MUSICOIN A decentralized platform revolutionizing creation, distribution and consumption of music
White Paper Version 2.0.0 October 2017
TABLE OF CONTENTS ABSTRACT
3
PROJECT VISION
3
MARKET
3
Streaming Performance Rights Synchronisation
4 5 5
THE PROBLEM
5
Centralization Lack of Transparency Unsustainable Business Model
6 10 10
THE SOLUTION
11
Peer-to-Peer (P2P) Decentralization Pay Per Play (PPP) Smart Contract Musicoin v2.0 Platform (Heal the World) Universal Basic Income (UBI) Model
12 12 14 15
PLATFORM DESIGN
15
UBI Pool Miners Musicians Consumers Research & Development Platforms & Hardware Exchanges & Fiat On-ramps Third-Party Partnerships
16 17 17 18 19 19 20 20
GUIDING PRINCIPLE: SHARISM
20
Musiconomy Open Protocol
21 21
PROJECT RESOURCES
22
TECHNICAL SPECIFICATIONS
24
Coin Emission Ice-Age
24 25
REFERENCES
26
2
ABSTRACT Musicoin is a decentralized platform that leverages the power of blockchain techn tec hnol olog ogyy in em empo powe werin ringg mu musi sici cian anss to ta take ke fu full ll ow owner nersh ship ip of the their ir co conte ntent nt an and d financ fin ances. es. Our pla platfor tform m is bui built lt on a tra transp nspare arent nt Peer Peer-to-to-Pee Peerr netw network ork powered powered by programmab progr ammable le smart contracts to enable fair remuneration remuneration for all music musical al content and services. Our long-term vision is to develop an open ecosystem where outside providers can build music related goods and services on top of the Musicoin platform.
PROJECT VISION Our visio vision n is to establish our brand as a globa globall music platform that provides fair remuneration, distribution, and exposure for independent musicians. Our approach in product awareness is global in scope and local in execution. By 2020, we are aiming to license more than 30 million tracks and host at least 1 million independent musicians on our platform. Since our project’s inception in February 2017, we have built a music streaming platform that hosts more than 5,800 tracks created by our 1,300 musicians and serves 18,000 listeners listeners from all over the globe globe.. This is just the beginn beginning ing as we continue to iterate and build the platform in a way that is more intuitive and user-friendly to musicians, listeners and outside providers.
MARKET In recent years, the recording music industry has seen a considerable boom in revenue due to rising digital sales. IFPI (International Federation of the Phonographic Industry) reported an industry growth of 5.9% in revenue in 2016, the fastest rate of growth since 1997[1], with a market capitalisation of $15 billion USD. The graph below shows sho ws ind indust ustry ry val valuati uation on bey beyond ond 201 2016. 6. The mus music ic ind industr ustryy is projected projected to ach achieve ieve expone exp onentia ntiall gro growth wth and dou double ble its mar market ket cap capita italis lisati ation on ($26 bil billio lion n USD USD)) by 2020 (Figure 1).
3
Figure 1. Global annual value of the recorded music industry from 2015 to 2020[2].
Moreover, revenue streams such as streaming continue to grow with a huge upside potential, while revenue from performance rights and synchronisation remain undervalued within the industry.
Streaming Streaming has become the most prevalent form of music consumption in the modern music industry, fueling growth in almost all major markets and beginning to unlock the phenomenal potential within developing territories[1]. The year 2016 saw streaming stream ing revenue as the top contributor to market growth with an increase of 60.4% – the largest growth in eight years (Figure 2). It now makes up 59% of the total digital music revenues, to the tune of $7.8 billion USD. PSAM (P. Schoenfeld Asset Management), one of the leading American hedge funds, project that streaming music will lift industry revenues by more than 80% from 2014 through 2020 and the industry can reach 15% annual revenue growth before the end of the decade[3]. This is ac This acco comp mpan anie ied d by a tr trem emend endous ous in incr crea ease se in co cons nsum umer er ap appe petit titee fo forr independent indepe ndent music. From the beginning of 2015 to the end of 2016, the number of indie indie music listeners grew by 141% [4]. These numbers will continue to grow as streaming 4
music services and shared playlists increase in popularity [5].
Figure 2. Global market growth in music streaming from 2012 to 2016[1].
Performance Rights The revenue generated by the use of recorded music by broadcasters and public venues – grew by 7% to $2.2 billion USD in 2016. This revenue stream accounts for 14% of the market but remai remains ns significantly significantly undervalued undervalued[1]. Therefore, IFPI believes that the global performance rights market has significant growth potential[1].
Synchronisation The revenue from the use of music in advertising, films, games and television programmes – grew by 2.8% in 2016 compared to the 7% growth in 2015. It has maintained its 2% share of the global market [1] and is expected to grow significantly in the future.
THE PROBLEM The onset of the digital age in the 1980s allowed the likes of Napster to become a disruptive force in the recording industry. Peer-to-Peer file sharing (Figure 3) allowed 5
people to pirate content online without legal implications. This caused a huge uproar amongst musicians because they were not compensated for their work, which ultimately forced the industr industryy to adap adaptt and embra embrace ce streaming technology technology in the early 2000s. The reason rea soning ing beh behind ind the shift shift tow toward ardss streaming streaming rather rather than owning owning content, content, was to facilitate facil itate a more interac interactive tive relatio relationship nship between listene listeners rs and musicians, musicians, and to drive listeners away from piracy by offering them a free and legal alternative to accessing music.
Figure 3. Musicians are completely disregarded from a Peer-to-Peer torrent model.
However, even with an unprecedented reduction in piracy and growth of the stream str eaming ing mar market, ket, the mus music ic ind indust ustry ry is sti still ll facing facing the sam samee problem. problem. Musician Musicians, s, especially the upcoming and the lesser-known ones, derive a paltry portion of the total revenue generated from their work because most of that revenue is consumed by interme inte rmedia diaries ries,, the sam samee enti entities ties who cla claim im to rep repres resent ent thei theirr bes bestt int interes erests. ts. Thi Thiss prob pr oble lem m is pr pred edom omin inan antl tlyy du duee to ce cent ntra rali liza zati tion on,, la lack ck of tr tran ansp spar aren ency cy an and d an unsustainable business model.
Centralization Today, about 88.5% of the global music industry is largely dominated by three multina mul tination tional al reco record rd lab labels els;; Uni Univer versal sal Mus Music ic Gro Group, up, Son Sonyy Mus Music ic Ente Enterta rtainm inment, ent, and Warner Music Group[6]. These record label companies (with sub-labels and publishing companies as subsidiaries) oversee most of the music distribution. Because of such market monopoly, monopoly, they are in a posi position tion to dictat dictatee market rules that are most favorable favorable 6
to them. They often enforce unfair contracts in negotiations with streaming services, receive large advances and bargain for minimum payment and ownership positions under non-disclosure agreements[7]. Centralization of revenue and power among music prod pr oduce ucers rs an and d pu publ blis isher herss ha hass al also so le led d to eg egreg regio ious us ab abus usee of na nasc scent ent cen centr tral alize ized d streaming platforms. For example, recently Sony Music threatened to withdraw all its content from Pandora, claiming that the royalty rates were too low [8]. Similarly, data management is also becoming centralized. Streaming companies must appease to prevalent practices in the industry even if such practices are inefficient or outdated. In 2014, Spotify announced that they are abandoning Peer-to-Peer (P2P) technology, technol ogy, which has once helped the startup reduce bandwidth bandwidth costs and saved them millions of dollars in operating expenses every year, in favor of storing its catalog in a more traditional centralized server architecture[9]. Moreover, the current revenue share model in the streaming music industry is unfair unfa ir to all mus musici icians ans and par particu ticular larly ly detr detrime imenta ntall to ind indepen ependen dentt and asp aspiri iring ng musicians. In revenue share contracts between record labels and streaming companies, most of the revenue goes towards paying the intermediaries, and musicians are almost always left out of these discussions. This results in a royalty distribution scheme that heavily favors intermediaries, at the expense of the musicians, ultimately undervaluing the mus musici ician’ an’ss wor workk and revenue. revenue. The fol follow lowing ing is a bre breakd akdown own of how royalty royalty is typically distributed to musicians by streaming platforms like Spotify and Apple Music [10], “...it’s beneficial to understand how streaming royalties are generally calculated and paid: 1. The monthly monthly revenue of a service (Spotify (Spotify,, Apple Music Music,, et al.) is calculated. 2. Record labels have deals in place to get their royalty percentage flat, right off the top, so they receive their share of revenue first. 3. The Performance Rights Organizations (PRO) also have flat percentage deals in place, and they are paid next. 4. The streaming companies also retain a percentage for themselves, generally 15–30%. 5. Th Thee st stre ream amin ing g se serv rvic ices es of ofte ten n co cont ntra ract ct va vari riou ouss ba back ck of offi fice ce services, who can get a percentage too rather than a flat fee (at this point you’re looking at around 40% of the total revenue remaining, remai ning, before artis artists, ts, songw songwriter riters, s, and publ publisher isherss have
7
even been considered). 6. To establish the “per play allocation,” you then take [remaining revenue / total # service plays in that month]. 7. Eac Each h pub publis lisher her (th (thee peo people ple who represe represent nt the composit composition ions) s) then gets a lump sum payout of [per play allocation * total # plays publisher owns]. 8. The The
publisher
then
delivers
royalties
to
artists
and
songwriters; it is incumbent on the publisher to figure out how to split up their lump-sum payment to individual owners, and they also take a cut for the administration service.”
Figure 4. Current legacy system pays musicians a small fraction of total revenue.
It is painfully apparent that the musicians who created the content gets paid after and less than the intermediaries intermediaries who did not parti participate cipate in the creativ creativee process (Figure 4). Here is another example of revenue share (Fi Figu gure re 5), according to a research paper written by Pierre-É. Lalonde from Croatian Music Institute [7], 8
“Currently, major record labels receive up to 97% of revenues that flow to all music rights holders, leaving just 3% to be shared among songwriters, music publishers, and other rights holders and administrators. One reason for this is that streaming services often only negotiate with the major record labels, which are supposed to represent all rights holders. In some cases, record labels are also sharehold share holders ers in the strea streaming ming services, services, which clearly places their interests interests in confli con flict ct wit with h the art artist ists, s, son songwr gwrite iters rs and oth other er rig rights hts hol holder derss the they y cla claim im to represent.”
Figure 5. Formula of Spotify’s royalties distribution, where SMR = Spotify Monthly Revenue [11].
In addition, the royalty to an artist for each stream is dependent on the nature nature of that stream. According to Spotify, all plays on its platform are not equal. Premium plays have higher payout than free-tier plays[12]. This means that not only are musicians not getting a proper cut of the revenue, their revenue stream is inconsistent as well. Most artist art istss on major platform platformss con continu tinuee to ear earn n les lesss tha than n hal halff a pen penny ny per stre stream. am. On average, they would need more than 500,000 plays to earn a monthly minimum wage of $1,472 USD[13]. This has led to many musicians to vent publicly against these streaming platforms[14], “For a band of four people that makes a 15% royalty from Spotify streams, it would take 236,549,020 streams for each person to earn a minimum wage of $15,080 (£9,435) a year. For perspective, Daft Punk's song of the summer, ‘Get Lucky’, reached 104,760,000 Spotify streams by the end of August: the two Daft Punk guys stand to make somewhere somewhere around $13,000 each. Not bad, but remember this is just one song from a lengthy recording that took a lot of time and money to develop. That won't pay their bills if it's their principal source of income. And what happens to the bands who don't have massive international summer summer hits?” – David Bryne, co-founder of the band, Talking Talking Heads.
Needles Needl esss to sa say, y, the cur curre rent nt rev reven enue ue sh shar aree mo mode dell of in incu cumb mben entt st strea reami ming ng platforms like Spotify and Apple music is atrociously unfair to musicians, and especially puts independent and aspiring musicians at a serious disadvantage. This has led to a growing wave of intense discontent in the artist community accompanied by public outcry and withdrawal of content from streaming platforms by prominent musicians like 9
Taylor Swift[15] and Jay Z[16]. Musicians are increasingly seeking to create better and fairer alternatives to centralized streaming services like Spotify [17]. And artists like Imogen Heap, a two-time grammy winning musician, is advocating Blockchain as the solution for the woes that ails the music industry[18].
Lack of Transparency With centralization of power in the hands of industry middlemen, the copyright and an d li lice cens nsin ingg co contr ntrac acts ts fo forr mo most st mu musi sici cian anss ha have ve be beco come me co comp mplex lex,, op opaq aque ue an and d draconian. draco nian. Artists, often with no legal background background and without the means or the desire to hire lawyers, are not in a position to negotiate the terms of their contract. This creates a great degree of confusion, discontent and lost revenue. Although it is imminently possible to provide clear and concise contracts that are fair and easy to understand, industry intermediaries are reluctant to do so because the status quo benefits them immensely. Larry Kenswil, a former head of Universal Music’s eLabs division, tells us how insidious and prevalent this practice is[19], “Even though the role of intermediaries is prominent in the modern music era, the industry has not yet required them to provide complete, readable, standardized, up-to-date data about music sales and licenses. This simple step, which lies in the hands han ds of [co [corpo rporat ratee int interm ermedi ediari aries] es] and dis distri tribut butors ors,, cou could ld rem remedi ediate ate maj major or problems with royalties’ redistribution and assist artists to better understand the industry and become vigilant about the financial reward for the exploitation of their talents.” “There is no incentive for anyone to build a system that is fully accountable. [ … ] Major labels and publishers benefit from the currently complex and inaccurate syst sy stem em,, an and d st stre ream amin ing g se serv rvic ices es ha have ve no in ince cent ntiv ivee to in inve vest st in tr tran ansp spar aren entt reporting and accounting systems, which are expensive.”
Unsustainable Business Model The st The stre ream amin ingg co comp mpan anies ies ha have ve fr freeee-st stre ream amin ingg ti tiers ers to pr prom omot otee pl plat atfo form rm adoption. adopt ion. Free stream streaming ing encoura encourages ges growt growth h in user-base and advertisements advertisements generate generate revenue. Deezer amassed amassed 7 milli million on users within its first two years[20] and Pandora earns as much as 88% of its revenue from ads alone [21]. However, despite massive growth, their 10
business model is unsustainable. After its first year of service, Spotify doubled its loss from $2.2 million to $4.4 million USD[22]. Pandora saw negative operating leverage during its first two years after a switch of service to music streaming [23]; and SoundCloud is criticized as a company of material uncertainty because it is heavily reliant on capital investments to operate[24]. One of th thee rea reaso sons ns be behin hind d the their ir uns unsus ustai taina nabl blee bu busi sine ness ss mo mode dell is the ri risi sing ng content acquisition costs. They are highly variable, and are mainly associated with the type of content and licensing agreements with record labels [25]. In 2015, the amount that Spotify had to pay for royalties and distribution fees climbed by 85%, to about $1.8 billion USD. In other words, expenses grew more than revenues did [26]. To put this into perspective, of every dollar that Spotify brings in the door in revenues, about 85 cents goes right back out the door in the form of payments to the intermediaries[26]. And since interme inte rmedia diaries ries pri primar marily ily dec decide ide the per percen centag tagee of reve revenue nue sha share re fro from m str stream eaming ing comp co mpan anie ies, s, an anyy di disa sagr greem eemen entt co could uld re resu sult lt in bo both th pa parti rties es be bein ingg em embr broi oile led d in a protracted legal dispute[27]. In some cases, a losing lawsuit could result in discriminatory treat tre atme ment nt of st stre ream amin ingg co comp mpan anie iess wi with th hi hikes kes in ro roya yalty lty ra rate tes, s, as it ha happ ppen ened ed to [28] Pandora . This pressures streaming companies to increase monetized revenue sources to stay afloat, like paid-streaming tiers, which in turn diminishes user base. In the case on Pandora, as studied by Music Business Research [29], “The high proportion of content acquisition costs also explains the operative loss of $37. $37.7 7 mil millio lion n USD in 2012 2012,, des despit pitee inc increa reasin sing g adv advert ertisi ising ng and sub subscr script iption ion revenues (Pandora 2013: 71). In fact, the content acquisition costs grew faster than the total revenue – 67.7 percent compared to 73.2 percent – from 2011 to 2012. The increase in costs is, thus, higher than the growth of listener hours of 72.9 percent in the same period.”
THE SOLUTION The streaming industry is ripe for disruption by blockchain technology [30] and Musicoin is the first platform in the cryptocurrency space that is unleashing the power of blockchain technology to heal the woes that afflicts the music industry. Our primary goal is to remove all middlemen and close the gap between the musician and the listener. In the pro proces cess, s, Mus Musico icoin in wil willl abo abolis lish h the per pernic niciou iouss pro proble blems ms pla plagui guing ng tod today’ ay’ss mus music ic industry as outlined above, by decentralizing distribution and consumption of music, making musical contracts fair and automated, and paving the way for a self-sustaining 11
business model. Musicoin, by fairly rewarding all participants on the platform, aspires to be the leading global ecosystem for goods and services built around music.
Peer-to-Peer (P2P) Decentralization Third-party intermediaries Third-party intermediaries foster an uneven playing playing field for the music musicians ians they workk with and rep wor repres resent. ent. Cen Centra tralize lized d dat dataa sto storag ragee is pro prohib hibiti itively vely expensiv expensivee and vulnera vuln erable ble to com compro promis misee by hac hackers kers.. Mus Musico icoin in leve leverag rages es the pow power er of blo blockc ckchai hain n technology to enable Peer-to-Peer (P2P) payments and data-storage in a fair, transparent and automatic fashion. Automated P2P payments enforced by smart contracts on the Musicoin blockchain enable fair and transparent distribution of value across all parties, from miners and project developers to musicians and listeners, without any need for outside intermediaries. Moreov More over er,, in inst stea ead d of us usin ingg ce cent ntra rali lize zed d se serv rver ers, s, Mu Musi sico coin in is st stor orin ingg an and d distributing its content through a decentralized P2P file distribution system known as Inter-Planetary File System (IPFS). Smart contracts and content files on the blockchain are encrypted before and decrypted after its transmission to prevent unauthorized accesss and malicious activity. acces activity. Metada Metadata ta on our platfo platform rm and user wallets can be stored and cached indefinitely. For faster transmission and reduced content delivery costs, we have also enabled syncing from multiple peers simultaneously.
Pay Per Play (PPP) Smart Contract Our Pay Per Play (PPP) smart contract is the first of its kind in the cryptocurrency space and is designed exclusively with the interests of musicians in mind. All musicians on our platform retain full ownership of their content, and are rewarded fairly and auto au toma mati tica call llyy th thro roug ugh h au auto tono nomo mous us sm smar artt co cont ntra ract cts. s. It br brin ings gs a ne new w le leve vell of transparency and clarity to the music industry that is plagued by complex and obtuse licensing contracts. Our PPP smart contract aligns with a musician’s intuitive expectation of a payout, from each single stream of their content. PPP is a smart contract on the Musicoin blockchain that enforces and executes licensing terms to reward a certain fixed amount of $MUSIC (native currency of the Musicoin platform) per playback. Within seconds, the paym pa ymen entt go goes es out di direc rectl tlyy to the owner owner of the li lice cens nsee fo forr tha thatt mu musi sica call wo work rk.. No intermediaries are required to facilitate payments other than the ledger of the Musicoin 12
blockchain.
Figure 6. Musicoin’s Pay Per Play (PPP) Model of royalties distribution.
Moreover, the PPP smart contract can be designed to execute immediate split of Figu gure re 6). For example, a PPP contract of a license for a revenue to several beneficiaries (Fi four-person band can enforce a split payout of 45% to the main musician, 20% to the songwriters and producers, 10% to the guitarist and 25% to the drummer. The use of this contract allows us to avoid unnecessary costs in content acquisition by removing all middle-men involved and thereby distribute 100% of the earnings to the musicians. Removal of intermediaries has allowed Musicoin to transfer most of the value generated from music to the musicians. Below is a comparison table of per stream payouts (in USD) among existing streaming platforms, including Musicoin ( Figure 7). Musi Mu sico coin in do does es no nott di dist stin ingu guis ish h be betw tween een si sign gned ed an and d un unsi sign gned ed ar arti tist stss an and d pa pays ys its musicians at a rate that is at least ~286% higher than its closest competitor, Spotify. 13
STREAMING PLATFORM
UNSIGNED ARTISTS
SIGNED ARTISTS
Musicoin
$0.0200
$0.0200
Apple Music
$0.0064
$0.0073
Google Play Music
$0.0059
$0.0068
Deezer
$0.0056
$0.0064
Spotify
$0.0070
$0.0044
Pandora
$0.0011
$0.0013
YouTube
$0.0006
$0.0007
Figure 7. Per Stream Rates from existing streaming platforms in 2017 [13].
Musicoin v2.0 Platform (Heal the World) Musicoin v1.0 (Hello Musicoin (Hello)) platfo platform rm currentl currentlyy hosts thousands of artists and listeners. Each time a listener streams a song, $MUSIC is transferred from the listener’s wallet to the artist’s wallet. This PPP contract in Musicoin v1.0 has helped in the tremendous growth of the platform in a short span of eight months and in building a thriving and passionate community of musicians and listeners. However, Howev er, as the pl plat atfo form rm co conti ntinue nuess to ad adva vanc ncee its de deve velo lopm pment ent an and d fo forg rgee strategic partnerships within the music industry, there is a corresponding increase in the exchange price of $MUSIC with respect to fiat. At the same time, $MUSIC is exposed to the samee mar sam market ket vol volati atilit lityy for forces ces,, as all oth other er cry crypto ptocurr currenc encies ies.. Thi Thiss has created created two problems. Firstly, if the price of $MUSIC continue to rise, users may become unwilling to spend sp end it on mu musi sicc st strea reami ming ng on the pl platf atfor orm m an and d st star artt ho hoar ardi ding ng it in inst stea ead. d. Suc Such h user-behavior will be detrimental to the ecosystem. Secondly, market volatility will result in inconsistent payouts to musicians. In order to allow the value of $MUSIC to grow with the growth of the platform and to provide our musicians with a stable income that is not influenced by the whims of the market, we are updating our platform with a new PPP smart contract in the second generation of the Musicoin platform, Musicoin v2.0 (Heal the World). We will remove the constraint constr aint in our original original PPP smart contact of 1 $MUSIC per playback playback in Musicoin v1.0 and enable fractional $MUSIC per playback in Musicoin v2.0. This will enable sustainable economic growth in the value of $MUSIC with development of the project, and at the 14
same time provide a fixed but fair revenue to artists for every play.
Universal Basic Income (UBI) Model Since the project’s inception, the Musicoin development team and community have volunteered and bootstrapped to create the thriving platform that we have today. However, in order to continue to improve the platform and hire new talents, a dedicated development fund is necessary. To accommodate these objectives, we are introducing a new economic model in Musicoin v2.0, as detailed here. We believe this will ensure a bigger penetration of the streaming market by Musicoin, generate fair and consistent revenue for musicians, allow the growth in the market value of $MUSIC and fund a dedicated pool for continued development of the Musicoin platform. In Mus Musico icoin in v2.0 (He (Heal al the Wor World) ld),, we are intr introdu oducin cingg a rev revolu olutio tionar naryy new concept in cryptocurrency, “Universal Basic Income (UBI)”. UBI is an economic model to ensure ens ure ea each ch co contr ntrib ibuto utorr to the pl plat atfo form rm is fa fair irly ly re rewa ward rded ed in pr prop opor ortio tion n to the their ir contribution. In Musicoin’s context, a UBI pool is created to secure musicians’ income from PPP on the platform, at a fixed rate that is fair, uninfluenced by market forces and higher than that of any other competing streaming platforms. This will boost the influx of content from musicians as well as make streaming music free for listeners, thereby ensurin ens uringg dee deeper per pen penetra etration tion of Mus Musico icoin in int intoo the str stream eaming ing market. market. Unl Unlike ike other streaming platforms, users on the Musicoin platform will be able to stream songs for free and without ads. Free and unlimited music streaming streaming without ads is the critical feature that wil willl dis distin tingui guish sh Mus Musico icoin in fro from m cent central ralized ized str stream eaming ing pla platfo tforms rms,, all allowi owing ng us to expand radically and capture a bigger share of the streaming market. A sm smal alll po porti rtion on of the UBI po pool ol wi will ll go tow towar ards ds fur furthe therr dev develo elopm pment ent of the platform, as outlined in the next section, Platform Design ( Figure 8).
PLATFORM DESIGN Immediatel Immedi atelyy aft after er UBI imp implem lementa entatio tion, n, $MU $MUSIC SIC wil willl be use used d by listeners listeners for tipping their favorite artists on the platform. Empirical data from our blockchain shows that revenue to musicians from tips is five-fold higher than their revenue from PPP. Free consumption consum ption of music on the platform will encourage encourage users to tip music musicians ians even more which will in-turn encourage musicians to consistently deliver quality content and grow 15
its fan-base. This will create a positive feedback loop that will increase the value and utility of $MUSIC. In addition, we are actively building novel features onto the platform that utilises $MUSIC, beyond PPP and tipping. Outside developers, developing hardware and software applications on top of the Musicoin blockchain, will use $MUSIC as the currency that powers those applications. To summarise, we are building a musical ecosystem powered by $MUSIC, the currency native to Musicoin blockchain.
Figure 8. Musicoin’s platform design in v2 (Heal the World).
UBI Pool The rew The rewar ards ds fr from om mi minin ning, g, po post st-UB -UBII im impl plem emen enta tatio tion, n, wi will ll be sp spli litt int intoo tw twoo fractions. fracti ons. Emiss Emission ion will stay the same at 314 coins per block every 15-30 seconds based on mining difficulty. Of those 314 coins, 250 coins (~80%) will go to miners and the rest of 64 coins (~20%) will go into a common UBI pool. Of those 64 coins in the UBI pool, 50 coins will be reserved for PPP for content streaming streaming on the platform and the remain remaining ing 14 coins will go towards platform development ( Figure 9).
16
Figure 9. $MUSIC allocation pre and post-UBI implementation.
Miners Miners have now become one of the benefactors in this new ecosystem, sharing a portion of their revenue (block reward) with musicians and developers. Instead of 314 coins per block, miners will receive 250 coins per block (or ~80% of their pre-UBI revenue) post-UBI implementation.
Musicians Pay Per Play (PPP) income for musicians will come from the UBI pool with an allocation of 78% of the total pool going towards compensating musicians for their cont co nten entt on th thee Mu Musi siccoi oin n pla latf tfor orm. m. PP PPP P on th thee Mu Mussic icoi oin n pl plat atfo form rm aft fter er UB UBII Figu gure re 7), at a peg implementatio implem entation n will still be higher than current industry industry standards standards (Fi above 0.02 US cents per play. At the minimum peg, a musician can earn as much as $20,000 USD from 1 million playbacks. Figu gure re 10) will give you an idea on how our system The chart shown below (Fi calcul cal culates ates mus musici icians ans’’ pay payout out bas based ed on the cha changi nging ng mar market ket val value ue of $MUS $MUSIC. IC. For example, musicians will receive 1 $MUSIC for each playback when the coin’s market value is between 0 and 0.099 cents, 0.2 $MUSIC when the market value is between 0.10 cents and 1.00 dollar, and so on. These set ranges are subject to change to ensure fair and competitive rates within the industry.
17
Figure 10. PPP smart contract under UBI.
The ch The char artt bel elow ow (Figure 11) de demo mons nstr trat ates es ho how w PP PPP P sm smar artt co cont ntra ract ct wi will ll automatically adjust according to change in the market value of $MUSIC.
Figure 11. PPP adjustment according to market price of $MUSIC.
Consumers Consumers are impor Consumers important tant in drivin drivingg the growth of the Music Musicoin oin ecosystem. ecosystem. They buy, sell and use our currency on the platform and thereby help circulate value within 18
the network. Providing more utility to $MUSIC will encourage more circulation of value in the network. Empirical data from our platform suggests that tipping is being actively used to reward musicians for their content. In fact, musicians musicians garner revenue from tipping at a five-fold higher rate than PPP (5:1 ratio of earnings from tipping vs. streaming). So far, more mo re tha than n 200 200,0 ,000 00 $M $MUSI USIC C ha have ve be been en us used ed fo forr ti tipp pping ing on our platfo platform rm.. Ti Tipp pping ing encourages encoura ges music musicians ians to more actively actively engage with their fans and continue to generate quality content. Some musicians receive as much as 1,000 MC from listeners for a single play. We are also actively buildi building ng and encouraging encouraging outside outside developers to build value adde ad ded d go good odss an and d se servi rvices ces on th thee Mu Musi sico coin in pl plat atfo form rm tha thatt wi will ll enh enhan ance ce co cons nsum umer er experience, promote artist-fan interaction and fuel the utility of $MUSIC. This includes but is not limited to song downloads at a higher bit-rate, remix compensation, artist collaboration, live-show tickets, fan merchandises, licensing Musicoin catalog for public streaming, music magazine subscriptions et cetera.
Research & Development Every month, 4.5% of the total UBI Pool will be allocated for further development on the Musicoin platform. These funds will help advance our platform goals, as well as recruit and retain new additions to our team. All current team membe members rs are volunte volunteers ers and an d pa pass ssio iona nate te de deve velo lope pers rs who ha have ve be been en wo worki rking ng pr proo-bo bono no si sinc ncee the pr proj ojec ect’s t’s inception (until UBI implementation).
Platforms & Hardware Our Musicoin platform includes our main web-streaming platform, as well as a user wallet and a mobile application in active development. Music player and catalogs will be embedded on these mediums to expand user-base and promote music discovery. Also, our future plans in commercial product development such as enabling personal speakers and headphones to directly stream content from our catalog, will offer ever more ways to access our platform. The richer the choices our consumers have, the better the exposure our musicians will get.
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Exchanges & Fiat On-ramps Currently, cryptocurrency exchanges are the easiest way to exchange local fiat for $MUS $M USIC IC,, du duee to th thee sc scar arci city ty of av aven enue uess to se seam amle less ssly ly co conv nver ertt fi fiat at mo mone neyy in into to cryptocurrenc crypto currencies. ies. Going forward, we will actively seek alternative alternative solutions that can be integrated into the Musicoin wallet for seamless conversion between $MUSIC and fiat, thereby drastically increasing the liquidity of $MUSIC.
Third-Party Partnerships Copyright licenses developed by Musicoin will enable outside entities to license our musicians and their content onto their platforms. These contracts will be much fairer than tha n cu curre rrent nt in indu dust stry ry pr prac acti tice cess an and d wi will ll be fu fully lly tr tran ansp spar arent ent to av avoi oid d co confu nfusi sion on.. Essentially, Musicoin will act as both a streaming service and a performance rights entity to protect our musicians from royalty disparity and copyright infringement. Future partnerships with third-party organisations will be sponsored by Musicoin, and will include local and private shows, concert-halls, music-festivals, and nightclub performances. We will also be partnering with hardware makers to produce various music-streaming devices like desktop speakers and headphones, as well as license our catalo cat alogs gs to loc local al cof coffeefee-sho shops, ps, art mus museum eumss and thir third-p d-party arty streaming streaming pla platfo tforms rms.. Consumers availing these services will be required to pay in our currency, $MUSIC.
GUIDING PRINCIPLE: SHARISM The concep conceptt of Sharis Sharism, m, coined by Isaac Mao, the Chief Architect Architect of the Musicoin blockchain, blockc hain, is a revoluti revolutionary onary philosophy that incorporates incorporates wisdom from the studies of Epistemology and Axiology. It emphasizes the importance of sharing knowledge and valu va luee wi with thin in a co comm mmun unit ityy to cr crea eate te a po posi siti tive ve soc ocia iall im impa pact ct.. Sh Shaari rissm is a socio-psychological attitude that enables everyone within a community to re-orient their personal values for the betterment of the community as a whole, so as to overcome the limitations of an isolated intelligence with a highly intelligent social brain[31]. This em This emer erge gent nt pr prop oper erty ty of a hi high ghly ly in inte tell llig igen entt so soci cial al br brai ain, n, in a sh shar aris ism m community, enables it to leap-frog individual entities and non-sharing cultures through interconnectedness of people enabling radical communication and collaboration. This 20
leads to shared ownership where value is distributed throughout the network through the contributions of everyone involved[32]. In other words, everyone is valued and is necessary to Musicoin, the miners, the listeners, the developers, the outside providers and of course the musicians. “The more you share, the more you receive. The more you share, the more you are shared. The more you share, the more you are. The more you share, the more others receive[33].”
By 2018, Musicoin will incorporate the principles of Sharism to strengthen its exis ex isti ting ng ne netwo twork rk wi with th a new co cons nsen ensu suss mo mode dell kno known wn as Pr Proo ooff-of of-S -Sha harin ring. g. Mo More re information will be available in future versions of this white paper.
Musiconomy Musicoi Music oin n ec ecos osys ystem tem al alig igns ns wi with th the und underl erlyi ying ng pr prin inci cipl plee of Sha Shari rism sm.. Th This is ecosystem, also known as Musicoin Economy or Musiconomy [*], is built as an economic network that fosters the distribution of fair value to different participants based on their cont co ntrib ributi ution on in the ne netwo twork rk – mi miner nerss fo forr pr prov ovid idin ingg co comp mputa utati tion onal al wo work rk (d (duri uring ng Proof-of-Work); musicians for publishing their creative work; Musicoin developers for innovating the platform; third-party developers for increasing the value of the platform by creating value-added goods and services, and ultimately consumers for consuming and sharing content and services on the network. The value of Musiconomy begins with the content-creators, the musicians. The more the number of musicians and the more actively they release quality content on the network, the more listeners will be attracted to use the platform. More consumers will amount to more content consumption which will fuel the utility and value of $MUSIC. This will, in-turn, encourage more active participation in the network by musicians. This positive feedback loop will continue to power the value of $MUSIC while also benefiting otherr par othe partic ticipa ipants nts (mi (miners ners,, dev develo eloper pers, s, thir third-p d-part artyy ser servic vices) es) and inc incenti entiviz vizing ing thei theirr continu con tinued ed par partic ticipa ipatio tion n in the netw network. ork. Suc Such h a sel self-s f-sust ustain aining ing mus musica icall eco econom nomyy is precisely the kind of ecosystem e cosystem that is promoted by our guiding principle of Sharism.
Open Protocol The Mus Musico icoin in pla platfo tform rm is a pio pioneer neer,, pav paving ing the way for a par paradi adigm gm shift in musical economy and technologies that power creation, distribution and consumption of 21
music. musi c. Th Thee Mus Music icoi oin n Fo Found undat atio ion n enc encou oura rage gess an and d su supp ppor orts ts se seco cond ndar aryy la laye yers rs of third-party applications to be built upon the Musicoin platform. It is an open ecosystem that welcomes external participation from start-ups in the music industry who are interested in building innovative technologies and services to generate new sources of value for both musicians and listeners. For example, hardware makers can create smart devices that can stream music from the Musicoin platform when you are home and mine $MUSIC when you are away. Moreover, the tremendous amount of metadata that is generated on the Musicoin blockchain will enable the creatio cre ation n of arti artific ficial ial int intelli elligen gence ce sys system temss that can ass assist ist listeners listeners with sma smart rt mus music ic discovery based on variables like their search histories, personal mood, time of day et cetera.
PROJECT RESOURCES The Musicoin team is committed to execute each milestone on its public roadmap and an d de deli liver ver co cons nsis isten tentt an and d on on-ti -time me re resu sults lts.. Mo Movi ving ng fo forw rwar ard, d, we wi will ll co conti ntinu nuee to maintai mai ntain n tran transpa sparen rentt com commun munica ication tionss wit with h our com commun munity ity and pro provid videe them with additional channels to get up-to-date information about the latest developments in the project, including BitcoinTalk, GitHub and Reddit. ● ● ● ●
$MUSIC Repertoire: https://musicoin.org BitcoinTalk: https://bitcointalk.org/index.php?topic=1776113.0 GitHub: https://github.com/musicoin Reddit: https://www.reddit.com/r/musicoin
Moreover, the recently released public roadmap explains our objectives regarding future iterations of the Musicoin blockchain. We aim to continually make our blockchain more Stable, Sustainable, Secure, and Scalable (4S). Previous version of our white paper and roadmap, as well as our milestones for the t he next two years are provided below. ●
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White Paper v0.9.0: https://medium.com/@musicoin/musicoin-white-paper-free-creations-while-rewar ding-creators-v-0-9-b14b334a8843 Q2 2017 Roadmap: https://medium.com/@musicoin/roadmap-of-musicoin-blockchain-4a65620fefce
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TECHNICAL SPECIFICATIONS SPECIFICATIONS The project was launched on the 11th of February 2017 when the genesis block of the Musicoin blockchain was mined [34]. The network operates under a Proof-of-Work mode mo dell us usin ingg ET ETHa Hash sh as the ha hash shing ing al algo gori rithm thm fo forr mi mini ning ng an and d ac achi hievi eving ng net netwo work rk consensus. The Musicoin blockchain is a fork of the Ethereum blockchain, with network nodes nod es and pro protoc tocols ols con config figured ured as an Ethe Ethereum reum Virtual Virtual Mac Machin hinee (EV (EVM), M), capable capable of exec ex ecut utin ingg sm smar artt co cont ntra ract ctss in a Tu Turi ring ng-c -com ompl plet etee la lang ngua uage ge.. In th thee tr true ue sp spir irit it of decentralization and fair distribution, the project started without an Initial Coin Offering (ICO) or pre-mine or pre-allocation of funds for development. Unlike ERC-20 tokens, Musicoin does not function within the Ethereum ecosystem. Every feature within the Musicoin platform such as currency, nodes, wallets and the dece de cent ntra rali lize zed d le ledg dger er is it iter erat ated ed fr from om Et Ethe here reum um co code de-b -bas asee to su suit it th thee un uniq ique ue requirements of servicing the music industry. This allows us to maintain low transaction fees fe es,, re remo move ve in inter terme medi diar aries ies an and d ac actt as a fo found undat atio ion n fo forr fu futur turee la laye yers rs of mu musi sica call applications to be built on top of the Musicoin platform. On the 22nd of May 2017, Musicoin Musicoin became an official member member of the Enterprise Ethereum Alliance (EEA). Musicoin develo developers pers contin continue ue to work closely with Ethereum developers develo pers in integra integrating ting technol technologies ogies that will be beneficial beneficial for the Music Musicoin oin platform going forward. A recent example of such a collaboration is the integration of Musicoin blockchain with Parity software (v1.8.0) to facilitate scaling of the Musicoin network and wallet support after the UBI implementation[35].
Coin Emission Like Ethereum, Musicoin’s total coin supply is uncapped, generating 1.5 million coins per day. The current mining block reward is 314 coins every 15-30 seconds on average. This coin emission scheme is designed to facilitate Musicoin in building a global ecosystem that aspires to power and fairly compensate all economic activities related to creation, distribution and consumption of music, via its native currency $MUSIC. In order to ensure we have the ability to power musical economy on a global scale, it is imperative that we secure two things. Firstly, there must be a big enough pool of $MUSIC to power global musical activity. Secondly, we must allow enough time for 24
$MUSIC to spread far and wide, so as to establish network effects and ensure equitable penetration of $MUSIC throughout the globe. We are well on our way in achieving those objectives by Q4 2018.
Ice-Age The Ice-Age concept was introduced by the Ethereum Foundation on the 7th of September, Septemb er, 2015[36]. It is a di diff ffic icult ultyy ad adjus justme tment nt sc sche heme me wh where ere Eth Ethere ereum um’s ’s mi mini ning ng difficulty and block-reward time will switch sharply from a steady consistent increase to an exponential increase. After that switch, mining will no longer be profitable for miners and Ethereum will undergo a transition (“Casper” upgrade) in its consensus mechanism from Proof-of-Work to Proof-of-Stake. Originally, the Ice-Age was scheduled for release in Q3 2017, but due to a delay in “Casper” development, it was postponed on 21st of June, 2017 by one and a half year [37], effectively resetting Ethereum’s difficulty algorithm. As a result, the difficulty bomb was created to act as a countdown timer to the Ice-Age. Musicoin, a fork of the Ethereum blockchain, also inherits the Ice-Age. A la Ethereum, the onset of the Ice-Age on the Musicoin blockchain in Q4 2018 will lead to a sharp exponential increase in mining difficulty and hence a drastic reduction in the rate of $MU $MUSI SIC C em emis issi sion on.. Af Afte terr tha that, t, Mus Music icoi oin, n, unl unlik ikee Eth Ethere ereum um,, wi will ll tra trans nsiti ition on fr from om Proof-of-Work to a novel way of achieving consensus on its network, Proof-of-Sharing, which will be outlined in the next version of our whitepaper in 2018. We conservatively estimate that 700-800 million $MUSIC will be in circulation before Ice-Age begins. The chart below is a visual representation of Musicoin’s long term inflation rate over the course of the difficulty bomb and the onset of the Ice-Age (Figure 12).
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Figure 12. Long Term Inflation Rate for Musicoin.
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27. Hill, B. 30 Jul 2015. “Pandora denied lower royalty rate to BMI after buying radio station”. RAIN News. http://rainnews.com/pandora-denied-lower-royalty-rate-to-bmi-after-buying-radio-statio n. 28. Hill, B. 15 May 2015. “BMI wins court ruling vs. Pandora in royalty rate lawsuit”. RAIN News. http://rainnews.com/bmi-wins-court-ruling-vs-pandora-in-royalty-rate-lawsuit.. http://rainnews.com/bmi-wins-court-ruling-vs-pandora-in-royalty-rate-lawsuit 29. Tschmuck, P. 17 Jun 2013. “Is streaming the next big thing? – the business models of music streaming services”. Music Business Research. Wordpress. https://musicbusinessresearch.wordpress.com/2013/06/17/is-streaming-the-next-big-thing -the-business-models-of-music-streaming-services.. -the-business-models-of-music-streaming-services 30. Heap, I.; Tapscott, D. 22 Sept 2016. “Blockchain could be Music’s next disruptor”. Fortune. http://fortune.com/2016/09/22/blockchain-music-disruption http://fortune.com/2016/09/22/blockchain-music-disruption.. 31. Mao, I. 30 Mar 2015. “Sharism: A Mind Revolution”. Free Souls. https://freesouls.cc/essays/07-isaac-mao-sharism.html.. https://freesouls.cc/essays/07-isaac-mao-sharism.html 32. Last edited on 17 Aug 2017. “Sharism”. Wikipedia. https://en.wikipedia.org/wiki/Sharism.. https://en.wikipedia.org/wiki/Sharism 33. Phillips, J. 12 Oct 2010. “Sharism: The more you share, the more you receive”. Slide Share. https://www.slideshare.net/rejon/sharism-the-more-you-share-the-more-you-receive.. https://www.slideshare.net/rejon/sharism-the-more-you-share-the-more-you-receive 34. 11 Feb 2017. “Musicoin Block 1”. Orbiter Explorer. http://orbiter.musicoin.org/block/1 http://orbiter.musicoin.org/block/1.. 35. 15 Oct 2017. “Announcing Parity 1.8”. Parity Technologies Ltd. https://paritytech.io/blog/announcing-parity-1-8.html.. https://paritytech.io/blog/announcing-parity-1-8.html 36. 28 Sep 2017. “What is the Ethereum Ice Age?”. Crypto Compare. https://www.cryptocompare.com/coins/guides/what-is-the-ethereum-ice-age.. https://www.cryptocompare.com/coins/guides/what-is-the-ethereum-ice-age 37. Schoedon, A.; Buterin, V. 21 Jun 2017. “Metropolis Difficulty Bomb Delay and Block Reward Reduction”. GitHub. https://github.com/ethereum/EIPs/pull/669/files https://github.com/ethereum/EIPs/pull/669/files..
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