What is Musicoin (MUSIC)?
Future of MUSIC Cryptocurrency and know how to buy MUSIC

#1: Music: The basics

The pace of the 21st century has not only invalidated phonograph records, cassettes and CDs but also vastly manipulated the growth of internet media to promote and sell downloadable music files. What aspect of the music industry did internet change exactly? First off, it made music accessible for all. It invited people to store any music file irrespective of their geographic location, race, culture and economic condition. Secondly, it made music vulnerable to the threat of piracy.

Whom did it affect? Mostly people who made music for a living. Think about it for a moment--how much do you think you contribute to the artist when you download a music file for free? Chances are, even some of the best-known websites for music streaming services do not bother to have a justifiable remuneration system for musicians let alone websites with questionable authenticity.

What is Musicoin?

  1. According to its whiteaper, "Musicoin is a decentralized platform that leverages the power of blockchain technology in empowering musicians to take full ownership of their content and finances,".
  2. Some estimates suggest that the earnings per stream of a specific track that Spotify pays to artists vary between $0.006 and $0.0084. To restructure this digitized proliferation of music and promote fair payouts to the artists, the Musicoin platform was born.
  3. It is powered by the blockchain technology which in turn harbors a decentralized, peer-to-peer, platform. Just like Bitcoin or Ethereum, the system also claims to be secure and transparent.
  4. The Musicoin platform intends to serve both the creators and listeners equally, instead of benefiting one by extracting everything from the other party.

Musicoin Development

  1. Co-founded by Isaac Mao, an entrepreneur, a software architect , and a social media researcher, the Musicoin system was first launched in Hong Kong. Musicoin website.
  2. Powered by programmable smart contracts, it has the vision to establish an honest remuneration for all musical content and services uploaded to the platform.
  3. When it comes to its long term goal, the community plans to achieve an open environment for all music workers who will be fairly paid for creating musical content and services on Musicoin.

 

#2: What are the benefits of Musicoin?

Musicoin Technology

  1. Apart from its technology, the platform's intent to help the musicians behind the creations is also a major power source. Here's why:
  2. Napster was the first ever peer to peer (P2P) file sharing network which casually published downloadable music files on their platform. As a result, the music files were distributed without any form of compensation to the artist. Unlike Napster, Musicoin does not involve any third party and pays the entire amount raised against the music to the artist.
  3. The platform also uses an economic model known as the "Universal Basic Income" (UBI) which ensures that a contributor to the platform is fairly rewarded in proportion to their contribution. This model is equipped to offer a standard rate which is unbiased and does not depend on its market value and is generally higher than that of any other conventional streaming platforms.
  4. The $MUSIC tokens generated via mining are set to split into two sections. The emission rate is about 314 $MUSIC per block.
  5. One section ie. 250 coins are set for the miners and the remaining 64 coins go to the common UBI pool.
  6. Out of those 64 coins in the UBI pool, 50 coins are reserved for PPP for content streaming on the platform whereas the rest of the 14 coins go toward platform development purposes.
  7. The previous version of Musicoin (v1.0) had a Pay Per Play (PPP) smart contract embedded inside the Musicoin platform that simply offered an amount to the artist whenever his/her music was shared with a listener. To facilitate a deeper penetration in the music industry, the organization implemented the UBI system - which funds these artists. This ensures that streams stay free for users while the artists continue to get paid!
  8. Statistical data shows that the revenue generated by musicians from tips is five-fold higher than their revenue from PPP. In short, it now allows users on the Musicoin platform to stream songs for free and without ads.
  9. The platform offers full ownership rights to the music makers. On other streaming services, intermediaries like record labels, jointly with the specific streaming company suck out 80% of the royalty payments which leaves a mere 20% for the artist who is responsible for making the music. Related to this hilarious mechanism, famous artist James Blunt once quipped "I get paid £0.0004499368 per stream. Beers are on me! Cheers @Spotify" on Twitter. Musicoin aims to change this scenario with its mission and vision, delivering the best applications of today's technology.
  10. Musicians on Musicoin can set their own rate and can customize how each payment is distributed among members involved in creating a piece.
  11. Further, the platform has its own ICO - known as $MUSIC to support global trade surrounding music and music-related businesses. Whenever a listener tips one artist, the amount is paid through $MUSIC. As the website reveals, all the coins are generated from mining.

 

#3: How to buy & store Musicoin (MC or $MUSIC)?

How to buy Musicoin?

  1. Not many exchange platforms currently support Musicoins. Even though it is the required currency you need to buy your favorite music from Musicoin, Bittrex and Cryptopia are the only marketplaces where you can get your hands on $MUSIC.

  2. To avail $MUSIC, you can take a safe but two-step long method. Initially, you have to buy BTC or ETH. Once you own BTC or ETH, you can simply choose to sell $MUSIC in exchange for bitcoin or ether. You can also take a biased shortcut and directly approach people on Reddit communities to offer you Music coins in exchange for fiat cash.

  3. Or you could try, CoinSwitch, the largest cryptocurrency exchange platform. It offers users exchange rates across all major exchanges, allowing them to make the best possible trade from one place.

How to store Music coins or $MUSIC?

If you need to store your $MUSIC you have to sign up for the official wallet that is available on the Musicoin platform. You can directly download the Musicoin official wallet from its website. Currently, no other third-party wallets or offline wallets are known to store Music coin.

 

#4: What is the future of $MUSIC?

Also Read: Complete Analysis of Musicoin | Live Musicoin (MUSIC) Price Charts And Predictions

  1. Technically an offspring of the Ethereum blockchain, the system was first engineered on February 11, 2017 on the base of Proof-of-Work (PoW) model using ETHash as the hashing algorithm for mining and achieving network consensus. Initially, the platform did not have an ICO.
  2. As the white paper suggests, "Unlike ERC-20 tokens, Musicoin does not function within the Ethereum ecosystem. Every feature within the Musicoin platform such as currency, nodes, wallets and the decentralized ledger is iterated from Ethereumcode-base to suit the unique requirements of servicing the music industry."
  3. According to a Musicoin report published on Medium "In 2015 alone, over 5 trillion (5,000,000,000,000) songs were played online. This means that if we assume a rate of $.01 per $MUSIC, the market calls for 50 billion USD worth of $MUSIC in order to sustain itself for a year."

Price history

Date

Open

High

Low

Close

Volume

Market Cap

Jul 20, 2018

0.007611

0.007808

0.006915

0.006957

27,446

5,906,640

Apr 20, 2018

0.019171

0.019171

0.017423

0.018721

333,989

13,382,400

Dec 20, 2017

0.032234

0.035899

0.028071

0.034884

1,335,070

16,466,000

Aug 20, 2017

0.017583

0.019828

0.016184

0.018789

157,597

5,132,920

Apr 20, 2017

0.007221

0.008367

0.006636

0.007065

28,853

791,913

 

#5: How is Musicoin different from other cryptos?

  1. Musicoin is a specific platform-based crypto coin such as Aeron but is lesser known for its outside transactions. However, it possesses a background platform i.e. Musicoin that makes the coin, the only solution to accommodate monetarily transactions.
  2. The ideals of Musicoin platform allowed the organization to release a pre-mining concept which allowed initial users to stream music for free even though the artists were paid from day 1.

 

#6: Should you invest in $MUSIC?

  1. The Musicoin ecosystem is dependent on the overlay of Musicoin economy or Musiconomy. The value of this economic structure largely relies on the content creators a.k.a. musicians who attract consumers to join the platform. This, in turn, nourishes the utility and value of $MUSIC. Even if the digital coin in itself fails to create an impression in the cryptocurrency market, $MUSIC will probably exist for quite some time. Musiconomy only supports $MUSIC as a medium of exchange between musicians, consumers, miners and third-party music related goods and service providers.
  2. To have a successful flow of $MUSIC, its white paper reveals that the organization needs two things to happen successively. One, there must exist a big enough reserve of $MUSIC to empower global musical activity. Two, considering $MUSIC is comparatively new in the market, it needs time to spread far and wide to make its position strong across the globe.
  3. According to a community named "Future Music News" on Medium states that as per their prediction the non-profit Musicoin will have a number of verified users of more than 500,000 mark by the end of the third quarter of 2018. Since it has a long-term purpose to improvise the broken music industry, it has a huge potential for future growth.
  4. Investment in a cryptocurrency is by nature a risky endeavor due to its volatile characteristics. However, if a proper market analysis is done, an apparent result can be estimated to a decent degree of approximation.
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