In the previous four parts of the "From Pay Per Play Smart Contract to NFT economy - Musicoin was born to change the music industry and I will explain how" we discovered (in the 4th part) how to easy adapt the PPP to the Defi/NFT ecosystem by simply modify Input and Output. Here the Summary :
- Part 1 Introduction : Introduce NFT and Defi into Pay Per Play smartcontract
- Part 2 Sharism : Shared PPP ownership, where value is distributed throughout the network through the contributions of everyone involved
- Part 3 IDO - Music goes to Binance Smart Chain : A real use case to start on BSC and pump the price. PPP could be a great NFT aggregators.
- Part 4 The Jukebox : An easy way to create Liquidity Pool around PPP song and to prepare to integrate Defi/NFT.
Do not forget to take a look to the Musicoin White Paper, to have a whole knowledge from the beginning of Musicoin. But before to go forward let's take a look to the past...
1. The past
Retrace the history of Musicoin Tokenomic distribution to better understand the future : "Those who cannot remember the past are condemned to repeat it". Santayana. Let's use the https://musicoin.medium.com as common thread.
At the beginning there was only the music, then appeared the records, the audio tapes, the CDs and finally the mp3 with the p2p protocol with Napster. The same p2p protocol allowed Satoshi to create Bitcoin and Vitalik to create the smart contacts. So from smart contracts and a big dream Musicoin was born.
2016 The dream and the PPP
Free Music With Blockchain : "There is a song in all of us. It’s there, waiting, until one day it’s playing for all the world to hear. And you know it, and it knows you". The PPPs were born with the birth of Musicoin : Free Creations While Rewarding Creators (v 0.8)
From that post I would like to highlight : "We will not allocate any coins at the genesis of the blockchain to anyone. and Today, with Musicoin, we can definitely change this. Musicians will make money and 100% income will go to their own wallet."
2017 the beginning : 11 February
From the first Musicoin White Paper: Free Creations While Rewarding Creators (v 0.9) : "a new token is introduced together with the chain, which we call it $MUSIC (or MC). With every block generated by miners, there will be 314 $MUSIC being issued." From this starting tokenomic model we could already have figured out the future deep dump : only miners were rewarded at the beginning, any $Music was locked to artists trought smart contract. However the Musicoin announcement above :
To fully respect equality and free economy, the blockchain should not allocate any coins to anyone at the genesis . This means there will be even no coins be allocated as reward to the creators. Of course, based on this principle, the creator of Musicoin expect much profound business models emerged from such an open platform, instead of narrowly centralized ideas.
However Miners were the only beneficiaries of the whole economy so they also were the biggest responsible of the 2019/2020 dump season.
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.
Here the first Road Map :+
Q3 2017- Musicoin Version 2.0 (‘Heal the world’) - UBI Pool
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.
Starting from this moment UBI the rewards from mining, post-UBI implementation, will be split into two fractions. Emission will stay the same at 314 coins per block every 15-30 seconds based on mining difficulty. Of those 314 coins, 250 coins (~80%) will go to miners and the rest of 64 coins (~20%) will go into a common UBI pool. Of those 64 coins in the UBI pool, 50 coins will be reserved for PPP for content streaming on the platform and the remaining 14 coins will go towards platform development (Figure below) and see the Musicoin Project White Paper V2.0. or the White Paper 2.0 long version.
This tokenomic model has run for a long run. We had Ambassador Progam, Musicoin TV, Musicoin Forum, Volareo :(, desktop wallet 1.0, Conomi, Song of the Week contest, Mobile App, MEW, Trezor, MAMA Music festival Paris, Ledger wallets, Mobile App 2.0, Bittrex delisted with no merci and Mobile App V3 was relased TKS to the Big BenG. (2019).
Musicoin Blockchain Upgrades to V3.0(“Quantitative Tightening”) Here Musicoin tokenomic model changed as follow:
This hardfork reduced the chain reward to 114 MUSIC/block, from its previous 314 MUSIC/block. 64 $Music are always allocate to UBI Pool to serve music verified trought PPP song stream. This decision was one of the best of all Musicoin tokenomic model from the economic point of view. The hardfork happened at the end of May, at the block #5,200,000 on the blockchain. We could even called it the Musicoin halving, more than 60% of mining reduction. A few month after price started to rise.
The Musicoin Project has served music listeners over 8 million streams up to the present time, and musicians have received over 12 million $MUSIC in return. There is no densely layered music industry structure to suck away that income — 100% goes to musicians’ wallets.
This From $MUSIC mainnet to $MUSIC token(ERC-20) was another millestone to the Musicoin tokenomic evolution, miners reward stopped, so no more dump effect and the price flyed around + 10.000 % in 6 months.
2. The Present
The good news? UBI Pool is still full and the correct calculation about how much there is inside it :
6,304,886 x 64 $Music x block = 403,512,704 UBI Pool
All these funds have never left the UBI POOL so have never been responsible for the dump of the price. Even the major part of the 12,000,000 of $Music provided to artists trought PPP are still in the musicoin.org web wallets.
Otherwise miners total rewards are :
- Musicoin 1.0 (until Oct 2017) => 314 x 1,000,000 blocks = ~ 314,000,000
- Musicoin 2.0 (until May 2020) => 250 x 4,200,000 blocks = ~ 1,050,000,000
- Musicoin 3.0 (until Dec 2021) => 50 x 1,103,000 blocks = ~ 55,015,000
So miners received around ~ 1,420,000,000 $Music
UBI POOL for run PPP song ~ 403,512,704 UBI Pool
So the total supply is around ~ 1,803,512,704 $Music
Miners and early adopters are the only responsibles of the market and of the deep dumped price. Market is the market, math cannot lie and blockchain recorded every transaction and mouvement. It was not PPP responsible of the dump, neither the artists. Ok, "we can see clearly now the rain is gone" would say Jimmy Cliff? "We can see all the obstacles on our way". -
3. The Future
We have a last very delicate obstacle : the agreement. How do we rearrange the tokenomic distribution? Since Isaac want to leave the project and transfert to the new team all the phisical assets. So many scenarios have already been formulated and we already observed the reaction of market and community to the first proposed 300 M agreement.
Let's start by reverse the logic of the agreement, starting from the purpose of Musicoin, so 403,512,704 are the amount of tokens that belong to this purpose and to be used to provide Pay Per Play "for ever". A dedicated blockchain smart contracts can be easily set up.
And most of that legally a foundation cannot share profit, it can only use to serve its purpose, and from many Medium Announcement above we can read that the 100 % of the funds of Musicoin Foundation will go to the artists. So it is a promise,
Sclove aka @Heedong719 has also worked out that there will be 576,049,072 tokens left after the second swap by the way. So 576,049,072 - 403,512,705 = 172,536,372
This 172 M unswapped tokens doesn't even belong to Musicoin Foundation, but belong to the Community, so the community with a vote should decide how to use it, months after months, years after years.
Old Team and New Team
After that we could propose to the community to provide to the New and the Old Team a thankfully reward for their precieus work, use 100 satoshi = 1 $Music as exchange reference. So between 20 and 30 M Music, so between 20 and 30 BTC to be splitted between Old and New Team personnally. Maybe even waiting for 100 satoshi for distribute to them since Musicoin Price started to rise fragily and the project is being relaunched.
A part of the UBI POOL, around 1/5 as you can notice on the picture n 3, is destinated to provide to the devs the necessary funds to achieved the project. This funds should be spreaded on many years too. And we should be able to delegate part of the voting power of UBI Pool to the New Team.
Here the secrets for Musicoin to continue to succeed : allocate as much as $Music to Music. The more we are able to learn from the past, the more stronger we create the future.
Road Map :