Musicoin is a decentralized system for the publication and consumption of music, which combines a cutting-edge cryptocurrency with a peer-to-peer file sharing network.
Musicoin allows musicians to license their content as a “coded contract” directly to a decentralized database called a “blockchain”. These contracts automate the collection and distribution of royalty payments and remain in the control of the artists themselves. Each time a track is played, the "Pay per Play" contract is executed by the system, resulting in a payment from the listener to the musician. The musician controls how each payment is divided.
Listeners can access a global catalog of music stored on a peer-to-peer network and pay artists directly using digital currency, based on their usage.
Ease-of-use tools can be designed to allow a seamless experience for both listeners and musicians, and an open protocol will allow third-parties to build a rich ecosystem of value-added software and services.
Users interested in mining Musicoins will be able to start mining on the network on February 10th, 2017.
No. There will be no pre-allocation of any kind, not even to the founders. Additionally, no coins will be mined until February 10th, 2017.
By providing a distributed and highly transparent platform that connects musicians and listeners directly, Musicoin lays the groundwork for a new age of music that is sustainable, borderless, and fair to all stakeholders.