[ANN] Musiccoin [MC] Blockchain & digital currency for music
How it works?
Firstly, Musicoin is an open ledger(we call it blockchain) maintained by global users to accommodate every musical works in the world. It can include different type of musical works, from musical score, lyrics to recordings. All the works will be traceable and immutable once it's released. We don't need any 3rd party, the blockchain itself becomes a global music repertoire for musical works and listening history.
Secondly, Musicoin defines a micro protocol called “Pay-Per-Play”(PPP). This protocol will assure a musical work released to blockhcain with a proper license. Once it's released, anyone wants to play the work(or sync, or perform), royalty will be charged and paid automatically. In this way, every playback in the world will be accounted. Other licenses related to music royalties will be possible to defined in similar way.
Thirdly, listeners don't need to go to bank, or paypal, or using cash to pay for the usage. Instead, they can simply pay with a digital currency generated on the blockchain(it's where the the coins come from and distributed to the network). They discover, follow and tip their favorite musics and their creators like enchanting with their neighbors. Piracy? It won't exist any more because it's so easy to access songs rather costing to download from bittorent. To musicians, they don't need to wait for a Godot-like royalty check as well. PPP assure them they can get payment instantly once a playback happens in a corner of the world. Whatever types of musicians they are, they got their fan's support with real currency, not illusionary followers on social media.
The issuance of the coins will be following top cryptographic algorithms to ensure it's not beingdouble-spending, also follow a dedicate monetary curve based on economical needs. So Musicoin the currency and economic scale will be used to measure the whole music industry some years later.
Musicoin is designed for both musician and listeners, but will eventually benefit to the whole industry even traditional players. Old labels can put their copyrighted stuffs onto Musicoin blockchain and keep enjoying the upscaled consumption; entrepreneurs can build more innovative technologies and services to meet diversified demands from the network; Hardware makers can create tangible and wearable the same time smart gadgets to extend the glory of musical devices in our cultural legacy.
If some researches are correct, the only best way to make music industry great again is to innovate and change. We'd call musician and their appreciators all join this great transition, now!
Block frequency: 15 seconds/block
Coins per block: 314-500 MC
Network ID: 31415926
Currency symbols: Musicoin (MC)
Economy: Musiconomy (no halving )
Pre-allocation: 0 (100% goes to miners)
Genesis: Feb. 1st, 2017 (No ICO)
Hash algorithm: ETHash
Smart contract: Enabled with EVM
For a long time, musician was a respected role in society. The music industry was led by many well-known artists, from Aretha Franklin to Rolling Stones; from Elvis Presley to The Beatles; from Lenard Cohen to Bob Dylan. They, along with many others, formed the foundation of music industry, based on the enjoyment of creation.
However, we can't feel the same level of energy in the industry today, not because we are getting old and not keeping pace, but because the whole industry is failing to keep pace with technology, straining under the weight of 100 year old system that adds needless complexity and waste.
Many musicians can see the industry players collecting huge amounts of money everyday. However, very little of that money will be distributed to the creators. Additionally, a royalty check may take several seasons to arrive and will be for a mysterious amount that the musician cannot understand or verify.
Why should you choose Musicoin?
Musicoin is focusing on solving this issue, especially in this new age. It is a platform built upon a highly connected network maintained by artist and appreciators, not only for sharing music, but also for facilitating transactions to reinforce the direct relationship between listeners and artists. The core concept of Musicoin is called Pay Per Play ("PPP"). PPP means a lot for musicians because it links every playback with a micro-payment directly from the listener to the musician. There is no intermediary that needs to be trusted (or paid) to accurately record and fairly compensate the musician. There is also no reason the payment to take any more than a few minutes.
With PPP, a musician can release a musical work with a digital contract bound with a license scheme. Any listener in this network execute the contract simply by playing the work through the Musicoin app. Once the music is played, a payment (in Musicoin) will be paid directly to the accounts described in the contract. All of this happens seamlessly and automatically. Additionally, all transactions are available on the network, proving complete transparency to musicians and listeners alike.
So to musician, it has never been so transparent to understand how their music is being enjoyed through a global network. You can see your new released works being played just one minute ago by an anonymous fan, and you are paid for the playback with Musicoin. The PPP license can be configured to automatically distribute payment to all creators, so you don't need to worry collecting and then redistributing to band members or rights holders.
A new era has never been closer. We need musicians to act. We need to redefine the social contract between music creators and music lovers. Musicoin can provide the network, but we need your support to make it a reality.
Join Musicoin today. Together we redefine a new experience for the industry, experiment it and spread the excitement!
A new paradigm of programming
Musicoin is built upon blockchain technology, so it is by default open to everyone. It is also a profound opportunity for developers to contribute to a new era in music.
For developers who want to contribute
Musicoin is new and young. There is still a lot of space to improve and consolidate the whole system. We welcome any developers to join the core dev team of the chain and help evolve the system, to make it robust, scalable and compatible. If you want to report a bug, request a feature, contribute to the system or translate client applications, please just check out our in-depth guide to contribute to Musicoin. We need all the help we can get! You can also join our community to keep up-to-date and meet other Musicoiners.
To full stack developers
You have a lot of chances to create something new based on Musicoin core architecture. E.g. if you want to create a web service to a group of users with subscription or membership model, you can purchase Musicoins wholesale or build a gateway to help those users to pay through Musicoin blockchain in real time.
To mobile app developers
Mobile app developer may have more interesting ideas with Musicoin. You don't need to run the whole chain on mobile devices (which could be very costly). Instead, you may build some proxies to help end users to acquire online/offline music experience by maintaining the protocol of Musicoin. Different kind of music apps can benefit from this. You don't need to negotiate with music labels any more, just pack and go.
To IoT device makers
There are always interesting devices crafted by makers. Some music devices are very smart, or with design styles. Such devices can benefit a lot from the Musicoin system. They can either directly call a URL to acquire a song, and pay through some gateway, or simply embed a local chain to mine coins when it is idling. For some portable devices, it can play on-the-go and sync to chain later when it is back online. You imagine it.
Unveiling the Musicoin Blockchain
World’s first smart cryptocurrency for music
“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.
Musicoin pool launched 0.9%Fee US, Europe, Asia servers distributed
Musicoin Mining Pool Hub
- 0.9% fee
- Distributes all kinds of rewards. Block reward, uncle reward, uncle inclusion reward, tx fee
- Algo switching
- Auto exchange
- US, Europe, Asia servers distributed
Roadmap of Musicoin Blockchain
Musicoin Project (http://musicoin.org ) June 28, 2017
The Musicoin project was launched on the 11th of February 2017 when the first block of MUSIC was mined. The MUSIC blockchain is a fork of the Ethereum blockchain and was launched without an Initial Coin Offering (ICO) or pre-mine or pre-allocation of funds. Without an initial pool of fund to draw from, Musicoin was and continues to be a ‘labour of love’ of Musicoin developers and community.
We have come a long way in this short span of four months. Along the way, we’ve received plenty of helpful feedback and suggestions from our diverse but united community of miners, musicians, listeners and music enthusiasts.
We carefully listened and considered everyone’s thoughts on how to make Musicoin better for everyone involved. After a lot of careful deliberation, we are excited to unveil a grand vision for this project that we hope will make creating and enjoying MUSIC a joyous and rewarding experience for everyone.
We present to you here an overarching roadmap of our vision for Musicoin. Specifically, we will clearly define the objectives of future versions of the MUSIC blockchain. Our ultimate goal is to make the MUSIC blockchain more Stable, Sustainable, Secure and Scalable (4S). This roadmap will help guide us to achieve these goals.
Going forward, we will design, implement and deploy network-wide algorithms that are going to bring tremendous utility and value to this blockchain. 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.
Without further ado, we present to you Musicoin Roadmap. We hope you will share this exciting adventure with us.Figure 1. Musicoin Blockchain Roadmap In a Picture
Musicoin Version 1.0 (‘Hello’) — Feb. 2017
The current version of the MUSIC blockchain ‘Hello’ is geared towards solving the fundamental problem of unfair compensation of musicians by the streaming music industry. ‘Hello’ was created as a fork of Ethereum and so is empowered by smart contract functionality. In the current version of the blockchain, the smart contract capability of ‘Hello’ is used as a Pay Per Play (PPP) revenue stream for musicians on the Musicoin network.
The ‘Hello’ blockchain, powered by smart-contract functionality, automatically distributes 100% of the revenue to musicians on the Musicoin platform every time a listener presses play. As it stands today, Musicoin v1.0, ‘Hello’ is a fully functional blockchain solution that is powering the rapidly expanding network of Musicoin artists and listeners.
By bringing the power of automation and decentralization through blockchain technology, the Musicoin project has removed all intermediaries between the only two parties absolutely required for a music economy to thrive; the artist and the listener. And by distributing an unprecedented 100% of the revenue to musicians, the Musicoin project has created a tremendous economic incentive for musicians to participate in the platform. It is also the only cryptocurrency project with a currency that provides a tangible utility for the consumer.
Our commitment to the welfare of musicians was a resounding success based on technical, social and economical metrics. In the end, thousands of contributions are made and enjoyed everyday by our community of musicians and listeners.
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.Figure 2. UBI Will Drastically Boost Up Musicoin Ecosystem
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.
Musicoin version 3.0 (‘Walking on the Moon’) — Q3 2018
From this version onwards, we will introduce our Proof-of-Sharing algorithm to the network. To clarify, Proof-of-Sharing is not Proof-of-Stake. Instead, it is a new way to deliver $MUSIC content across the network while serving user demand. During this time, we will prepare to make the shift away from Proof-of-Work. It is important to make sure each part of the network is ready, as the sharing of content will be a key factor in mining a block. The algorithm will evaluate the probability of hit rate matching to a specific file hash from sporadic resources. For the Musicoin network, this is a key component towards becoming a decentralized content delivery network.
Musicoin version 4.0 (‘Life on Mars?’) — Q3 2019
Musicoin originally inherited the concept of the “difficulty bomb” deadline from the Ethereum blockchain. The goal of this “bomb” was to assure miners and traders that the money supply will slow significantly within 2 years since it will be harder and harder to mine a block when this difficulty bomb drops.
In version 4, the difficulty bomb will be removed once we have implemented and demonstrated that the Proof-of-Sharing model works. During this time we will adjust money supply based on trials and feedback from the Musicoin community. Once the network has spread widely and evenly, we will begin to adjust and finalize the algorithm. Our ultimate goal is to make sure the blockchain is scalable and can power a healthy distribution for decades to come.
Further Discussions, Development and Deployment
To be able to deliver on the long term vision of Musicoin, collective opinions from all community members are very important. We are building concrete methodologies that will allow us to implement the vision laid out in this roadmap in the real world, but we can not do it without your help. That is why we have open-sourced all development processes on our Github, under the repository “MCIPs”(Musicoin Improvement Proposals). Here the community can propose detailed solutions, design necessary algorithms and signal the Musicoin network to deploy them. For deployment to the entire blockchain, we will have special MCIP(s) to oversee these proposals and safely upgrade from one version to the next.
The advantages of universal basic income for music creators in version 2.0 are obvious, but implementation will require consensus from community members. Only when we stand together can the Musicoin community realize its noble ambition of creating a future where creating music is as rewarding as listening to it.
- Isaac Mao
- Dipankar J. Dutta
- Dylan Tarre
- Taha Amir
There are many community members have contributed to this roadmap as well. A collaborative document is online forever for commenting.