Musicoin Blockchain Upgrades to V3.0(“Quantitative Tightening”)May 15th, 2019
//Block reward will be reduced to one fifth to match the economy
https://medium.com/@musicoin/musicoin-blockchain-upgrades-to-v3-0-quantitative-tightening-dfbd36e621ee
The Musicoin Project has released new blockchain software(V3.0), dubbed “QT” (Quantitative Tightening), to support the currency supply cut in response to the real status of the $MUSIC economy. The hardfork will reduce the chain yield to 50 MUSIC/block, from its previous 250 MUSIC/block.
“We’ve been evaluating the economy behind the Musicoin system for a while. The data and findings are really fascinating. Now we have found the best formula in this economy and want to put it into the ledger to reflect our findings. ” Isaac Mao, founder of the Musicoin Project.
Following the empirical data and orthodoxical supply-and-demand model, the Musicoin blockchain team proposed MCIP-8 to the community two weeks ago and collected important feedback before final implementation. The hardfork, projected to happen at the end of May, will start at #5,200,000 on the blockchain.
“Thank god, it’s finally happening ” said one community member in Musicoin’s Telegram channel “We were expecting it to happen long before the whole market downturn. Now it’s time to prove the value of $MUSIC in the real world. ”
The Musicoin Project has served music listeners over 8 million streams up to the present time, and musicians have received over 12 million $MUSIC in return. There is no densely layered music industry structure to suck away that income — 100% goes to musicians’ wallets. More importantly, the playback vs tipping rate has reached 1:1 in general, and tipping from users is becoming more popular especially in millennial groups. It’s a reflection of the fundamental philosophy behind the project.
With the new hardfork, and the adoption of this revolutionary free music streaming service, the $MUSIC economy is expected to grow faster.
IOS:
http://bit.ly/MusicoinAppleAndroid:
http://bit.ly/MusicoinGoogleWorld's First Blockchain-based Streaming App!
- 10/15/2017 Chapter VII: Official support of $MUSIC in Parity wallet 1.8.0
- 09/09/2017 Chapter VI: Preparation for UBI hard fork
- 08/01/2017 Chapter V: Announcing $MUSIC Alliance
- 07/03/2017 Chapter IV: Musicoin partners with MiQ Group to explore the next generation of music experience
- 05/22/2017 Chapter III: Musicoin joins Enterprise Ethereum Alliance as key member of the music industry
- 04/03/2017 Chapter II: Global $MUSIC Repertoire
- 02/11/2017 Chapter I: World’s first smart cryptocurrency for music
What is Musicoin?
https://www.youtube.com/watch?v=MJqd1sakCSkMusicoin is a decentralized platform that leverages the power of blockchain technology in empowering musicians to take full ownership of their content and finances. Our platform is built on a transparent Peer-to-Peer network powered by programmable smart contracts to enable fair remuneration for all musical content and services.
Our Pay Per Play (PPP) smart contract aligns with a musician’s intuitive expectation of a payout, from each single stream of their content. PPP is a smart contract on the Musicoin blockchain that enforces and executes licensing terms to instantly reward musicians with $MUSIC (native currency of the Musicoin platform) per playback. Payments are done in a fair and transparent fashion, and can be automatically divided and distributed to all contributors, such as band members, songwriters, and producers. No intermediaries are required to facilitate payments other than the public ledger of the Musicoin blockchain. Musicoin will leverage the power of blockchain to bring about an equitable environment that is currently lacking in the 100-year-old music industry.
Musicoin’s Pay Per Play (PPP) Model of royalties distribution.Furthermore, removal of intermediaries has allowed Musicoin to transfer most of the value generated from music to the musicians. Below is a comparison table of per stream payouts (in USD) among existing streaming platforms, including Musicoin. As you can see, Musicoin does not distinguish between signed and unsigned artists and pays its musicians at a rate that is at least ~286% higher than its closest competitor, Spotify.
Per Stream Rates from existing streaming platforms in 2017.UBI Economic Model
Universal Basic Income (UBI) is a recent implementation of a new economic model on the Musicoin ecosystem. 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. The rewards from mining are split into the following, 79.6% of each block rewards goes to miners, 15.9% goes to the pool, and 4.5% goes to project development.
By following the UBI model, this will boost the influx of content from musicians as well as make streaming music free for listeners, thereby 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. Free and unlimited music streaming without ads is the critical feature that will distinguish Musicoin from centralized streaming platforms, allowing us to expand radically and capture a bigger share of the streaming market.
Further information on this model is explained in our latest white paper, as well as on Steemit and YouTube.
DJ Deadly Buda and Isaac Mao at Berkeley, California.Musicoin Platform (Beta Stage)
Musicoin's music catalog already filled with a diverse range of songs and genres.
Public musician's profile with personal introduction and social media linkage.
Individual song page where musicians and listeners can communicate and tip each other.
Musicoin's first embedded player is now functional on Twitter.
Share your favorite song on external platforms by using our embedded player source code. 
Our long-term vision is to develop an open ecosystem where outside providers can build music related goods and services on top of the Musicoin blockchain. It is the first step of building a flourishing Musicoin economy (Musiconomy). The Musicoin blockchain act as a foundational layer that will support many new layers of third-party innovations and applications — from tools to allow musicians to release their music onto the blockchain, to apps that allow listeners to discover new music, to new gadgets that plug into Musicoin directly — allowing listeners to enjoy music when and how they want, while still ensuring musicians are compensated for each and every play.
Secondary layers of external applications (from Middleware to Apps) within a Musiconomy.Going forward, we will design, implement and deploy network-wide algorithms that are going to bring tremendous utility and value to this blockchain. Our recently released public roadmap explains our objectives regarding future iterations of the Musicoin blockchain. We aim to continually make our blockchain more Stable, Sustainable, Secure, and Scalable (4S). Each of these 4S goals strives to establish Musicoin as a viable and attractive alternative to the current ineffective models of content creation and distribution in the music industry.
Getting StartedAccount Creation & Song Uploads
Wallets
IMPORTANT: Please do not transfer directly to exchanges from online web or mining wallets. This has been a common issue in the Ethereum community where the coins are stuck in a wallet address 0x00...0, preventing recipients from receiving coins on their end. If you encounter this issue with an exchange, please contact them for resolution. For next time, please transfer directly from your local desktop wallet, parity wallet, or MyEtherWallet instead.
** Wallets currently supports windows and linux only.
Note: If you transferred your coins to your desktop wallet and it did not show, please wait until your wallet is fully synced with the latest block number. You can check the latest block number on the bottom right corner, as well as on the orbiter explorer at https://orbiter.musicoin.org or https://explorer.musicoin.org.Mining Pools
IMPORTANT: Do not believe in pools that offers higher payout than the block reward, it is usually too good to be true. What they're doing is vetting more than 50% majority of hashing power for their self-serving agendas. For delayed and missing payout, please contact the appropriate pool owner to follow up.
Exchanges
In The Press
Musicoin is a standalone cryptocurrency with its own blockchain as the public ledger. It started with no ICO nor pre-allocated any funds to project development. Instead, 100% of the coins are mined by the community from day one. Musicoin is a forked coin of Ethereum. Which means, it was built and iterated from existing technologies of Ethereum blockchain to suit the unique requirements of servicing the music industry. Having a separate blockchain for Musicoin allows us to maintain low transaction fees, and grants us the flexibility to create our own set of conditions within the code-base. In the future, Musicoin will experience the Ice-Age as well as the benefit of Ethereum's scaling technologies, Plasma and Sharding.
Project Launch: Feb 11, 2017
Pre-Allocation: None
System Protocol: Proof-of-Work
Hash Algorithm: ETHash
Network ID: 7762959
Currency symbols: MC or $MUSIC
Total Coin Supply: Uncapped
Coin Emission: 1.5 million MC/day
Average Block Time: 15-30 sec/block
Block Reward: 314 MC
Halving Reward: None
Smart Contract: Enabled with EVM
