“Musicoin will bring a level of transparency and fairness to the music industry that has never been seen before! It has the potential to completely change the way we consume music.”
- Alan Cross, A Journal Of Musical Things
Today we are excited to announce the launch of the Musicoin Blockchain: the world’s first blockchain designed specifically for music licensing and consumption. Starting today, it is open to miners to create the coins from zero to hundreds of millions every year.
The Musicoin Blockchain will be the foundation of a larger project called Musicoin, which will allow musicians to independently license and release their music such that each playback will trigger a payment from the listener directly to the musician. Payments are nearly instantaneous and can be automatically divided and distributed to all contributors, such as band members, songwriters, and producers.
Proven by Bitcoin, blockchain technology has boundless potential — from cryptocurrencies to supply chains to banking to property titling. Blockchain-based solutions have the ability to decentralize cybersecurity and revolutionize many industries, and the 100-year-old music industry is clearly in need of such a revolution.
Unlike most blockchains, Musicoin has not pre-allocated any funds to the founding members. Instead, 100% of the coins will be mined by the community, starting from today. The blockchain was built upon existing technologies from Bitcoin (1G), Ethereum (2G) and other security measures customized for music licensing, development and consumptions. So it’s a 3G blockchain technology.
Musicoin’s blockchain generates 314 coins per block every 15 seconds to meet the micropayment needs for music consumption. With smart contract technology, the blockchain can run a special machine code called a Pay-Per-Play license (PPP). Whenever (and wherever) a track released by a musician is played the PPP license code will be triggered and the payment from the listener will be automatically divided and distributed according to the terms of the PPP license. These transactions will form what we call the music economy, or Musiconomy.
An example PPP contract, the percentages shown are for illustration purposes only. Distribution can be configured separately for each track.
“Musicoin is exciting because it recognizes that musicians and listeners are the only two groups of people that are absolutely required to be involved in the process of sharing music. By designing a system around those two core elements, you end up with something that is simple, elegant, and in hindsight, totally obvious.”
- Dan Phifer, Chief Engineer, Musicoin
The launch of the Musicoin blockchain is just the first step of the whole Musicoin ecosystem and new Musiconomy. As the foundation, it will support many new layers of innovations — from tools 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. The only limitation will be our imagination.
Layers of Musicoin Ecosystem
Whether you are familiar with blockchain technology or not, you can take a glimpse of the Musicoin blockchain, via http://orbiter.musicoin.org, to see how the blockchain network is growing.