Musicoin is the first 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 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 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 17 December 2017 it was announced that there are currently 1500 independent registered artists.
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.
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.