I would like to preface this article with a simple fact, I cannot live without music. Whether I'm commuting, exercising or even in the shower, I will always have a song playing in the background. I suspect that I am not alone in this love for music. Therefore, I would like to introduce to you all: Musicoin. The birth child of music and blockchain technology.
How It Works
You can get the full whitepaper here, but in essence, Musicoin is a platform designed to support:
"The creation, publication and consumption of music as a cycle".
The Musicoin system is rooted in its philosophy of "Sharism". This is the belief that content creators, in this case musicians, should be rewarded directly in line with the principle of equal energy exchange. This simply means that nothing can be gained without first giving up something in return.
MC (The Musicoin token), is mined in the same way that popular coins such as Ethereum and Bitcoin are mined. MC can be purchased openly on an exchange such as Bittrex and Cryptopia.
Musicoin also operates via smart contracts, this ensures that correct payments are made, as well as making sure users are receiving the right content. The first smart contract Musicoin currently runs is the Pay-Per-Play (PPP) contract. This contract works by a listener clicking "play", and a transaction taking place whereby the creator is immediately rewarded depending on the amount specified in the contract. PPP is just one example of a smart contract Musicoin intends on releasing. More smart contracts such as PPP are in the pipeline in order to give creators more flexibility in the way they choose to licence their content.
No finite limit has been set by Musicoin on the number of coins that can be mined. However, they hope that a mixture of standard market economics will keep supply ample and the price fair.
The Future
Besides releasing more smart contracts, the creators of Musicoin aim to fully dominate the music-crypto space by eventually allowing tokens to be redeemed for concert ticket and even merchandise. This is huge, because it would mean that Musicoin tokens would have tangible value outside the digital realm. Therefore, immediately giving it an edge over most cryptocurrencies.
Conclusion
Like many new cryptocurrencies out there, the idea is sound. At this point for Musicoin, it is all about execution. If the token can fully deliver on the promises outlined by the developers, then it will most certainly be a coin to listen out for.
