Will MUSICOIN Change The Music Industry??
We all hear what shady business goes on in the music business but this may be a ray of hope. Maybe even a serious game changer. Musicoin promises free streaming and to pay artists instantly. Wait- What?
Okay let’s back up a bit.
Blockchain- What is it? To put it simply, blockgeeks says,
it’s a time-stamped series of immutable record of data that is managed by cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) are secured and bound to each other using cryptographic principles (i.e. chain).
On it’s website, Musicoin explains,
Musicoin uses the blockchain to power a decentralized, peer-to-peer, platform. Similar to Bitcoin or Ethereum, our implementation of the blockchain allows us to host music available to everyone and transactions that are transparent and secure. It also means that there are no third-parties involved and musicians get 100% of the revenue from their streams.
Now for the big question: How exactly does this help get artists paid? cryptolix says,
Musicoin works by allowing musicians to license their work as a Smart Contract, or coded contract, to a Blockchain – a decentralized, public (open) record.
These contracts work as a middle-man; automating the distribution and collection of ‘royalty’ payments to the artist directly.
An artist may take their recording and upload it to Musicoin’s site, musicoin.org, and fans can search and listen on their network similar to other common methods/sites today.
Artists then receive these credits, through what is called a Pay-Per-Play (PPP) method, deposited directly to the artist’s “wallet,” or account. The more popular any given song is, the more credit the artist/uploader would naturally receive.
This is major. Or can be. Corporations have have the profits in a chokehold and the musicians are left with crumbs. Artists have been fighting for a bigger and fairer piece of the pie and this could be an amazing solution. This could really disrupt the industry.
For more information, check out musicoin.org.