A concept that started as hearsay in the early months of 2009 soon became a full-blown revolutionary technology in the year 2010 and beyond. Blockchain technology did not only change daily interactions (especially about finances) but also introduced a Peer-to-Peer format for conducting these affairs.
Given the success it recorded in various sectors of the economy and the futuristic tendencies it hopes for others, it became imperative to utilize it in revamping the music industry. Based on this thought pattern, a revolutionary project by the name, “IMUSIFY" is set to take the world of music by the storm.
What is IMUSIFY all about?
In a reiteration of what was expressed earlier, this project is on a mission to create a new model for content distribution in the music industry. It uses the distributed ledger and a Peer-to-Peer basis to facilitate this.
Does the Music Industry need it at this time?
Without a doubt, it is long overdue because the current state of affairs doesn't hold much for the booming industry. It's saddening that artists spend time and put forward their creative sides only to be shortchanged along the line.
While most of the problems are because of the centralized structure, many others are because of the monopoly expressed by major players such as distributors, and labels. Consider a scenario whereby a musician gets a lower pay while his record label and manager takes a huge chunk of the money.
Another problem is the limited connection between artists and fans. We all love to see our favorite musicians on the stage but it could be a daunting task trying to establish personal contacts with them.
After a concise consideration of these problems, this project implements relevant features that would bring lasting impressions on the industry. As formulated by the team, the following are some of the frameworks it adopted to do the system:
At the core of its solutions is a Peer-to-Peer please that is powered by blockchain technology. As we know, this creates a decentralized architecture that cuts off intermediaries/monopolists. In its place, musicians would have direct contact not just with the fans but also with major players such as streaming platforms. They can also establish crowdfunding to raise funds for major events.
Just as the current (centralized structure) poses a threat to the growth of in the industry, stakeholders such as royalty distributors, managers, and record labels tend to twist the system to their favor. This way, the artist(s) earn less while they earn more.
IMUSIFY leverages the blockchain technology to create an encompassing ecosystem that is free of such monopolies. For the first time, fans, musicians, publishers, labels, and distributors can come together in one place without discrimination.
It won't be out of place to assert that this project is here to “give back to the artists". In that case, providing many avenues of fund generation is a way to encourage them.
To access funds on IMUSIFY, a musician can seek crowdfunding or rely on the benevolence of the fans. It is also possible to sell singles and albums using a Peer-to-Peer format. This way, the funds go directly to the artist and not through a third party.
Information about IMU Token sale
Token Standard: NEP-5
Role of Token: Utility
Token Supply: 1 billion
Soft Cap: $1 million USD
Hard Cap: $25 million USD
Price: 1 IMU = $0.05 USD
Accepted Currencies: ETH, DASH, LTC, BTC, XMR, NEO, BCH
Not Participating: The USA, South Korea, China, Singapore, and Canada.
Music is Decentralized
Music is already a decentralized form of entertainment because it does not discriminate its listeners. That is why songs from different parts of the world are played without conflicting opinions.
In the same regard, IMUSIFY has made itself an enigma in a bid to Foster this decentralized architecture using the blockchain. Now, fans would have no hassles to connect to favorite musicians and the latter now has better control over his finance.
FOR MORE INFORMATION AND UPDATES ON IMUSIFY, VISIT THE LINKS BELOW
Website : https://imusify.com/
Product Demo: https://imusify.com/app
Bitcointalk ANN : https://bitcointalk.org/index.php?topic=4327428.0
Twitter : https://twitter.com/imusify
Facebook : https://www.facebook.com/imusify/
Telegram : https://t.me/imusifycommunity
Instagram : https://www.instagram.com/imusify/
Reddit : https://www.reddit.com/r/imusify