The Great Music Blockchain by Imusify
Mission Imusify
musify’s mission is to provide an open-source innovation space for developing
new means of music distribution, consumption, and engagement.
imusify is building a music smart economy to allow for direct exchange of value between artists, fans, and other stakeholders, giving our community the power to control the future of the music industry.
Platform Overview
The imusify platform is designed to provide artists with autonomy, higher income, and transparent transactions between service and product suppliers. imusify’s open-source, self-publishing platform also creates an efficient and lucrative system for content creators to network and collaborate, while maintaining complete control over their work.
The platform serves a variety of uses to different user types, serving as a news app, a messenger and networking space, an incubator, a music discovery platform, a market-place for trading goods and services, a discussion forum, or a unique combination of these functions that provides the most enjoyment for each user. The imusify platform also offers an open innovation space to launch new products, features, tools, and services across the value chain of the music industry and beyond.
Crowdfunding Engine
On the platform, artists can launch crowdfunding campaigns to fund music products like albums, videos, and tours. Artists have the power to offer, if they choose, a reward to their supporters in the form of early access to content, tickets, merchandise, and VIP fan experiences. Artists also have the option to engage supporters more fully by providing affiliate licenses, where fans who support an artist can profit directly by promoting and selling content within their networks. This functionality re-envisions the current
equity based music economy by giving independent artists the exposure they need to create sustainable growth and providing opportunities for fans and supporters to play a direct role in individual and industry growth as a whole.
Transparent and fair payments
As a music sharing platform, imusify automatically compensates artists on a per-stream basis by distributing funds directly to the imusify wallets of the individual or group of the given song’s rights holders. The system’s streaming platform is also designed to allow artists to offer discounts to a group of fans or during a certain promotional period. Per-stream rewards are monitored by imusify to ensure that compliance standards and regulations for royalty payments are met in relevant jurisdictions.
Marketplace of Music Industry Participants
imusify is a place for all aspiring entrepreneurs, artists, and industry members to network and create communities. This marketplace allows participants to execute transactions pertaining to various business development or creative services and products including videography, production, advertising, content design, promotion and all other media-relat-ed or creative content. Product suppliers will also be able to list their products on the imusify marketplace to be sold directly to artists and supporters. An independent musician can now utilize this functionality by taking his earnings directly to the marketplace, and pay producers or engineers directly or update his home recording
equipment without ever using a fiat currency.
Reward System
In addition to rewarding artists for streaming royalties of their creative content (music), imusify’s reward system is designed to incentivize quality contribution and curation on the platform by rewarding creators of social content (posts, playlists, comments) for certain actions. To promote the sustainability of imusify’s ecosystem and motivate quality engagement between users, the reward model has been adapted to eliminate the need for a “reward pool” of tokens by facilitating user-to-user rewards, as opposed to
imusify-to-user rewards. For example, curators can be rewarded for high quality contribution by receiving micropayments (similar to the size of artist royalty rewards) each time users subscribe or share the curator’s playlist. This improved system poses several advantages, from eliminating the need to release new tokens into circulation from imusify, to reducing the possibilityfor the system’s manipulation by profiteers and scammers.
Decentralized Exchange
In order for artists and various user types to interact intuitively with the platform and conveniently realize their payments and rewards, it is crucial for there to exist a simple and convenient means to exchange IMU tokens to fiat and other currencies. imusify will integrate the NEON Exchange’s (NEX) API to offer an in-platform exchange functionality that allows imusify users to exchange their tokens to other forms of currency instantly. While the NEX technology is still being polished, imusify aims for full use of the NEX API to be available to users by Q3 2018.
Co-evolutionary copyright management
Harnessing the security and immutability of imusify’s decentralized data ledger, imusify will implement a multi-layered protocol that allows content creators to manage ownership rights and licensing information. Adaptable tools give artists complete control over their content and each revenue stream it generates. An artist uploading a new song to the platform can for example, recognize the contributions of songwriters,a band, and others involved in the creation of the song by assigning them ownership rights. Once the new song generates revenue (through streaming, synchronization, etc.) it will be distributed accordingly.
Content Creators
With varying types of content on the imusify platform, creators can range from a listener, a new artist or an executive producer. Anyone can join, contribute and be rewarded. This free, blockchain based, incentified and decentralized platform allows for music related digital content such as audio, video, apps, images, and blogging to be created on a collaborative basis between different users. The open-source programming creates an efficient and lucrative system for every content creator to network and collaborate, while maintaining transparency and control of their work.
The “Crypto-Community”
It is apparent that cryptocurrencies are more than an alternative form of payment and have already begun to change the global economic landscape over the past few years with the implementation of the existing blockchain technology. Through collaboration with the NEO network and the City of Zion developer community, imusify has emerged with a vision for all creators to have complete ownership over their intellectual property and the rights being divisible as agreed upon by all parties. On this more sophisticated network, smart contracts offer a vehicle for realizing and administering beneficial digital agreements. Therefore, imusify becomes ‘its’ very own entirely decentralisedcryptocurrency ecosystem. imusify’s community is united with the intention to make imusify’s platform the foundation on which the global music economy will evolve.
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