Blockchain Technology has the potential to disrupt and revolutionize many different business sectors, even apart from finance.
And one of them is the music industry!
In the music industry, there is a constant struggle for transparency, copyright, and royalty rights.
Thanks to the secure and transparent nature of blockchain technology, all of these problems could be solved by combining the two!
What is Musicoin?
Musicoin aims to revolutionize the music industry with blockchain technology.
It's a platform that enables musicians to earn fair rewards for their work again,
Musicoin is not just a currency. It’s an ecosystem - one that enables Musicians to release their works, create simplified licenses, and get paid - directly and immediately - every time a music lover listens to a song.
Musicoin employs blockchain and ‘smart contract’ technology to execute a usage contract along with a payment transaction - automatically and seamlessly - each and every time a listener clicks the ‘Play’ button. No industry intermediaries required. No monthly fees. So everybody wins.
The age of music streaming - and the struggle for artists
The way we listen to music has evolved quite a lot.
From the classic record player, to the radio, cassette tapes, CD's, and finally digital downloads, we have reached the age of music streaming services.
For consumers, these services offer an incredibly wide variety of music for an average price of $10 per month.
But for music artists, this means that they only get paid a fraction of a penny whenever someone streams there song.
This is nothing compared to the times where people had to buy full albums for $19.99 .
Blockchain Revolution
And this is where blockchain technology comes in.
The musicoin project operates on the "Sharism" philosophy, which means that content creators get paid every time someone listens to their work.
Through the native token of the network, MC, the platform then enables smart contracts that ensure the fair distribution of rewards.
These pay per play contracts record every transaction transparently, eliminating the case of fraud or alteration.
Musicoin is designed to support the creation, publication, and consumption of music as a cycle. The system uses a special algorithm to generate a currency called Musicoin (MC), as well as another algorithm to support automated contracts ("smart contracts") which enable creators and consumers to exchange value in a frictionless environment. With a unique currency and a solid contract system, large scale transactions around music becomes possible.
Conclusion / Future Outlook
So in conclusion, Musicoin bridges the gap between music and blockchain, and even the gap between artists and their own revenue.
Musicoin has the potential to disrupt the music business, and enable artists to receive a fair reward for their hard work. Personally, I think this concept has a lot of potential.
In the future, we will undoubdedtly hear more about blockchain and music - and one of the solutions will be Musicoin.
The Musicoin team envisions a long and expansive future for the Musicoin system as a whole. With music being indispensable to life in human society, the completeness of the data recorded on the Musicoin system may eventually serve as a useful source of reference to pre-select songs for playlists using AI. Imagine a machine that plays what it ‘knows’ you will want to hear when you want to here it. That reality is just around the corner, and Musicoin comes designed to integrate seamlessly with such a machine.
© Sirwinchester
Great Post! One crucial thing that’s missing in all music platforms right now is the ability to do easy and convenient revenue splits. What kills a lot of bands and music projects is the sheer amount of administrative work that needs to get done if you want to split the money to the band in a fair and efficient way. Does Musicoin have a strategy to deal with this problem?
That is exactly what this is proposing to do. Is it not? Cut down on unnecessary administrative costs.
Great bro well post and great info thanks
It sounds revolutionary. If it catches on! Fingers crossed.
Musicians deserve to be fairly paid!
gooos info
Good evening, good post, I follow you, you have good material, I like it !!!! I hope you keep uploading this incredible material until later that you have a good night, if you could help me with an upvote I would appreciate it
Did you heard the SoundCloud news? They are close to end the platform. This could be a excellent opportunity to Musicoin take a piece of the industry
Great content as always! Keep it up :D
cool idea, needs a better name
Nice post...
The next Napster...lol! Looks like a high-potential platform though, thanks for sharing
I really enjoyed your post, thank you for sharing with us. Enjoy the vote!
Thanks for sharing! I saw a similar post a couple of days ago and bought a few coins. Can't wait to see how this country develops and takes music by storm!
Wow! Great job friend, you want to create revolution in steemit world, from your work lots of people believed that yes there is a community where a very good people are there. Heads of to you friend, have a great time.
I think you missed putting a link to the home site of music coin i wanted to check it out.. or perhaps i can't see it :)
Very interesting coin tho ill be sure to check it into more.
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Hi. . @sirwinchester. . I have followed you. Thankyou for sharing
Hi sirwinchester, it seems that the musicoin team has moved on and is launching a new token and ICO called musiconomi. They initially said the new token would still use the same musicoin blockchain, but they have since changed course and decided to use the ethereum blockchain instead. This doesn't seem to bode well for musicoin. Would you disagree?
Very interesting! Maybe another part of the blockchain "revolution"?!?