Musicoin is a blockchain-based, decentralized, public /open project that allows the music industry participants to license their work as smart contracts or coded contracts. The blockchain contract works as an agent with automated collection and distribution of payment to the artist directly.
Musicoin, trading under the symbol MUSIC on cryptocurrency exchanges, is a project being developed with the aim of becoming the world’s first Smart Cryptocurrency for Music where the music creators and artists can connect to their fans and listeners. The project is based on the popular technologies like bitcoin, Ethereum, and others.
Most of the present-day platforms pay a low fixed fee to the artists for the number of views while they continue to benefit from sponsors and commercials. While the musicians get a good quantity of exposure among the viewers, monetarily their share in the profits is very low. Musicoin plans to offer a higher rate of incentive than what is being offered. The musician can upload their recordings to the Musicoin website (musicoin.org) which will enable their fans to log in, search and listen to the recordings at any time, any number of times on their devices.
Musicoin adopts the Smart Contract procedure and runs a special machine code called Pay-Per-Play (PPP) license. The license code automatically activates, when a recording by an artist is played anywhere, at any time and confirmed by the other listeners. The music listeners deposit the transaction fee and enjoy their favorite tracks. The activated code will serve as a performed transaction and the MUSIC tokens are transferred to the artist’s wallet.
Musicoin did not have any Initial Coin Offering (ICO) nor are any funds allocated for the project initiators. Musicoin uses the PoW (Proof of Work) chain and can generate about 314 coins in 15 seconds for micropayment music utilization needs. The company is planning to launch a new algorithm “Proof of Sharing” to deliver music seamlessly to the global consumers. The process of shifting from the current “Proof of work” will be done in a gradual phase.
The Musicoin project is a worldwide project with the aim of offering a profitable platform for everyone connected to the music industry. It offers a feasible opportunity for everybody. Consumers can enjoy the content free and tip the artists while the group of musicians including the band (drummers, guitarists etc) can split the royalties earned. It is a high-potential and a profitable investment.
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