Blockchain technology is a transparent digital transaction book and records that are immune to modification or deletion. Offering additional features of increased security, cost reduction, time efficiency and error tolerance, the chain-chain grew, fluctuated in 2017. The utility of blockchain technology is unlimited, triggering an increase in the list of companies, industries and government studying its potential adoption. A blockchain is an immutable public book that records digital transactions.
The Cryptocurrency market is nowadays pretty similar to the Wild West during the gold rush period. It is possible to earn money very quickly, sometimes even good money, but you have to find a perfect spot, or in this case, a good project to invest. Common thing to the Wild West? No guaranties and almost no law. It is pretty easy to find bad cowboys which are going to promise you golden mountains to steal your last piece of bread. So in all this mess, if you want to find your gold nugget, you can trust just your own brain composites.
With my research, I found this project in which I really put my faith: IMUSIFY. Very likely you haven’t heard about them, project is made by great team members. Nevertheless, guys have an advantage, many other teams does not: already existing product made on a very perspective field. But these are not all pluses I found in this project. Below you can read the analysis and decide on your own, do you want to send some pennies to the pot.
ABOUT THE PROJECT
imusify is a decentralized platform that brings together music content creators and their listeners in one ecosystem. imusify is focused on building a platform to serve the immediate needs of current participants in the music industry while providing an open innovation space for developing new means of interaction and value exchange to serve the music economy in the near and distant future. The musicians will retain the copyright and will manage the award themselves. Every musician will be able to find support on this platform. The participants of the ecosystem will be managers, distributors and other persons who are part of the music sector. The developers have set an ambitious goal to create a peer-to-peer relationship in the field of music and give the opportunity to sell their songs.
PROBLEMS imusify AIMS TO TACKLE
Licensing and Monetization
Outdated laws surrounding licensing and rate-setting systems fail to utilize available technology to track licenses and deliver royalties. Digital music services do not have efficient systems in place to obtain and keep track of all licenses related to the varying types of digital consumption: radio, on-demand streaming, radio-like streaming, digital purchases and more. Smaller artists lack the resources to enforce control over their content and rights. With limited information about how their content-related payments actually work, they are often left with little to nothing.
Problems of payment transparency arise from the centralization of the royalty distribution system. Performance rights organizations conduct the process by collecting royalty payments from streaming services and then allocating payments to artists based on royalty rates set forth by organizations like The Copyright Royalty Board.
Digital Rights Management
The lack of a comprehensive rights management regime creates several problems for managing artists’ digital rights, from lost revenues to misattribution of ownership.
HOW WILL IT BE ACHIEVED
Blockchain offers several added values to the transactional procedures that occur throughout the music supply chain. With a comprehensive database of consumption content and verified users, blockchain posed solutions for making automatic and transparent royalty payments, not only to single individuals but distributed to a song’s respective rights holders. This improved payment process can provide more information to artists about how their work is being consumed and exactly what and how they are being compensated.
Licensing and Monetization
With the presence of a decentralized database of content and ownership rights, artists have the opportunity to license and monetize content in exciting ways. Even small relatively unknown artists will have a marketplace where they can sell licenses for their work to be used in commercial videos, films, live events, and podcasts to name a few.
imusify uses a combination of innovative protocols and frameworks to facilitate direct peer-to-peer connection between artists, fans, and other stakeholders. The platform integrates the best practices of traditional crowdfunding, streaming, media sharing, economic and social networks. This way, imusify eliminates the need for existing intermediaries, resolving inefficiencies, providing transparency, and ensuring everybody is fairly rewarded for their contribution.
Some of the platform features include;
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.
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.
Token Symbol: ϑ IMU
Token Type: NEP-5 Token
Blockchain Platform: NEO
Token Supply: 1,000,000,000
Sold to Public 65%
Team Tokens locked/vested Yes
Price Per Token $0.05
The IMU tokens will be used as the engine to support Imusify multilayered decentralized music economy. This will increase the demand for the token since the token will have many uses throughout Imusfy’s infiltration into the industry.
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-related or creative content
ROADMAP AND DEVELOPMENT PERSPECTIVE
Above you can see the Development roadmap — how the team sees their nearest and long-term future.
TEAM MEMBERS AND ADVISORY MEMBERS TO THE PROJECT
Team seems to be the strongest part of this project. It consists of innovative and talented people. Of course I cannot complain if we talk about their professional level, guys indeed are experts on their field.
imusify’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 the direct exchange of value between artists, fans, and other stakeholders, giving the community the power to control the future of the music industry.
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BOUNTY THREAD: https://bitcointalk.org/index.php?topic=4805108