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