Musicoin, Own your Music and get payed.

Musicoin, Own your Music and get payed.

By Tinewton | tinewton | 29 Mar 2019


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The power of music is just unimaginable. When you're sad, you listen to mellow tunes that help you feel comfortable in your bubble. When you're trying to get into the mood for a great workout, you listen to music that boosts your energy. I love music, I think everyone does, our tastes could be different but there is no denying that once in a while we feel like listening to the certain type of music to restore our moods, cure boredom, grief and so on. Since the dawn of time artists have always been some of the major pillars in society, among artists we have music creators who have done a lot to bring us all the songs that we need. I have never made any song myself though I had a few friends way back in college who always wanted to sell their music even though they were not yet established. In most developing countries, musicians are not paid enough for their content in the music industry, in fact, even the established musicians only make some money through holding concerts, featuring in advertisements or winning awards. A lot of good music out there has not been able to benefit their composers to even a standard level. It is said that about 95% of internet users don't have access to music online unless they subscribe to an expensive and closed streaming service music, they can't access good music without hindrances like advertisements, paying for music and long sessions of searching for music. Blockchain has attempted to solve these issues by creating a platform where music listeners reward music composers directly for their contribution.

This is Musicoin, a project attempting to add music on blockchain

 

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Musicoin is the worlds first smart blockchain for music. It is basically a streaming platform built on the blockchain that supports the creation, distribution and consumption of music in a shared economy. Listeners can stream songs from independent musicians on the Musicoin platform for free and without Ads, while musicians are compensated more fairly than major music streaming platforms in the industry. The digital currency used on the Musicoin platform is called Music, primarily created for the compensation and consumption of music. Currently, the Music token has a value of $0.000817 and can be traded on Bittrex, when an artist's music is played, the musician is paid one Music per play. The Music coins are generated from the reward pool that is primarily handled by miners, miners can be anyone with a computer with a decent graphics card to compute complicated algorithms. This cryptocurrency can be mined using Ethash algorithm. So now, the miners of Musicoin pay the artists while the public listens to the music for free. Since most good songs go unnoticed or rewarded on the internet, Musicoin is trying to come up with what we can call a Universal Basic Income for an average musician. Musicoin released its mobile applications for both iOS and Android devices.

How do you start using Musicoin?

 

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Just before signing up, fresh users have to select between being a musician and a listener. Musicians have some roles like releasing tracks and albums, linking their brands and personal domains and can access all the features that are available to listeners. Listeners on the other hand are supposed to listen to the musicians' tracks and albums through the Musicoin platform, buy tracks and create playlists and support musicians by tipping. Tipping is a rewarding system on Musicoin that represents an appreciation for someone's music. I signed up as listener, signing up on Musicoin is pretty easy, only an email, a phone number and your strong password are required to sign up, you can also use your Google, Facebook or Twitter account to sign up.

 

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The platform has a built-in wallet to store your Music coins. I love the appearance of the interface, it's a minimalist approach to providing the most important elements like allowing users to follow their favourite musician, communicate with them directly, appreciate musicians through tipping and giving feedback to the music creators. Users can also share the songs.

Pros:
  • pay per play(PPP). method
  • Ability to trade your earned Music tokens.
  • An impressive platform with a simple yet functional interface.
  • Universal basic income for music creators is a great idea.
  • An inbuilt wallet to keep your Music tokens
  • Transparency in the rewarding system.
  • Direct contribution to the appreciation of music creators(listeners can directly pay music creators).

Cons:

  • Lack of enough quality content.
  • The quantity of music is still lacking, many music genres can hardly be found on Musicoin.
  • Some minor bugs in the platform that makes playing songs take much longer than it's actually acceptable.
  • Rewards still very low for the content consumers though this is affected by many factors.

For more about Musicoin and how it works checkout this page

Verdict

Musicoin is an outstanding project sticking to its guns to bring a new type of income to music creators while giving the music listeners freedom to compensate for their best music. I appreciate the transparency it brings to the music industry, the fact that anyone can earn from their great music or listen to free music, Musicians can build a following that can directly reward them for their content just like it's done on some social media blockchain platforms like steemit. A tradeable token that can instantly be exchanged for fiat shows a great start for Musicoin as a promising project.

While the platform somewhat lacks enough quality content and the basic income is still very low compared to what musicians could earn from somewhere else, I think Musicoin will eventually go mainstream to solve some of the problems we are still facing in the current traditional system of rewarding music creators.

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Tinewton
Tinewton

Blockchain enthusiast, professional chess player, I love tech.


tinewton
tinewton

A blog about technology revolutions. We shall talk about great blockchain projects around the world, small blockchain startups in Africa. Discover new unique products.

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