Musicoin vs. Tradition
Musicoin (traded under the symbol MUSIC on cryptocurrency exchanges such as Bittrex and Cryptopia) is a project within the cryptocurrency realm that is striving to better allow music creators and artists to connect to their fans and listeners.
It is touted as “The World’s First Smart Cryptocurrency For Music”.
Traditionally, but still popular today, an artist or producer would connect to their fans by sharing their media and recordings online through popular social media sites – Facebook, Twitter, Instagram, etc. – where people can not only follow and see what their favorite artists are up to, but also listen to their favorite music as well.
Current Price Of Musicoin
Tradition vs. Artist
The unfortunate downside to using music sharing sites like Spotify, iTunes, and Youtube is that the sites receive the majority of profits per stream/track-play and an artist would give up or share their licensing rights to these popular sites in hopes of gaining popularity.
While this is an effective means to promoting one’s music, the artists themselves are usually last in line to see any profits made off of their recordings – between what their fans pay for subscriptions to these sites, and to whom they are actually listening to.
Artist vs. Blockchain
How Does Musicoin Work?
Musicoin works by allowing musicians to license their work as a Smart Contract, or coded contract, to a Blockchain – a decentralized, public (open) record.
These contracts work as a middle-man; automating the distribution and collection of ‘royalty’ payments to the artist directly.
An artist may take their recording and upload it to Musicoin’s site, musicoin.org, and fans can search and listen on their network similar to other common methods/sites today.
Artists then receive these credits, through what is called a Pay-Per-Play (PPP) method, deposited directly to the artist’s “wallet,” or account. The more popular any given song is, the more credit the artist/uploader would naturally receive.
Blockchain vs. P2P
Other previous methods such as Napster, Limewire, (P2P torrent, Peer-to-Peer sharing) although beneficial to an artists’ material being promoted and becoming known, does not give credit in the form of royalties for a producer’s hard work at all.
By connecting artist and user directly, and keeping record of popularity by track-counting through a PPP network, both are rewarded in a sound matter.
More On How Musicoin Works
As the Musicoin project was first started, the initial issue of who would be supplying these credits to the artists was a question in large; as with any Blockchain, blocks need to be mined, and this requires processing power by a “miner” to validate what can be seen as a “transaction” when any given song is played.
Regardless, as with any cryptocurrency, popularity is what creates value. What better environment for popularity, where the nature of music and music-sharing is focused on exactly that?
How To Publish Your Work With Musicoin
Why Musicoin Works
Referring a post from one of the developers:
“We will make the entry barrier as low as possible for musicians and listeners alike, to avoid the risk of becoming yet another echo chamber of blockchain enthusiasts […] We aim to be generally useful and accessible to the general population from day 1.”
“To those ends there will be a global music catalog, which enables musicians to create and publish their licenses and also funds playbacks out of its own account, as long as we can mine them fast enough, so that listeners can test the system without needing to acquire coins.” – hackermoon.com/
How Musicoin Is Different
More directly to other ‘blockchain enthusiasts’ and coin creators, an issue in large part is the idea of “pre-mined” coins, as it has been seen necessary for initial interest to gain start-up users, does not continue to hold value for any given ‘-Coin’ in the long-run.
Although not necessarily always true, it is popularly viewed as un-sound with any given digital currency (blockchain).
Musicoin differentiates with another point-of-interest:
“We will not allocate any coins at the genesis of the blockchain to anyone. This means there will not be a so called ICO (“Initial Coin Offering”) and no coins will be allocated as payment to the creators.”
Ideals surrounding Musicoin in its creation, making what it seems a sound investment in itself, by the developers.
Opportunity for Large Stakeholder Groups?
Current record labels in the music industry would very much be able to adapt to this system of a PPP network, and benefit from it as well.
This is made possible by the enlargement of MC’s “market scale” by nature – as the greater volume of coins become to be.
Once a part of the MC blockchain, their copyrighted content and works further provide value to this up-scaled music ‘consumption’ – and value is immediately returned to the stakeholder group. Much like a drummer, guitarist, and vocalist as a part of a band for example split ‘royalties’ for any given song (Smart Contract “copyrighted” work), stakeholder’s split profit per their media play shares.
Opportunity for the Individual
Musicoin offers something much different than the traditional way of ‘vast profit margin’ between artist and listener while keeping the very much relevant way people use and share music intact. The profit of one’s hard-invested work is going somewhere, why not directly into the wallets of those who deserve it most?