Concept Of The Muzika Network:
Muzika Network is a music Blockchain project, which has been built on an existing business and global music platforms with millions of users and fans across hundreds of nations, with music artists from the globe, we aim at revolutionizing the digital music industry with the creation of a new digital music ecosystem. Muzika Network project is led by Forbes-awarded & Informatics Olympiad team members and endorsed by some of the most influential investors in South Korea and Asia. The Muzika Network token economy will be backed up by ever-growing population of community users and fans. Muzika Network aims to provide musicians the best of both worlds: a higher commission rate for their creative content and a strong user base. Muzika Network has developed a strong system for incentivizing fans to contribute to the Muzika ecosystem.
These incentives will build the user base necessary for Muzika to provide both higher commissions to artists along with the mass user base of traditional music streaming sites. The network effect from a mass user base will be the key to developing an autonomous, self-sustaining ecosystem. In other words, Muzika can provide musicians with 90% of $1,000. Muzika has already made significant achievements towards the development of sustainable solution to inefficiencies in the digital music industry.
FUNCTIONS OF THE MUZIKA NETWORK PLATFORM:
Community building: the MZK token is used as an incentive to promote greater participation among community members. Members find the MZK token to brainstorm, exchange feedback and more.
Transmitters of commercial goods and services: Participants in the ecosystem can exchange digital music, music, instrumentation, voice recording and more using MZK tokens.
Sponsorship opportunities: Users can sponsor artists and become customers by paying a monthly subscription fee for their content using the MZK token. Customers will receive exclusive access to the products and services provided by the artist. They will also be more involved in the creative process of music.
Community programs: the MZK Card will also help to finance community programs and events such as auditions, competitions, live broadcasts, etc. All these activities contribute to strengthening the Muzika Network.
MUZIKA NETWORK ECOSYSTEM:
The developers plan to create an independent, self-sufficient ecosystem, in which the main actors will be artists and listeners, in which all rewards will be honest and deserved. The ecosystem consists of smart contacts, through which performers and listeners among themselves will fairly and transparently exchange musical products. The Blockchain and smart contracts on the platform will be used to secure the copyright of performers.
Students will also receive an award in the tokens of the MZK platform for participating in various contests and other events. They will be able to vote for the best performer and directly sponsor them, encouraging them to create new music content. All tools available on the platform will serve as the current existing intermediaries in the face of distributors and publishers and fairly distribute compensation for high-quality music content.
CHALLENGES IN THE MUSIC INDUSTRY:
a. Social media saving the broke musician from the marketing efforts and building their name, however, the flip side of connecting with fans via social media is that just because people are likes your video in social media or sharing your video does not mean that they are buying tickets to your shows. Thus having 500,000 Facebook fans mean that you’ll sell 500,000 concert tickets.
b. Ask musicians how they make money these days, and they will say, “Live music.” In fact, ask anyone who never pays for recorded music how they support the musicians they love and they’ll say, “I go to their shows.” However, there’s one major disconnect, playing live costs musicians money. A lot of money.
c. Musicians can make a viable living making music without having to sign with a record label these days. Thus, making your music requires an effort of a team including managers, PR, agents, and more. Despites of this new found freedom, musicians often run into the challenge of attracting attention from the team members they want.
MUZIKA NETWORK’S SOLUTION:
Meanwhile other music Blockchain projects generally focus on peer-to-peer transaction, we believe such methodology is a philosophically immature and technologically shallow application of Blockchain and is incapable of revolutionizing the whole industry due to its lack of network effect – a gross advantage that existing platforms and parties like Spotify, iTunes, and Universal Music hold. The industries cannot be redeemed simply by introducing a system that allow a larger share of revenue to musicians – the key lies in the fans. The fans have to take part in the system in order for the net revenue to be meaningful. For example, 10% of 100 dollars from iTunes is better than 80% of 10 dollars from an independent peer-to-peer transaction system. Instead of a transaction mechanism that we dub the 1st generation music Blockchain, we firmly believe that the solution lies in the establishment of a self-sustaining, this symbiotic music community in order to truly move the current power structure towards decentralization – we are building the Token Economy for Music, the 2nd generation of music Blockchain.
Muzika Network will revolutionize the music industry by establishing a self-sustaining and righteous digital music ecosystem that will
(1) Eliminate unnecessary intermediaries,
(2) empower musicians and consumers,
(3) Decentralize distribution power, and
(4) Restore the economic balance among market players. Muzika holds the promise of a future where economic compensation for a musical creation becomes proportional to the effort and dedication put into the creative process. The whitepaper is laid out detailed description of the ecosystem structure.
WHAT MAKES MUZIKA NETWORK DIFFERENT?
a. Previous Attempts Failed to Secure Large User base:
Previous music Blockchain projects have overlooked the importance of a large user base to achieve wide scale adoption. This project have demonstrated that it is possible to give a higher commission rate to artists for their work using Smart Contract transactions. However, for artists, the low commission rate offered from traditional music streaming apps that had huge user base were more attractive than Blockchain apps using Smart Contract transactions. Case in point, a 10% commission of $1,000 from iTunes was preferable to 90% commission of $1 from a Smart Contract transaction.
b. Muzika Will Create a New Economy to Incentivize the Users:
Muzika Network aims to provide musicians the best of both worlds: a higher commission rate for their creative content and a strong user base. Muzika has developed a very strong system for incentivizing fans to contribute to the Muzika ecosystem. These incentives will build the user base necessary for Muzika to provide both higher commissions to artists along with the mass user base of traditional music streaming sites. The network effect from a mass user base will be the key to developing an autonomous, self-sustaining ecosystem. Thus, Muzika can provide musicians with 90% of $1,000.
c. We Have Done It Before:
Muzika has already made significant achievements towards the development of sustainable solution to inefficiencies in the digital music industry. In 2015, co-founders of Muzika saw an opportunity in the online instrumental music industry and started online instrumental music platform Mapia Company. In just over 3 years, Mapia Company has become the #1 global instrumental music platform with over 2 million users. Muzika will build upon this existing user base and community.
THE NEED FOR BLOCKCHAIN:
• Smart Contracts For Transparent And Fair Distribution:
The Smart contract will allow automatic and instant transfer of tokens. It’s No longer wait for end-of month to get loyalty points or worry about if transfer of tokens was fair and accurately distributed.
• The Content Ownership Right:
With the use of Blockchain Technology, all contents information (e.g. owners) will be securely saved in the database which will allow interested parties to check if there are any undisputable record of who is the rightful owner of what content, hence protecting ownership right.
ICO TOKEN INFORMATION:
Total number of tokens: 1,000,000,000
Total number of tokens for sale: 205,000,000
% for sale: 20.5 %
Hard-cap: 20,000 ETH
In conclusion: It is no secret to anyone that there is a lot of money in the music industry, which is why there are numerous problems that prevent musicians from receiving adequate remuneration for their work. But with the advent of such a platform as Muzika, this problem may disappear, since this ecosystem provides fair rewards thrah78ough the use of Blockchain technology and smart contracts. Considering the fact that the guys from the team have been working together for a long time and already have a working product with a large audience around the world, everything should work out for them.
For more information please kindly visit the Links below:
White Paper: https://www.muzika.network/assets/mzk-whitepaper-en.pdf