Introduction
Welcome back to The Bluffer's Guide to Cryptocurrency - a layman's approach to understanding Bitcoin and Blockchain Technology!
In the previous blog, I introduced you to one of the many "New Music Industry" platforms that are popping up - Atom Collector Records. If you missed that, check it out here.
Now we'll introduce another new platform in the crypto music world called "Choon", which I joined when it first launched around the beginning of May.
But hold (or should that be hodl) your horses, it's disclaimer time!
Before I begin, I want to emphasise that this is a highly simplified version of what I have learnt from my own research and I'm sharing my learning with you. If you do know this topic inside out, be nice to those who are still learning about this (myself included) and we can grow together.
Furthermore, this is not financial advice and I am not a financial advisor. I am a crypto-enthusiast and wanted to create a guide to help total beginners understand what this is all about. Please seek financial advice from a qualified professional if you have any doubt about how to spend your money.
So with that said, brace yourselves, you might learn something! Shall we begin?
What is "Choon"?
Firstly, for our non-UK residents, the word "choon" is another way of saying "tune". Except "choon" is usually said with a load more o's than you'd expect, signifying that the listener really is enjoying the tune, "Choooon"! (Hands up whilst you're saying it is optional).
This is a new platform that launched its beta at the beginning of May 2018 and is constantly evolving and developing at a rate of knots.
In short, Choon is a website where musicians upload their tracks directly, like SoundCloud, except when a track is played, instead of just the "play counter" going up, the musician also gets a share of crypto tokens known as NOTES. I see what you did there, musical notes...
A share of NOTES?
That's right! Each day, a total of 375,000 NOTES are distributed across the Choon network depending on the amount of streams one gets on their profile. So, if you have more streams from your tracks, you will get a bigger share of the daily NOTES distribution.
Sounds good for musicians but what about the listeners?
Well, I'm glad you asked because recently, the platform just launched what they call "Monetised Playlists" for listeners and fans. Effectively, what this means is that, as a listener, you can add tracks you like in to a playlist. If that track gets played from your playlist, you would also receive a share of the daily distribution of NOTES.
How much would the listener get?
Now that depends on a number of factors. Firstly, musicians can allocate what percentage of their track's stream they want to split with playlist creators, ranging from 0-100%. Secondly, if your playlist gets more listens, that of course means more streams which in turn equals more NOTES. And Thirdly, how many total streams there have been across the whole platform will have an effect on the NOTES you'll receive.
Why would listeners want NOTES though?
This is where it gets interesting. Similar to the ACR platform, users will be able to "tip" other users as a way of showing support. Therefore fans can give back and contribute to an artist's growth, whether it's on the platform or for the musician to invest in themselves to take their productions to the next level.
What other developments are on the roadmap?
Choon certainly are rattling off tasks in their roadmap and, despite cancelling their ICO in July 2018, it doesn't appear to have dampened enthusiasm amongst the Choon community.
For me, I'm particularly looking forward to when comments are enabled and the DJ features come live. Mainly because I love commenting on people's tracks and share the positive vibes but also as I want to make use of the distributed shares from a DJ mix.
As you folks may or may not know, I have a monthly radio show with co-host - DJ Pi - where we showcase various Drum & Bass tracks from the plethora of talent out there and so, this will help get them promotion AND some financial benefit too - teamwork makes the dreams work.
If you want to have a read through their road map and see what's in the pipeline, have a look at their pdf here.
Who created Choon?
Choon's founding team have quite a few respected and experienced figures in the music industry. The main figurehead being Gareth Emery, who has had a lot of success with his Electronic music over the last 15 years or so. His vision, accompanied with the founding and advisory team, is to "completely disrupt the Old Music Industry" - cutting out the middle man by directing streaming royalties straight back to the producer and allowing fans to get closer still to their favourite musicians.
Further information can be found in their white paper, which you can read here.
Why should I create an account?
There's a real change in the air with the advent of crypto music sites and Choon has certainly made an impression on many producers, including this one, as well as continuously updating features in the last 3 months. It has a no-nonsense interface and everything runs as smoothly as it should. They have a responsive Twitter, Telegram and Facebook page so if you do get stuck, you'll be supported swiftly. So what are you waiting for?!
How do I create an account?
You can create your account by clicking this link. You may need to wait patiently though as you get added to the waiting list but you will be notified by e-mail.
Quick Word of Caution
If you are a producer, you are only allowed to upload 100% original tracks or remixes of tracks that are already on the Choon network. If you have tracks released on labels already, you will have to check the Ts & Cs of your contract but best bet is to upload what you're happy with, that you own and can upload without issue!
What about the value of NOTES?
Well, currently, there isn't a value associated with NOTES as it isn't listed on any exchanges so I don't have an answer for that. No-one does at time of writing, it's all speculation. This is crypto... you should know that by now from the last 6 chapters ;)
here - well worth a read. And as he goes in to far more detail than I ever could in this blog series, his other blog about the platform covers the rest of Choon pretty nicely for us.However, an article written by @cryptoprebz that goes in to various factors associated with price is
Ok, time for a time out!
So a brief overview from me of what Choon is about here - along with some further detailed insights from Cryptoprebz will round up the platform description pretty nicely - next up, we'll be scratching the surface of Musicoin ;)
If you are enjoying the series so far, I'd love to hear from you! And if you'd like to feel the high energy of my music, feel free to have a listen to my profile on Choon here.
Now though, it's your turn.
Did you enjoy the article or find it useful?
I'd love to hear from you and if you learnt something new, feel inspired to do some of your own research or felt I didn't cover something well enough, let me know and when I finalise the pdf, I'll make it right!
For now though, take it easy and catch you soon!
Nicky
Contents
The history and technology of Bitcoin
2.1 How and why did Bitcoin come in to existence?
2.2 How does Bitcoin & blockchain actually work (Part 1)?
2.3 How does Bitcoin & Blockchain actually work (Part 2)?Buying Bitcoin
3.1 Being secure with cryptocurrency & wallets
3.2 How to Buy Bitcoin & How Exchanges WorkBlockchain Platforms for Musicians & Music Fans
7.1 Atom Collector Records Part 1
7.2 Choon (you are here)
7.3 Musicoin
7.4 Inmusik
7.5 Steemit
7.6 Channels
7.7 Sola
7.8 MindsConcluding thoughts
Posted from my blog with SteemPress : https://www.atomcollectorrecords.com/blog/2018/07/27/7-2-bluffers-guide-to-cryptocurrency-blockchain-platforms-for-musicians-music-fans-choon/
... excellent series NH - agree with comments here - going forward music block chain sites need to up their offering i.e . additional revenue stream that investors understand - so the winner in this music space will be the platform that introduces additional value e.g. ('tis but one solution) micro ads / bit-sized video ads - this will produce fiat currency that can be traded for notes (notes still need to listed on a crypto currency exchange) - we see a lot of flack about spotify - but we can buy our beans with revenue generated - still cant buy beans with notes - choon is a superb first generation music platform and can only prosper in these strange times of artist revenues of c12% - with a little imagination and support choon could be a real winner for all ...
experience music cryptocurrency blockchain platform choon - for musicians & music fans here
and here
https://choon.co/playlists/6tvjvd14q2/eclectica-electronica https://choon.co/playlists/1knufxdwit/digitaltraffic
Thanks Digital dude and for the discussion points.
I agree that there needs to be more from the site but this is still early days and I believe it will evolve. If they can implement ALL their proposed tasks from the road map then it will be a truly competitive platform but that is years rather than weeks or months.
I would argue that whichever platform creates a "1 button withdraw to fiat" (obviously call it something simpler like "withdraw") which does all the work under the hood so people don't need to have a PhD in how to work exchanges, then that will break down a lot of the barriers.
Of course, if people catch wind of the Bluffer's Guide then they will be well on their way to understanding how it works :D
Choon on! :)
.... and yes, comments, DJ-ing features would be enabler for the platform. Otherwise it will be continued to perceived as milking caw. If they want to build a music platform. It might be also a case owner may hype and quickly grab the goods after coin become tangible. Not to offend the Choon platform, but if anyone designed grab-and-go project it is better be no-comments. If Indie musicians can grab at least small piece of pie it is fair enough. Again not to downgrade Choon or anyone. While so many platforms popped up and will keep coming, it is hard to believe they all survive. It will be tedious to follow each and every thing while this turmoil time (and get nothing at the end).
The happy point I have here is music industry restructuring is somewhat finally happening :) So Chooning full speed!
Absolutely hit the nail on the head there @silentzen - needs to be more than just streaming but the platform is still young and there's a lot to do with it. If nothing else comes of it (and I hope that's not the case), having a re-structured music industry or just challenging the old model is progress :)
Choon have certainly got everyone excited thats for sure and the road map is very well thought out and i like there positive vision for artists and fans alike! Runs sweet even after uploading those phat .wav files which is a bonus on quality! kool and informative well set out post Nick! Nice 1 :)
This is a very exciting time to be a musician and yes, great ideas happening to get listeners involved and I agree with your other points too! Thanks for checking it out and leaving a comment as always Mr C!