There's no doubt that music is a source of all-around entertainment. For many people around the world, it literally “brings life” because a good choice of lyrics and rhythm can transport you to another realm.
What would be tour reaction to discover that there are more songs expected from your favorite musicians? The world would literally be a “sad place” without the sweet melodies. Sadly, this would be the situation in a few years if nothing is done to nip the emerging threat in the bud. That is the reason behind the launch of IMUSIFY.
Challenges in the Music Industry
One of the most pressing issues is the limited royalties that get to artists. For years now, musicians' income has been at the mercy of record labels and managers that plunder most of the resources.
File sharing such as the one introduced by Napster could have fared better but the place proves to be uncontrollable.
In the same regard, the global music industry is yet to come to a decision on the best ways to ensure an effective collection and distribution of funds belonging to musicians.
It is on the premise of these challenges that IMUSIFY was launched.
A Signal to Decentralization
Without any iota of doubt, this project is out to talk the above (and more) problems by creating a decentralized structure. In this model, the NEO blockchain and smart contract would create a Peer-to-Peer interaction among the players in the industry. In the end, fraud and unwarranted infringement of artists’ copyright would be a thing of the past.
As a replacement to the centralized structure that places distributors and other top stakeholders in the music industry at advantage over musicians, IMUSIFY's approach returns these privileges to the rightful owner - artists.
In this case, they can sell their albums/singles directly to fans or distributors and collect their fees at the same time. Besides, the NEO blockchain, on which this project takes a premise, combines with the smart contract to enthrone this P2P interaction.
IMUSIFY could have settled for the Ethereum blockchain as many other projects do. Considering the large scope it intends to cover, it found the NEO blockchain a better alternative. The platform has the capacity to ensure 10,000 transactions each second.
The time is ripe for fans to go beyond the conventional buying of music albums. They can take advantage of IMUSIFY's support mechanism to tip favorite artists with the native crypto token, “IMU". The platform also has a built-in reward mechanism that helps fans earn from their active participation.
Additional Source of Income
Aside from the direct sales of music albums and singles, musicians on IMUSIFY also have the options of crowdfunding and Peer-to-Peer streaming to generate more funds. To that end, the platform is ready to compete against leading streaming platforms like Spotify.
Allocation of Tokens
Token Type: NEP-5
Role of Token: Utility
Token Supply: 1 billion
Soft Cap: $1 million USD
Hard Cap: $25 million USD
Exchange Rate: 1 IMU = $0.05 USD
Accepted Payments: ETH, DASH, LTC, BTC, XMR, NEO, BCH
Country of Registration: Estonia
Not Participating: The USA, South Korea, China, Singapore, and Canada.
Coming from an Insider
One major reason why the prospects of this project would see the light at the end of the day is because of its founder.
David Walters, the CEO of IMUSIFY was once a musician. He began to write songs at the age of 8 and succeeded in releasing his first singles at the age of 18. He opted to join the growing list of FinTech developers after due consideration of the problems in the music industry.
Through IMUSIFY, he aims at tackling one of the most nagging problems, which is remuneration to musicians.
LINKS FOR MORE INSIGHT ON THIS PROJECT
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