One very exciting cryptocurrency that I am highly anticipating is MUSE. While MUSE runs on its own blockchain, it is still highly connected to Bitshares. As of now, it is possible to buy your very own MUSE from Bitshares. While there are about 1.5 billion total MUSE in existence, the demand for these mythological-themed “cryptos” is very low, which explains their low price. However, after start-ups such as Peertracks would start integrating them in their database, that is when the real demand would flow in. It is currently so hard to imagine a decentralized music platform, because so much of music right now could easily be bootlegged. But, the revolutionary decentralization of the music industry would ensure that artists and their associated counterparts worldwide would gain their fair share for sharing their talents with the listeners.
What I imagine MUSE to be is a type of currency that allows musicians to profit from distributing their songs with listeners. For instance, let’s take a singer who uploads his or her song into Peertracks or any other MUSE-supported platform. In order to listen and download the song, the fan is entitled to pay an IOU in a form of MUSE to the musician. This is where the proceeds would directly benefit the composer for sharing talent with the fans. Let’s go a bit futuristic and innovative about this – imagine the decentralized music network would enable a method to format the uploaded songs in a way to guarantee prevention of illegal redistribution. Or perhaps develop a way to ensure the original composer would get compensated every time the song is played by others who have uploaded it into a network external to Peertracks (Youtube, Google Videos, etc). Off course, this is just a taught, and there is no guarantee the MUSE technology would develop to these terms.
What fascinated me so much with MUSE is the name’s resemblance to the British rock band with the same name. The band has written many revolutionary songs with libertarian themes which show the public’s dissatisfaction with its oppressive and corrupt system of governance. The cryptocurrency’s name MUSE could give a hint that decentralized music industry could also be revolutionary and remove corruption as well as unfair distribution of profits for the artists, features frequently present in the modern centralized music industry. So, let’s see if MUSE could live up to its decentralized music potential.