MUSICOIN, an use case for Bitcoin Cash?
Musicoin is a decentralized platform that leverages the power of blockchain technology in empowering musicians to take full ownership of their content and finances. Our platform is built on a transparent Peer-to-Peer network powered by programmable smart contracts to enable fair remuneration for all musical content and services. Our long-term vision is to develop an open ecosystem where outside providers can build music related goods and services on top of the Musicoin platform.
Our PROJECT VISION could be share with Bitcoin Cash adopters?
Our vision is to establish our brand as a global music platform that provides fair remuneration, distribution, and exposure for independent musicians. Our approach in product awareness is global in scope and local in execution. Since our project’s inception in February 2017, we have served 7,431,984 streams to listeners, paid 13,618,485 $MUSIC to musicians. This is just the beginning as we continue to iterate and build the platform in a way that is more intuitive and user-friendly to musicians, listeners and outside providers.
And MARKET too
In recent years, the recording music industry has seen a considerable boom in revenue due to rising digital sales. IFPI (International Federation of the Phonographic Industry) reported an industry growth of 5.9% in revenue in 2016, the fastest rate of growth since 1997, with a market capitalisation of $15 billion USD. The graph below shows industry valuation beyond 2016. The music industry is projected to achieve exponential growth and double its market capitalisation ($26 billion USD) by 2020. Moreover, revenue streams such as streaming continue to grow with a huge upside potential, while revenue from performance rights and synchronisation remain undervalued within the industry.
Pay Per Play (PPP) Smart Contract
Our Pay Per Play (PPP) smart contract is the first of its kind in the cryptocurrency space and is designed exclusively with the interests of musicians in mind. All musicians on our platform retain full ownership of their content, and are rewarded fairly and automatically through autonomous smart contracts. It brings a new level of transparency and clarity to the music industry that is plagued by complex and obtuse licensing contracts.
Our PPP smart contract aligns with a musician’s intuitive expectation of a payout,from each single stream of their content. PPP is a smart contract on the Musicoin blockchain that enforces and executes licensing terms to reward a certain fixed amount of $MUSIC (native currency of the Musicoin platform) per playback. Within seconds, the payment goes out directly to the owner of the license for that musical work. No intermediaries are required to facilitate payments other than the ledger of the Musicoin blockchain.
Moreover, the PPP smart contract can be designed to execute immediate split of revenue to several beneficiaries (Figure 6). For example, a PPP contract of a license for a four-person band can enforce a split payout of 45% to the main musician, 20% to the songwriters and producers, 10% to the guitarist and 25% to the drummer. The use of this contract allows us to avoid unnecessary costs in content acquisition by removing all middle-men involved and thereby distribute 100% of the earnings to the musicians.
Removal of intermediaries has allowed Musicoin to transfer most of the value generated from music to the musicians.
How can you help the project?
Helping developing Proof of Sharism algorithm from POW to Masternodes consensus. The more you share, the more you receive.
Musicoin has been created to support artists and develop a more efficient economic model to better serve music.
So join the projet if you are an artist, a music passionate, a coder, a BCH crypto believer to cross-chain MUSICOIN WITH BITCOIN CASH
Musicoin White Paper and Musicoin Ambassador Program
This is a amazing idea ! As a fellow musician ! I pledge my full support