Music Coin can be seen as an innovative way to share music and earn from streaming, and even more, the only one based on the blockchain technology. Musicoin is tradable on exchanges since late March 2017, and had ups and downs in price, until now. The Musicoin project was launched on the 11th of February 2017 when the first block of MUSIC was mined.
Musicoin is a new generation of cryptocurrency technology, it’s also the first blockchain designed specifically for music (white paper). The blockchain is designed upon existing technologies from Bitcoin, Ethereum and other security measures customized for music licensing, development and consumptions
The first big increase in price was seen in June when Musicoin was traded with approximately 4 cents and little more than 1500 satoshis for a coin.
Currently, the price is somewhere around 4 cents, after a big drop to even 1 cent this summer. On 30th of August, Musicoin was traded with 1030 satoshis, with Bitcoin at a value high enough to almost reach 5 cents per coin.
Data is provided by coinmarketcap.com and the chart says it all.
We haven’t yet generated revenue in Musicoin but we plan to test the entire ecosystem by uploading some personal music productions for testing purposes.
According to musicoin.org website, musicians and artists can generate revenue by releasing tracks to be played on the platform website and be paid for each time a song is played. This sounds promising and can be an easy way for musicians less fortunate, in making money with digital music.
Where the money comes from?
Where the money comes, many may ask. Musicoin didn’t had an initial coin offering (ICO) and because of this continues to be carried by the developers and the community.
The coin is traded on an average of half million per day while it had days with more than 2 million dollars volume. The actual market cap, according to coinmarketcap.com is $10,769,978, which is a good amount of money, more than other coins that had ICO’s.
The Music blockchain is called “Hello” and it is a fork of Ethereum and it uses the smart contract capabilities for PPP, the system that provides for artists, revenue from streaming. PPP is an abbreviation from Pay Per Play and its purpose is to eliminate the intermediates in the process of generating money from plays of tracks.
In Musicoin, listeners had to pay to listen. Paying or tipping in Musicoin seems to be a controversy between Musicoin supporters and while the price goes up, so the value of the tip, which is bad for the listener but great for those holding Musicoin.
Dylan Tarre, an user of github/musicoin expressed his thoughts about the volatility of the coin and it’s a good point.
There are both concerns from the investors and miners who want the price to increase. The musicians might like their holdings to increase, if they don’t immediately convert them to fiat. If they believe in the platform, the only reason they would hold the coins is if they increase in value. Otherwise, they need to pay bills. Miners would not continue to mine if it is not profitable. Listeners are concerned about the increasing price of tips and plays in the pay-per-play model, so in a way they have an opposite concern, and would love the price of 1 musicoin to go down.
He also comes with a solution to this problem, and proposes that listeners would have to pay a flat ammount for each play, so no matter how Musicoin fluctuates on the markets, they will pay a fair price.
Musicoin recent activity.
We took a look at their twitter profile and it seems to be activity and also shared music on the Musicoin Project profile.
On 31th of August, they tweeted this “updates: Service is getting back after IP/farm migration. Enjoy global $music.”
Discussions on forums like github are encouraging and the project looks well alive for now.
About Musiconomi. What is this?
Further more, it seems like the developers have plans for changing the actual platform and they announced on July the Musiconomi Project. What does this mean for Musicoin? When this news aired the first time, supporters of the music project, started to wonder if there will be 2 different tokens Music and MCI (Musiconomi) or the two will merge?
Trying to solve this puzzle, we eneded up on Reddit where the mistery gets pretty much solved by Musiconomi team. Here’s a quote from the actual reply.
MCI tokens will NOT replace $MUSIC in any way shape or form! The two will work together synergistically to bring more value to the community than either could on their own. $MUSIC is the underlying blockchain technology that supports pay-per-play transactions and a trustless smart contract payout system for artists.
MCI will be a layer on top of this fundamental chain that will enable more advanced features like sharing, track backing, etc. Almost like Steemit for music (ok, don’t quote me on that, but you get the idea). This will allow fans to become way more involved with their favorite artists than a simple run-of-the-mill streaming platform would (like every other music related blockchain project seems to be).