Topic: [ANN][$MUSIC] Musicoin Blockchain Upgrades to V3.0(“Quantitative Tightening 🎸 - page 88. (Read 287572 times)

Musicoin Version 2.0 (‘Heal the world’) — Q3 2017



The success of ‘Hello’ allows us to continue to move forward on our path; and with each passing day, brings us a step closer to Musicoin’s full potential. Because of our impressive early success, we now have the freedom to think outside the box in search of ideas that can revolutionize the music industry. If ‘Hello’ was a proof of concept, our next version, ‘Heal the world’ is much closer to our vision of the future. So far, we have validated our concept and witnessed growing adoption of the Musicoin platform while providing limited initial subsidy (sign-up bonus) to listeners to encourage and spread adoption.

However to radically increase the adoption of our platform by listeners (end-users) and thereby broaden Musicoin’s adoption and acceptance by the broader music community, we are introducing a groundbreaking new concept in cryptoeconomics, ‘Universal Basic Income’(UBI) for musicians. Once UBI is implemented, listeners will not have to pay for streaming music on the Musicoin platform. Instead, it will be completely free for listeners to stream content on the Musicoin network. The payment to artists for streaming content on the platform will come from a pool of funds reserved for this specific purpose. That pool will be funded by reserving a percentage of every block mined on the MUSIC blockchain.

Universal Basic Income as revenue for streaming content on the platform will guarantee a fair and steady source of revenue for musicians and make streaming content on the platform free for listeners. At the same time, it will separate creating and enjoying music on the platform from the market price of $MUSIC.

The goal of UBI is to boost consumption with system-wide subsidy for listeners thus stimulating the whole economy. Because end users don’t pay for playback, they can simply relax and enjoy the content on the platform. A portion of coin issued on the blockchain will be automatically reserved for future music consumption. Each stream of music (PPP) will still generate revenue for the artist (PPP) but this payment will be covered by miners instead of listeners.

Listeners who stream content for free on the platform will be able to use their $MUSIC to tip their favorite artists. This will provide a strong economic incentive to the artists to continue to generate high quality content and cultivate a loyal fan-base. The amount of $MUSIC spent on tipping will be entirely up to the end users.

To summarize, Every time an end user listens to a song, the system automatically pays the musician a predetermined amount of PPP, with funds reserved for UBI, without any cost to or intervention from the listener. Moreover, if the listener likes the content, and decides to tip the musician, they can do so with however many $MUSIC coins they want.

The implementation of UBI and a set of APIs will present a vast opportunity to developers to build value-added services on top of the MUSIC blockchain and increase its utility and value. It will make it free for every listener to enjoy music on every app and service that will be built on top of the MUSIC blockchain. This concept has never been attempted in thr traditional music industry, and we hope it will revolutionize the existing paradigms of content creation and distribution in the music industry.