Musicoin Analysis ($MUSIC)

in #musicoin6 years ago
The following is not financial advice.

Welcome to back The Scoop!

This is the next post at a place where we share analysis and opinions for interesting coins, tokens and pure gems in the vast landscape of the blockchain world. There's so many coins out there, but not a lot of free information (looking at you, paid groups) and analysis on them. The Scoop aims to change that by sharing and improving the data available for a given coin by focusing on evaluating instead of predicting.

What is Musicoin?

All musicians want to get paid more as only a small fraction of artists out there actually make money. Musicoin wants to be that platform to monetize creative content and manage an ecosystem where people can build up creative goods.

More on how it works:
https://www.musicoin.org/how-it-works

Big news recently:
https://www.huffingtonpost.com/entry/volareo-musicoin-alexa-on-blockchain-steroids_us_5a55c4ace4b0baa6abf162ba

"Right out the box, Volareo will be ready to tip musicians. Each device is assigned a unique wallet address pre-loaded with $10 worth of Musicoin."

Quick Technicals

Algo: ETHash / PoW
Block time: 15-30 seconds
Block reward: 314 MUSIC

Where's the wallet?

https://github.com/Musicoin/desktop/releases

Along with the whitepaper:
https://www.scribd.com/document/362834077/Musicoin-White-Paper-v2-0-0

Beta looks a lot like iTunes actually.

How many of them are they?

CMC says ~547m circulating supply with the total supply uncapped. No premine.

More details:
https://bitcointalk.org/index.php?topic=1776113.0

Who's the team?

Leading the team is Isaac Mao and as of mid-2017, there was turnover and a new team being built out.

Creator's profile:
https://www.linkedin.com/in/isaacmao/

What motivates them?
With no premine, it looks like the success of the platform and partnerships increasing the value of $MUSIC incentivizes them.

Marketcap and Competitors?

~46m cap and ~11m daily volume.

Similar projects or target industry...

  • Viberate ($VIB) -> ~97m
  • VOISE ($VOISE) -> ~88m
  • AudioCoin ($ADC) -> ~28m
  • Opus ($OPT) -> ~26m

We suggest you take a look at all these projects and those in this category as growth seems imminent for many.

How is MUSIC different?

They are moving and producing (no pun intended). Super entry on grabbing the ticker $MUSIC as well.

This is quite interesting too:
https://medium.com/@musicoin/musicoin-songs-now-streamable-on-twitter-giving-instant-payouts-to-musicians-4a46e69a5c7c

Pros

  • small cap
  • actual products and services
  • momentum of good news
  • fair launch
  • cool factor

Cons

  • competition (caps could grow together, though)
  • team turnover

Any constructive criticism?

More transparency about the team and internals would be great. It will probably come in time as they all seem busy and productive right now.

Where is it traded?

It can get all the volume it needs from Bittrex.

https://coinmarketcap.com/currencies/musicoin/#markets

The Final

Based on the FA, MUSIC looks like a low to medium risk with high reward potential if they continue to deliver and catch on. Picking it up under 600 sats would be bargain or around 15 - 20 cents would be an upper entry while still expecting solid, crypto-style gains.

And that's your scoop!

Nobody is perfect. See anything I didn't quite get right, or needs correction? Please let me know!
Remember, absolutely NOTHING you read on this blog, twitter or otherwise content anywhere on the Internet by the authors is financial advice, so DYOR and be responsible!
One more time in case you didn't see the first two: this is NOT financial advice! Also, The Scoop authors may hold coins discussed here which may creates some bias, but we try to be fair.
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Found about musicoin about 2 weeks ago. I think if they got more fund, or the founder open some ico to get more people into dev, it will be much better since the concept is quite good. they kinda slow in development imho atm

love the concept anyway, and i mine a bit of musicoin, hope it gains value in 1-2 years,

Just bought some and found this afterwards, very nice article. Thinking of buying one more coin that is in competition with this one. Do you know if we get any rewards by holding music ? Staking airdrops, etc... ? Have to research that and tought asking you, because you probably know more, judging the valuable info that you brought. Thanks.

Thanks!

This video gives more details about the platform and rewards:

Agree your article. I'd probably question the 'team turnover' con. Not sure where you found the evidence to back this up? Please clarify...

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