Platform Interaction Imusify Blockchain
Imusify’s initial smart contract is designed to complete our token sale, existing as a modified NEO Smart Contract template to meet our specific needs. This initial contract will have basic functionality and distribute IMU to token sale participants. Following the token sale, the platform will be designed by integrating the initial smart contract with additional protocol layers to provide maximum security and flexibility for all uses of the platform.
The key technical value of imusify’s cryptographic security protocol is its ability to store and reference verifiable user and content information. Upon registration (having gone through KYC/AML), a user record is stored on imusify’s data integrity engine, containing a reference key that allows imusify to reference information from KYC/AML providers to verify user identity when necessary. Similarly, each time a registered user creates a new
persona, a persona record is stored and linked to the creator’s user record. In this way, each action committed on the platform can be verifiably linked to a corresponding user and persona. This verification process serves to eliminate undesired behavior and negative network interactions.
When verified users upload content, a similar content record is created to house that piece of content’s identity information. Content records include the owner(s) of the content’s rights, the percent breakdown of owner’s rights (if necessary), and the user who uploaded it.
It is imusify’s goal to ultimately store all data in a decentralized fashion. However, due to the lack of available decentralized storage providers, the platform will begin with data stored in a traditional fashion. As more viable storage solutions come into being, we will begin the transition to decentralizing our data storage. With this in mind, it is important to note here the relationship between on-chain hash records and off-chain data storage. The greater technical system involves an automated verifier that
periodically checks to make sure that the data and actions stored offchain correspond to the hash records on-chain. With this method, imusify harnesses the power of blockchain’s immutability without facing the complications that come from making smart contract calls that contain large data files.
We now can see how imusify uses a combination of on and off-chain storage to track user and content information. Each time a user commits an action with a certain piece of content, an action record is created and stored on-chain in the form of a hash. Over time, this architecture will allow for ‘millions’ of action records to be recorded each day without compromising the integrity of the smart contract or creating significant storage costs. Action logs are stored on-chain in order to provide verifiable user data for a variety of uses.
The current landscape of copyright management for musicians around the world is quite ineffective and inefficient. Unfortunately, the organizations at play hold the legal power to force artists and consumers of certain works to comply with a complex list of rules and royalty requirements. Imusify provides a solution for decentralizing the management and monitoring of ownership rights and consumption data that we hope puts pressure on the
incumbent organizations to update their infrastructure dramatically. Because eachjurisdiction has its own regulatory requirements, imusify will not attempt to find a “gray area” or navigate under the radar in terms of rights management and royalties. Instead, we will implement our decentralized rights management system as a supplemental tool for artists and consumers to view verifiable rights records (yet not legally “copyright”) to provide valuable consumption data to artists about their content. We believe this tool will demonstrate the potential for widespread decentralization of rights management, and
ϑ IMU Utility Token
ϑ IMU tokens will be used as the engine to support one of the first functioning blockchain music economies, creating an immense potential value for the token’s use throughout imusify’s infiltration into the industry. In each interaction or transaction between artists, fans, and supporters, ϑ IMU is either rewarded from imusify’s ϑ IMU pool, or used as a currency for exchanging digital assets and services. The ϑ IMU utility token is a NEP-5 token that will be available for purchase. A portion of the total ϑ IMU will be made available via a tokensale in order to fund the imusify platform’s development and launch. ϑ IMU tokens are utilities, not securities. Owning ϑ IMU tokens does not designate any ownership of the company, its intellectual property, or rights to profit from the period.
ϑ IMU tokens are primarily used to
+ Provide reward payments to artists on a per stream basis
+ Reward users for curating and contributing to content
+ Purchase and license content
+ Crowdfund artist content projects
+ Exchange value between service providers and creators
The ϑ IMU utility token will be made available to the public via a tokensale event. The token will be listed on several exchanges following the conclusion of the tokensale. The value of the ϑ IMU token will float based upon the current traded value.The token acts as a utility by allowing new or existing users to redeem their ϑ IMU tokens for platform fuel. The imusify platform uses fuel as an accounting system for exchanging value between users. Fuel is not a currency, it simply represents the value of ϑ IMU in the user’s preferred currency, and allows users to realize the token’s value as a utility by
conducting transactions with other users on the platform. When users bring their IMU to the platform, they receive an amount of credits equal to the ϑ IMU’s current trading value.
Users can buy or sell IMU on public exchanges. The IMU token is a floating
currency. Upon entering the imusify platform,users exchange their IMU for IMU fuel. IMU fuel is simply a “credit” of IMUvalue denominated in USD or the user’s preferred currency. When users interact and transact on the platform, IMU fuel is exchanged on a peer-to-peer basis. To realize earnings, users redeem their IMU fuel for IMU tokens or cash.
The total supply of 1,000,000,000 ϑ IMU tokens will be distributed in an effort to maintain the longterm value of the imusify platform and network, while taking into consideration the basic economic factors that can affect the viability of a utility token.
For more info check here