on SoundCloud:
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