MUZIKA – Transforming The Music World
Over the past 20 years, the music industry has experienced tremendous development. One of them is listeners’ access to music. In the past, to listen to music we needed to buy music in physical forms such as CDs, tapes, etc. Currently, to listen to music we only need to download music in the form of audio files, even if we don’t have an audio file, we can listen to music by streaming through applications/platforms. This certainly makes it easy for users/listeners to access music, however, this has a negative impact on musicians and fans/listeners.
The current ecosystem of the music industry involves many parties: musicians, music labels, distributors, and streaming platforms. This causes musicians to get a very unfair revenue, which is 10-20% of consumer payments. In addition, an increase in music piracy can hamper and even kill the creations of musicians. On the side of fans/listeners, currently their roles are very limited, they cannot be involved in the creative process of music products.
Muzika is a global digital music ecosystem that will reshape the digital music industry. Muzika will solve the main problems in the music industry that exist today as mentioned above: profit sharing, piracy, and the role of fans/listeners.
Muzika will create a new digital music ecosystem that can independently achieve repetitive production and distribution cycles, and enable consumption of music creations, and reform the digital music industry’s distribution hierarchy.
Muzika is built on two million active users in 150 countries, who enthusiastically exchange their own musical ideas, share performances, compose beautiful original works, compete in good faith, and trade various forms of digital music.
Loyalty point (LP) is the value of user contributions obtained by contributing time, knowledge, and energy to strengthen the Muzika ecosystem. LP will give voting power, not muzika coins (MZK), and the number of LP determines the effect of their voting.
The LP will be accumulated for three months and can be exchanged with MZK. Initial conversion ratio of LP:USD is 300:1. This ratio can change based on monthly reviews in the community.
Opportunities for Sponsorship
Muzika will act as a non-profit platform, free of commission between artists and fans and will not be involved in managing sponsorships between artists and fans.
Artists who create music will share recordings of demos or video clips to the community. If the artist’s creation receives enough votes and goes through the copyright consideration process, then the community can sponsor by giving MZK to the artist.
At the end of the creation process, the community will enter song and album data into the blockchain account. This account will keep all copyright information including the artist’s digital signature, and attached to the blockchain entry to verify intellectual property rights.
Every digital use of the song provided generates revenue, including streaming for individual and commercial use, downloading, and sharing will be automatically recorded in the account registered on the blockchain. Every month and quarter, musicians’ financial performance will be published in the form of regular accounting reports to community members.
Muzika Token (MZK)
Muzika is a utility token and the only medium of exchange for all economic activities in the Muzika ecosystem. These economic activities include:
- Building a community.
- Means of transactions for commercial goods and services, such as streaming services, sheet music markets, musical instruments, recording services, and more.
- Users can sponsor artists
- Community programs, such as auditions, contests, live-streaming events, and other activities driven by member involvement will become Muzika’s focal point.
For more information, visit Muzika website and download the whitepaper.
BCT Author Link: https://bitcointalk.org/index.php?action=profile;u=2256570