Musicoin Relaunch apply to Bakeryswap IDO (draft)
Starting from this previous documentation (please take a look before to go forward) where we analysed the tokenomic model. Here we are going to apply to the positive response we have had from BakerySwap for an Initial Dex Offering (IDO). It will be the first step into the tokenomic model deployment and a real use case to verify the long term economical sustainability of Musicoin Pay Per Play smart contract, in order to provide artists a fair play.
BSC is a Proof of Staked Authority, that reduces enormously gas fees, increases efficiency and number of transactions. However at the expense of decentralization it is actually one of the trending chains. What is BakerySwap? It is a decentralized exchange adopting the automated market maker (AMM) model most people know through Uniswap. It is the best place to start on BSC since Bakery is making NFTs popular. With Musicoin, Bakeryswap will benefit from a real utility token in the real world based on songs and artists, two ingredients Bakery could need to develop their NFTs aggregators program.
Musicoin is the first Music blockchain project since 2017, with a strong long run community, with more than 6000 artists and ambassadors. With innovative Pay Per Play smart contract, with a proven verification artist process. Here you can see the Musicoin Relaunch dedicated page, the White Paper or simply our musicoin.org. Our songs are waiting to be deployed into a new blockchain, since we swapped into a new ERC20 token and we are migrating to Skale sidechain. Musicoin is currently a bit frozen and this IDO could be like the spring sun that makes the flowers bloom. Our artists, Musicoin community and Bakery Community could benefit from this IDO directly and synergically. Let's see how!
What is an IDO on BakerySwap?
For now, BakerySwap has successfully launched many IDOs which have achieved great performance. They will conduct a multiangle analysis of the application form to ensure the project quality. There are some rules that Musicoin needs to fit to participate in the IDO. Take a look to the pasts successful IDOs https://bakeryswap.medium.com
BakerySwap is the 1st AMM+NFT exchange on Binance Smart Chain. At present, BakerySwap not only has automatic market maker (AMM) trading, staking, liquid farming (also often called Yield Farming) and other functions. BakerySwap also provides a NFT trading market, as well as Launchpad according to market demand. Provide IDO services to some decentralized projects which are with unique plans and innovative awareness.
What Musicoin needs before applying to the IDO ?
1. A name of the token : Music Power (MUP)
Let's see why this could be an appropriate and coherent name. The best could be to try to ask Binance if we can use Binance Music Power (BMP) but maybe I'm dreaming a little too much even if this name could be important from the point of view of visibility, security and coherence about our project on BSC. So if it would be appropriate for Binance we could use it. Nobody used it yet and could have a positive feedback for Binance too since Musicoin works to provide artists with a way to value their work through Pay Per Play smart contract, one of the first examples of de facto NFTs (see point 8. Annexes). Furthermore, they share the same logo color and they started the same year :)
This name is not mandatory, if we do not have Binance's consent we will use Music Power (MUP), even we can also opt for Orchestra (ORC) or Concert (CON). Please share your thoughts in the dedicated telegram group t.me/MusicoinNFT. We can even ask Bake to use like Bakery Power Music, but we cannot use $MUSIC (BEP20) yet, because it is not a real bridge with $MUSIC (ERC20), with burn/swap smart contract running and it would confuse the community in the future (see point 4).
2. Shared, transparent and defined Settings In Token Creation : MUP (BEP20)
- Token Name: Music Power
- Ticker: MUP
- Total Supply: (?) to allocate them regressively in 10 years through smart contracts with LP, farming and NFTs.
- Token Contract Address: ?
- BSC Link: ?
- Initial supply from IDO : 20 000 000 (?)
- Initial Price : 1/10 000 BNB around 0.02/0.03 $USD (?)
- Marketing and Community Rewards : Only through farming and NFTs .
- Development Fund : 10% of the initial supply 2 000 000 MUP (?) to devs, ambassadors and/or a part of trade fees (?) even allocating to them regressively in 10 years.
- Pre-Sale: None
- Private-Sale: None
- Public-Sale: None only through IDO Liquidity Pool.
- Initial Bakery liquidity pool: 2000 BNB <-> MUP 20 000 000 (?)
- Can Burn: None
- Can Mint: only through smart contracts => LP, farming and NFTs until max supply reached, regressively in 10 years.
- Can Pause: None
- Can Blacklist: None
3. Run the IDO with the pair MUP/BNB
All rules, policy and technical points must be established with the Bakery Team together with the Musicoin community. We will greatly appreciate their support, coordination and understanding of the purpose of this IDO: artists and music. This document represents a first draft of the final agreement about the IDO conditions.
4. A community driven decentralized exchange : $MUSIC(BEP20)
After have created MUP in order to reply to the Bakeryswap IDO, take a look to their BakerySwap Medium Blog, we will create the $MUSIC(BEP20) = $MUSIC(ERC20) for a bridge with a pegged MUSICOIN BEP20 on BSC.
We should call it BMUSIC to reduce misunderstanding for our users. Like BETH and BTCB already running on BSC with the same price as ETH and BTCB.
BMUSIC(BEP20) = $MUSIC(ERC20) it will be a bridge to allow to exchange $MUSIC with lower gas fees and to join a trending blockchain with a lot of traction right now. It will allow the Musicoin community to be less dependent of only one Centralized Exchange even if we really appreciate the special support Dove Wallet provides to the project. Take a look, it is not so difficult to create one; it is enough to provide some $Music (ERC20) and some BMusic (BEP20) to burn for the bridge. Take a look at this video to see how it works. https://youtu.be/LFoTlG-4TmU
5. Liquidity Providers
For this IDO, if you provide liquidity to the MUP/BNB pool, you’ll receive MUP/BNB BLP tokens. You can then stake these BLP tokens to farm MUP. If you simply want to buy MUP on the open market instead of farming it, that’s also possible.
6. Music farming
So let's have a look how to set up the Music Farming on BakerySwap? What can be staked in order to receive earnings? What can be earned?
What can be staked ?
- Stake BLP
- Stake MUP or any other currency Bakery will propose
What can be earned ?
- Music Power MUP (BEP20), like in every BakerySwap IDO launchpad
- NFTs Music Share MUS (NFT), that's the new token I would like to introduce to you in this document in order to create a circular tokenomic model and make it sustainable in the long run. This part of the project is the most important and it will be deployed at a later stage, but I introduce this proposal here in order to show how it could benefit artists. Maybe it could be integrated with a BakerySwap INO in the future. Let's see how :
7. Music share (NFT)
What is this Music Share MUS ? It is an NFTs minted to share part of lifetime royalties generated from one specific PPP song trought Bakery Swap marketplace. Inside this NFT the artist could include other features like : concert tickets, merch, vinyl, CD, private concerts, web concerts, showcases, music classes and so on. The max supply of NFT from each PPP will be fixed and displayed.
How to mint MUS ? By simply stake your BLP or MUP directly on a PPPs song page of one of our 6.000 artists. By starting staking BLP or MUP on a PPP song, the MUS will start to be minted in order to generate reciprocal earnings. The longer and the more you stake (% pool share), the more MUS you'll mint. This function already exists on BakerySwap with NFT pools but I think it must be implemented.
Reciprocal earning (sharism). The artists provide music, the fans provide liquidity and both share the royalties MUS necessary to generate earning MUP. Both will be even able to comfortably communicate through the song page on Musicoin, set common goals, form a friendship or a business on the long term.
Here is an example (picture above) of how we could set up the Music Farm on Musicoin in order to mint Music Share NFT from a specific song. I’m not sure about the technical issues regarding connecting wallets, I’m only sharing the economic relation between a PPP song and BakerySwap.
How to earn ? The more MUS you own from one PPP song (NFT pool) the more MUP you earn from that PPP.
Where does the earnings come from ? Trade fees like in every LP, deposit fees to be set up between 4 and 10 %, streaming from Pay Per Play (?) and .... (I really appreciate some advices from BakerySwap on this topic)
And here the reciprocal page of the MUS owner on BakerySwap. It looks like a playlist and it represents all PPP songs where a Bakery user has staked his BLP or MUP. So also the other BakerySwappers could listen directly from there and participate to raise the royalties for Musicoin artists, or it could be shared on social networks in order to get more exposure. That’s Sharism in action.
NFT marketplace. Once all the MUS from one PPP are minted, they could be even traded inside the marketplace and the fees from the trade will add value to all NFTs of this PPPs song.
I introduced this last point (7) because it is the one that completes the virtuous cycle to be created between BakerySwap and Musicoin. Perhaps it is a little complicated to understand and integrate, but we are in no hurry and someone has to take care of the music in this cold crypto world.
I did not want to go into too much detail so as not to complicate understanding, but please do not hesitate to ask questions or add advice. This is a joint work between two completely different platforms, with two different communities and two different teams. This diversity can certainly be an asset for both communities.
8.1.Pay Per Play (PPP) Smart Contract
Our Pay Per Play (PPP) smart contract is designed exclusively with the interests of musicians in mind. All musicians on our platform retain full ownership of their content, and are rewarded fairly and automatically through autonomous smart contracts. It brings a new level of transparency and clarity to the music industry that is plagued by complex and obtuse licensing contracts. With our PPP smart contract to enforce and execute licensing terms, musicians can receive instant payments based on each playback. No intermediaries are required to facilitate payments other than the ledger of the Musicoin blockchain.
8.2. Musicoin PPP are already NFT and can be aggregators to stake LP token?
Let's assume that our PPP smart contracts already represent a Non Fungible Token both economically and technically.
Wikipedia definition : A non-fungible token (NFT) is a unit of data on a digital ledger (a blockchain) where each unit can represent a unique digital item, and thus the units are not interchangeable. NFTs can represent digital files such as digital art, audio, video, and other forms of digital creative work. While the creative works themselves are infinitely copyable, the NFTs representing them are tracked on the blockchain and provide proof of ownership of the NFTs to the buyers. NFTs conform to different token standards on different blockchains such as Ethereum.
If I'm not wrong, also PPP is a unit of data on a digital ledger, it represents a unique digital item and it is not interchangeable. A song is infinitely copyable, the PPP representing it is tracked on the blockchain and provides proof of ownership of the NFTs, but unfortunately it doesn't prove the ownership of the song. This is why Musicoin since 2017, only accepts qualified musicians who can provide a proof of their musical history through their previous participations in social media channels and prevent copyright issues by manually checking each song even if in the future it will be necessary an automatic check too. See more on Musicoin resources.
If my comprehension of Bakery NFT aggregators is right, Musicoin PPP songs can represent an NFTs aggregator. However, PPPs are not properly ERC751 or even ERC1155, but PPPs have two special functions to reward artists from streaming and tipping and allocate distribution to different right owners.
Here the first draft, hope the collaboration go forward. Please share your skills to help to make it real.