IT’S ALL A BIT CRYPTO #3
In this issue we dig deep into “imusify” – A free, incentivised and decentralised platform for music related digital content such as audio, video, apps, images, and blogging where anyone can join, contribute and get paid $IMU they are creating real-world use cases for the Music Industry, using Blockchain technology.
Herein lies the challenge in the music industry at the moment – Streaming content has been dominated by the big players Apple Music, Pandora and Spotify, yet all of these platforms have 1 thing in common, it is extremely hard for many artists to make any significant revenue unless they are global stars with massive marketing support from labels, distributors and the streaming services themselves which then push the content to millions of consumers across social and mainstream media. Having stated the obvious, below I break down some of the fundamentals about the imusify platform.
As a platform, imusify.com is a music sharing and discovery platform. In contrast with currently existing platforms, content on imusify is organised in Slack-like channels that can be easily and instantly created by the users.
imusify solves the main problem with Soundcloud and competing platforms, which is that artists currently must pay the platform for the right to use it. Imusify will take the opposite approach. Uploading, sharing and upvoting (curating) content is then rewarded with imusify’s native currency $IMU, running as a smart contract on the NEO Blockchain. Furthermore, over time imusify will become a place where users can buy and sell content using $IMU.
The $IMU Token: As soon as users sign up to imusify they are rewarded with an initial amount of $IMU. By curating content, either up or down voting or commenting, users earn $IMU according to an algorithm implemented into the smart contract “incentify”. These tokens can be used to purchase or to stream music.
Smart Contract: New users start off with an initial reputation level. This level determines the rewards, the user gets for delivering or curating content. Depending on consistency and quality of contribution, the user’s reputation level increases giving the user a right to higher rewards, which are automatically paid out to the user’s wallet. Over time content creators and curators will have a stable source of income which can be converted into cash. imusify has no control over this as it is hard-coded into the immutable smart contract.
Curated content channels: Users can create their own channels, similar to Slack, which are their own real-time and personified channels and playlists based on tags and topics. Users can invite other users internally or externally via email so only invited members to have access to the channel.
Users benefit in four main ways:
- Having a new social music sharing and discovery platform, which takes the best features from phase-out models, improves them and combines them into a Smart music platform 2.0.
- Thanks to the integrated imusify token artists can immediately monetize their content through the smart contract “incentify” and spend their $IMU to further boost their reach and distribute to fans, friends, and family for more exposure.
- imusify harnesses the security and immutability features of Blockchain to improve copyright protection for content owners and to securely transact and keep track of content licenses. This gives artists control over their content and disrupts the big record companies’ ironclad control over artist’s revenue streams.
- imusify provides a Network-Market effect for all aspiring entrepreneurs and industry professionals to connect, communicate, share and do business.
Further users include but are not limited to:-
Music Producers, Beatmakers, DJs, Turntablists, Curators, Singers, Rappers, Vocalists, Speakers, Beatboxers, Composers, Songwriters, Instrumentalists, and Bands
A&Rs, Labels, Publishers, Managers, Bookers, Distributors, Recording Studios, Film Producers, Advertising Agencies, Music Supervisors, Film Cutters, Lawyers, Event Managers and Game Developers
Music nerds, “mixtape” makers, Indie music lovers, Music discovery gurus, Playlist curators
I spent some time chatting recently with David Walters and some members of his core leadership team, the scope of the ecosystem they are building is immense, and so I don’t have enough words to fully cover all aspects in this 1 article. David and his team are truly inspiring having assembled an international group, with over 400 contributors from a variety of backgrounds in Music to Blockchain development and many areas within this vast ecosystem, there is a ton of technical knowledge, enthusiasm and passion building this project for the future of music on the Blockchain.
We hope that you are finding this series of articles informative and would appreciate your feedback via FB at @rondoglobal with any suggestions on other projects in this space or if you have ideas for people to interview also.
Let’s keep the conversation and info flowing, about use cases in music as much as possible. We will also talk more in-depth about the development of Smart Contracts on the Blockchain and the inevitable impact on the Music Industry, companies leading the charge through innovation in this space.
Source NEO News Today and follow imusify at links below.
Jonathan Finberg Founder – Rondo www.rondo.me\