Muzika’s digital music ecosystem will function as a channel for distributing and publishing music content while providing fair compensation to artists. Fans will also get to partake in all stages of a song’s lifecycle, ranging from sponsorship and production to consumption.Within this self-sustaining ecosystem, community members are rewarded with loyalty points for a variety of community activities, including voting, commenting, posting, and sharing songs. These loyalty points are then converted into Muzika’s utility token, MZK. The ecosystem also provides a direct link between sponsors and artists, enabling sponsors to pay artists directly for their music.All transactions between sponsors, fans, and artists are recorded on the blockchain, which is a decentralized, secure, and immutable ledger.Muzika, which aims to use blockchain technology to revolutionize the music industry, has correctly identified its home court advantage: Korea is already a global powerhouse in the music and tech industries, which are positioned to continue expanding rapidly in the next few years. Amidst the dizzying list of projects emerging in Korea, one startup is notable for its enlistment of strong advisory support from industry leaders. Muzika has attracted key advisors at the forefront of the Korean technology and music entertainment industries to its advisory board.On the tech side, Muzika has recruited former C-Suite level executives affiliated with top tech, manufacturing and investment companies in Korea. The company’s senior advisor Yoonwoo Lee is the former CEO of Samsung Electronics, a global smartphone company with a market share that just exceeded 20% in 2018. Minsik Cho (Business Development Advisor) and Joonkee Hong (Finance Advisor), are outside board directors at affiliated Kakao corporation companies.
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Platform Muzika’s background
Muzika was born in Seoul from the idea of three young Koreans, Inseo Chung, Sangmin Heo, Jangwon Lee, included by Forbes in Asia’s Top 30 under 30 ranking dedicated to innovators from various industrial sectors.Before dedicating themselves to the Muzika project, the three young entrepreneurs created the web platforms Mapianist, MyMusicSheet and KpopPiano, which, according to the press release, have about two million active users and 17 thousand registered music artists from 150 countries.
Business model: MZK- utility token
Muzika is backed by an already established platform called Mapiacompany that has about 2 million active users covering over 150 nations in terms of subscribers and artists from more than 30 nations. Now, in order to create a loyal and incentivized community, the company is going the blockchain route.Drawing inspiration from popular Steemit project’s community, the Muzika Coin (MZK) has been created. The sole medium of exchange within the Muzika ecosystem, it will perform four functions viz. community building, means of transaction for commercial items and service, sponsorships opportunities, and community programs.
In order to obtain MZK, there are three options namely, participating in the ICO, cryptocurrency exchanges, and loyalty points.
THE MUZIKA ECOSYSTEM
MUZIKA TEAM
The MZK token
The MZK token is used to gain access to the Muzika ecosystem. It serves 4 main functions:
Community building: MZK tokens are used as an incentive mechanism to foster greater participation amongst community members. Members earn MZK tokens for creative brainstorming, exchange of feedback, and more.
Means of making transactions for commercial items and services: Ecosystem participants can exchange digital music, sheet music, musical instruments, recording services, and much more using MZK tokens.
Sponsorships opportunities: Users can sponsor artists and become patrons by paying monthly subscriptions to their content using MZK tokens. Patrons will receive exclusive access to the products and services offered by the artist. They will also get to be more involved in the creative process of the music.
Community programs: MZK tokens will also help fund community programs and events like auditions, contests, live streaming sessions, etc. All of these activities help strengthen the Muzika network.
MZK tokens can be obtained by participating in Muzika’s upcoming ICO, or by purchasing the token on cryptocurrency exchanges. They can also be mined through active, loyal participation in the community.
MZK is an ERC20 token built on top of both the Ethereum and Ontology blockchain network. However, in the future, Muzika plans to develops its own protocol blockchain specialized for community-based applications that facilitate all digitized forms of creative works.
Token distribution
Out of the total 1 billion MZK tokens, 20.5 percent i.e. 205,000,000 tokens will be up for sale. The major chunk of the tokens i.e. 40 percent is allotted for the reward ecosystem. Partnership and team both get 10 percent each of the MZK tokens. About 14.5 percent will go to reserve while remaining 5 percent is for advisors.
ICO details
Muzika is launching a reverse-ICO, leveraging the 2 million users from their existing business, Mapia Company to help raise a hard cap of 20,000 ETH.
ROADMAP
Useful Links :
web: https://www.muzika.network/
Ann Thread: https://bitcointalk.org/index.php?topic=5042121.0
Facebook: https://www.facebook.com/muzikanews/
Twitter : https://twitter.com/muzika_official
Telegram (English): https://t.me/muzika_english
reddit : https://www.reddit.com/r/muzikaofficial/
white paper : https://www.muzika.network/assets/mzk-whitepaper-en.pdf
Author : hashan
My bitcoitalk Profile Link : https://bitcointalk.org/index.php?action=profile;u=1685683;sa=summary
Telegram Username : @hcyto
bitcointalk username : dilshanlk