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  • 2018-06-12

What is Musicoin?

Musicoin is a music streaming platform built on the blockchain that supports the creation, distribution and consumption of music in a shared economy. Listeners can stream songs from independent musicians on our platform absolutely free and without ads, while musicians are compensated more fairly than major music streaming platforms in the industry.

Musicoin Technology

Musicoin uses the blockchain to power a decentralized, peer-to-peer, platform. Similar to Bitcoin or Ethereum, our implementation of the blockchain allows us to host music available to everyone and transactions that are transparent and secure. It also means that there are no third-parties involved and musicians get 100% of the revenue from their streams.

Free streaming and fair compensation

You're probably wondering how our platform is both free for listeners, and at the same time pays musicians better than any streaming service currently available. We accomplish this by leveraging the blockchain to remove intermediaries an implementing a model called Universal Basic Income (UBI) that supports both listeners and musicians.

Universal Basic Income

UBI is an economic model to ensure each contributor to the platform is fairly rewarded in proportion to their contribution. In Musicoin's context, a UBI pool is created to secure musicians' income from PPP on the platform, at a fixed rate that is fair, uninfluenced by market forces and higher than that of any other competing streaming platforms. This will boost the influx of content from musicians as well as make streaming music free for listeners, therby ensuring deeper penetration of Musicoin into the streaming market. Unlike other streaming platforms, users on the Musicoin platform will be able to stream songs for free and without ads.

Sharism

The concept of sharism, coined by Isaac Mao the Chief Architect of the Musicoin blockchain, is a revolutionary philosophy that incorporates wisdom from the studies of Epistemology and Axiology. It emphasizes the importance of sharing knowledge and value within a community to create a positive social impact. In other words, everyone is valued and is necessary to Musicoin, the miners, the listeners, the developers, the outisde providers and of course the musicians.

The Currency

We designed a global currency (MUSIC) to support the global trade surrounding music and music-related businesses. The currency is not issued by a single entity, but by a network of computers through a process known as mining. This system has been tested and proved by cryptocurrencies such as Bitcoin, Ethereum, Dash and others. Mining involves many computers around the globe running a complex computer algorithm, with the entire network collaborating to generate a currency which can't be counterfeited, can't be “double spent” and can't be manipulated or otherwise damaged through negligence or malicious intent.

Smart contracts

Our smart contracts mean that each stream operates on a Per-per-play (PPP) basis. Every time a song is streamed, MUSIC is automatically transferred to the musician or all parties of a group.

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