Musicoin is one of those concrete initiatives that rely on blockchain to create a more transparent system. In this specific case, it is about giving back the power to music creators by freeing them from classic streaming platforms like Spotify or Apple Music, criticized for their remuneration system that is too opaque and not very interesting for artists.
The platform is thus a non-profit project that relies on the blockchain to create a transparent system where artists are instantly paid for each listening on the basis of a stream = 1 Musicoin and that without an intermediary.
Soon a mobile application
The platform created a year and a half ago now has 5,000 artists and a mobile application should be launched next quarter. If it was designed to free artists, it also wants to give power back to users. ” We want people to understand that Musicoin was created to serve musicians and listeners », Explains Isaac Mao, the founder. The service is thus free for users while remunerating artists. For this, Musicoin is based on a system called Universal Basic Income (UBI). The remuneration of artists thus comes from a fund reserved for this purpose. The latter is provisioned by taking a percentage from each block mined on the Music blockchain. For their part, theUsers can also interact with the artists and leave them additional remuneration, like a tip.
But for such projects to work and really change the face of an industry, the use of cryptocurrencies must be democratized. Isaac Mao believes that projects like his, serious and with a specific purpose, can help debunk the myths around cryptocurrency.
Find the full interview with Isaac Mao, founder of Musicoin