Musicoin

Musicoin is a cryptocurrency designed for music. It aims to encourage musicians to produce and distribute their works and get paid instantly without monthly charges or fees charged by industry mediators.

Musicoin is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It is a fork of Ethereum and as such provides its own blockchain running Ethereum Virtual Machine (EVM). The EVM backbone is used to transfer revenue for playing songs from listeners to artists on a pay-per-play basis. Musicoin is part of Enterprise Ethereum Alliance. Musicoin aims at simplifying the process of revenue generation and distribution. Content creators can devise a system of revenue distribution among themselves and all parties involved in the process of content creation. Smart contracts then distribute the revenue as specified by this system. This allows for cryptographically safe, secure, and automated payouts, offering an alternative to current revenue generation and distribution methods, most notably online advertisements. On December 17, 2017 it was announced that there were currently 1500 independent registered artists at that time.

The Universal Basic Income (UBI) model used by Musicoin is intended to support both listeners and musicians. The model works to ensure each contributor to the platform is fairly rewarded in proportion to their contribution. In Musicoin's context, a UBI pool is created to secure musicians' income from a pay-per-play basis, at a fixed and fair rate that is uninfluenced by outside market forces, and is designed to be higher than any other competing streaming platform. And it works to ensure users will be able to stream songs for free and without ads.

While Musicoin is currently mainly adopted by indie artists, the smart contracts can in principle be set up in a way that also includes currently existing structures in the payout system, allowing for integration of existing revenue distribution networks as part of the distribution schema for associated artists.

The platform works to offer free streaming for listeners while paying musicians better than current streaming services, all accomplished by using the blockchain to remove intermediaries through the company's Universal Basic Income (UBI) model. Further, Musicoin uses the blockchain technology to ensure each musician receives fair compensation.

One of the notable pioneering artists is Deadly Buda with his DJ Mix "Rock the Blockchain".

Musicoin is a mineable cryptocurrency that uses Ethash algorithm and Proof-of-work and has average block time of 14.45 seconds to handle large traffic and to reduce scalability issues. This currency, issued by a network of computers, is based on the systems used by Bitcoin, Ethereum, and Dash, and works to generate a currency which cannot be counterfeited, meaning the coin cannot be double spent and cannot be manipulated or otherwise damaged through negligence or malicious intent.

Musicoin is working to relaunch the platform, which includes migration and collaboration with the Skale network and a new tokenomics model with community-driven governance. The collaboration with the Skale network, which is a second layer solution for the Ethereum blockchain, is intended to provide listeners and musicians with a smoother long term streaming and financial experience.

Musicoin's relaunch also swaps, through the relaunch, to an under-maintained coin to ERC20 coin while migrating to the Skale side chain. This allows the company's coin to be traded by all ERC20 compatible soft and hard wallets. The new tokenomics model includes using non-fungible tokens (NFTs) and a business model based on decentralized music liquidity pool, which allows fans to provide liquidity to improve each song's capacity to generate royalties.