Music is one of the world’s most popular and valuable industries with musicians making large amounts of money from record sales and rights. The demand for music will always remain high thanks to its ability to please a wide spectrum of consumers across a variety of genres. The digital age has changed the music industry with millions of copies of music available for next to nothing. Something that has only been furthered by the adoption of the internet. Customers nowadays prefer streaming services, but the industry has failed to adapt resulting in issues in digital rights management, payment transactions, and monetization of content. The eventual outcome of this is that musicians are not compensated fairly.
imusify provides a solution that integrates the best features of music streaming, crowdfunding, social networks, and media sharing to create a decentralized market ecosystem where artists, musicians, and fans can interact. This enables musicians to fund and monetize the production of their music, track the digital rights of their content and receive payment for plays and downloads via smart contracts.
Powered by the underlying smart contracts, it is possible to track content as well as avail transparency in payment. Digital identity tracking is used and all content is regularly analyzed for copyright infringements.
Competitors of imusify include Spotify and Kickstarter but imusify’s strength lies in its decentralized structure where there is a clear idea about the value proposition of the project.
imusify adapts the NEO solution and introduces several additional solutions in order to deal with the numerous scalability and security problems that hamper other distributed applications. These proprietary solutions allow the imusify platform,
- To surpass the scalability issues by reducing the volume and number of transactions that are required to be validated on the main blockchain.
- Implement digital identity and automated content screening solutions preventing fraud and copyright infringement.
- Allow users to generate revenue from content production, ownership or curation depending on their role in the economy.
Why do we need imusify?
Today’s music industry can be certified as broken.The currently used centralized model is highly inefficient with diminishing returns for artists, lack of transparency, misattribution of ownership and ineffective licensing. Imusify can help counter this exploitation of artists and their music content.
It is fairly difficult to exchange ideas and resources because of the growing disconnect between creators, collaborators, and shareholders even though music is now available freely.
Imusify is a set of protocols and frameworks that enable peer-peer communication between artists, fans and shareholders. Using the best practices of streaming, social media and crowdfunding imusify eliminates the need for intermediaries, resolves inefficiencies, provides transparency and proportionate rewards to all concerned parties. This can also be successfully implemented for royalty payments, crowdfunding, incentivized content curation, and open source development and network collaboration.
Now users can,
- Discover new content and stream their favorite content
- Crowdfund projects of their choice
- Support their favorite artists
- Collaborate with anyone anywhere
- Get exclusive tickets
- Connect with fans easily
- Get paid well for services
A decentralized solution
Records are encrypted and stored on blocks of data across all network storage nodes, each confirming a set of transactions. Blockchain was initially developed to provide the trust mechanism for transactions and was the driving force behind and solely limited to the bitcoin sector. The integration of a programming language led to the creation of smart contracts which in turn led to the creation of dApps which pose a threat to various industries. The major roadblocks to a successful adaptation of dApps by the music industry are:
- Scaleability – Blockchain rely on consensus for validity, transactions are verified by incorporating them into blocks and finalized following network consensus. The problem lies in the volume of transactions per second that depends on the time taken for each transaction and time taken to reach consensus which is about 25 mins for BTC and 2 mins for ETH.
- Storage Space – Even poor quality mp3 format files need a significant amount of storage space. Third party services like Google Cloud are used to store leading to extravagant costs for this service annually.
- Copyrights and Content Management – Copyrights are the rights to reproduce, distribute copies or even prepare derivative works. These laws are often local, while music is distributed globally in seconds making the issue even more complicated. Large companies pay huge amounts to deal with copyright battles.
- Failure to Incentivize – Even though the idea of removing the middleman is appealing to musicians , big players in the industry will not be drawn to the platform if it fails to incentivize them adequately which will in turn keep away a large fanbase.
- Volatile Crypto Market – The boom and bust nature of the crypto currency sector is well known due to the flux of currencies available post the Bitcoin boom.
Components of imusify other than the blockchain technology and smart contracts are
- the Neo Smart Economy which through the use of technology like P2P networking, dBFT consensus, certificates and and cross-chain interoperability (NeoX ) manages the community in an efficient, safe and legally binding manner.
- NeoVM – Universal Virtual Machine with short booting times an low resource consumption used to run underlying smart contracts.
- Digital Identity and Assets – Digital identity refers to the identity formation of entities in electronic form allowing a secure end-point for communication ie a trust system. Digital assets are programmable physical assets that once registered through a validated digital identity are protected by law.
IMU tokens are used to support the platform’s multi-layer decentralized music economy, creating greater potential for the use of the IMU tokens when imusify penetrates the industry with great effect.
IMU is also used to reward and compensate users for their content. It can also be used as a currency for exchanging digital assets and services. This helps to build trust and transparency between all the member of the imusify community like artists, musicians, fans and service providers and essentially building a vibrant music-loving community.
There is currently a total supply of 1,000,000,000 tokens with a soft cap of $ 1,000,000 and a hard cap of $ 25,000,000.
The imusify team consists of entrepreneurs and artists as well as engineers, management professionals, and investment experts. The core team is led by the CEO David Walters, CTO Tadej Krevh, SFO Dina Yedige yeva, CMO Jennie Legary, COO Nate Strang, and Luka Pregelj Manager ICO.
The core team is assisted by the advisory board comprising luminaries like technical advisors Anders Larsson, Joakim Holmer, Jeremy Khoo, and musical advisors Marcus Brown and John Gado.
imusify has also partnered with MAD RUK, RONDO, Crypto Valley, City of Zion, and O3 among other large firms.
Post By Anton De Mel
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1770640