Musicoin is a decentralized system where musician and listeners can use for the consumption and publication of music. The system contains a cutting-edge cryptocurrency that has a P2P file sharing network. According to Alan Cross, a journal of musical things, Musicoin will bring a new level of fairness and transparency to the music industry. The system has to potential to bring a change that has never been seen before by changing the way people consume music.
How does Musicoin Work?
Musicoin is a decentralized system for both musicians and listeners. Musicians can license their content directly to a decentralized database called the blockchain. Each time a song is played, a pay per play contract is executed, resulting in a payment from the consumers who are the listeners to the musician. On the other hand, listeners can access music stored on a P2P. Network and pay musicians directly using digital currencies. The system has ease-of-use tools to allow a seamless experience for musician and listeners.
- Sharism: users are able to share their creation online and get paid.
- The currency: Musicoin founders designed a global currency (MC) which supports the Musicoin system. $MUSIC is the money system used.
- Smart contracts: smart contracts are designed to ensure payments are made directly, correctly and immediately.
Benefits Musicoin offer for Musicians
- High industry standards: Musicoin makes cure musicians receive the best rates so that they can focus on building their career.
- Content rights protection: Musicians’ content rights are recorded publicly on the blockchain. Musicians don’t need to worry about copyright infringements.
- Transparent licenses: Musicoin autonomous smart contract provides musicians with easy to understand license terms. They can easily control their revenues in a multi-person band or as a solo artist.
- Fair remuneration: no one takes any percentage of musician’s value. They are given every penny from each playback.
- Interactive engagement: Musicians have the opportunities to deepen their relationship with their fans. They can do so using the Musician’s freemiums feature.
Benefits listeners get from Musicoin
- Free listening: listeners get free and legal access to a diverse music catalog when using Musicians. The catalog is shared by talented independent artists.
- A paradigm shift in music: by joining Musicoin, listeners lead a revolution in promoting equitable sharing environment.
- Enjoy global music: listeners have a wide selection of genres when using Musicoin. Listeners will discover new and unexpected songs they love.
- Direct interaction with artists: listeners can stay up to date with their favorite artists. They will get to know them better.