Muzika – Transforming the Music World through Blockchain
A storm has hit the investment market which we are not going to recover from. Crypto investment is that storm. With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, Muzika, a progressive coin economy that will reshape the global digital track industry has arrived.
“Digital music companies have revitalised an industry in decline. Piracy caused artists and right holders to experience huge losses totalling €240 billion from 2008 to 2015 and down to 2018. As physical sales declined thousands of record shops went out of business worldwide.
Streaming has become 50% of overall music revenue, and is set to rise much further. In 2016 alone, 112 million users of paid streaming subscriptions produced $15.7 billion in revenue worldwide for a once struggling industry. In Europe, the recorded music market grew by 4% – the fastest rate of growth in two decades, driven primarily by the mass adoption of streaming.
Digital music companies give consumers legal access to streaming music that fairly remunerates artists. It’s a win-win that’s reflected in incredible growth.”
With that being said, Muzika aims to lessen or remove profits from distributor, producers, and platform that will make music artist to gain more profits. Muzika is a free to use platform for music artist, “free” means no commissions or profit will be deducted from musicians that’s why musicians will get 90% of the profit using Muzika.
But before we go any further, please check out this video presentation to get acquainted
Now that I have your attention, let’s get right to it.
What exactly is Muzika?
Muzika revolutionized the music industry by establishing an independent and true digital music ecosystem that would eliminate unnecessary intermediaries, empower musicians and consumers, decentralize distribution power, and restore the balance of economic distribution among market participants.
Muzika aims to lessen or remove profits from distributor, producers, and platform that will make music artist to gain more profits. Muzika is a free to use platform for music artist, “free” means no commissions or profit will be deducted from musicians that’s why musicians will get 90% of the profit using Muzika. Unlike other ICO’s they will start with proven service just they will improve it the platform behind Muzika is Mapiacompany Inc. the biggest and first online piano music platform in South Korea with more than two million users. It’s a good start since forty percent of South Korean’s are music streaming subscriber, highest among all nation.
Muzika is a progressive coin economy that will reshape the global digital track industry. From a number of sides, Muzika revolutionized the track enterprise by using building an impartial and proper digital music ecosystem that will:
Eliminating pointless intermediaries,
Empower musicians and consumers,
Decentralize the electricity of distribution, and
Restoring the monetary stability of distribution among market participants.
Muzika holds the promise of the future where compensation for music creation is proportional to the effort and dedication put into the innovative process.
Muzika plans to remove the boundaries between the performer of the song and his listener, using all the advantages of the blockchain technology. Also, the platform will strive to drastically reduce the profits of the distributor, manufacturer and music label, which receives most of the profits.
It is important to note that Muzika is a free music platform for any artist. This means that on the platform will be absent all sorts of commissions and various kinds of cash deductions, and almost all the profits will go into the artist’s pocket.
Muzika strives to create such a music system that will radically change the entire music industry, give it independence from various intermediaries, expand many opportunities for all users of the platform, make it completely decentralized and create economic stability.
The Background of Muzika
Muzika was born in Seoul from the idea of three young Koreans, Inseo Chung, Sangmin Heo, Jangwon Lee, included by Forbes in Asia’s Top 30 under 30 ranking dedicated to innovators from various industrial sectors.Before dedicating themselves to the Muzika project, the three young entrepreneurs created the web platforms Mapianist, MyMusicSheet and KpopPiano, which, according to the press release, have about two million active users and 17 thousand registered music artists from 150 countries.
Muzika Studio v0.1.0 (2018.09.20) is already available for download MAC, Windows, Linux.
Musicians and fans are the real value creators in today’s music industry, but they are not properly rewarded for their value creation.
Musicians are starving. Everyone listens to music, more people pay for music, but artists are still not making money.
Fans (that’s us) are still pigeonholed as consumers, though we are the ones who actually make super-stars! We devote our time and effort to vote, make cover songs, go viral, and even write fictions for our favorite artists, but no one rewards our effort and devotion.
Intermediaries (distributors and platforms) are making excessive profit for one time and unsophisticated tasks of ‘transferring’ the ready-made values.
More engaging and rewarding
Muzika platform will revolutionize the production, distribution, and consumption of digital music. With the support from Ontology (one of the well known and respected blockchain projects in the crypto community), Muzika will be able to introduce blockchain technology in its platform and build an integrated platform which aims to connect artists and fans directly hence increasing the artist’s profit and fans get rewarded for participating in community activities like consumption | sharing | brainstorming in music creation, hence creating a more engaging way for fans to connect with artist and vice — versa.
Muzika platform will also help to defend artist creativity.Protecting all elements of an artist’s creative work from being leaked online in the run-up to its release is a key focus for record companies. Criminal organizations
seeking to profit from illegally obtaining the record before it is fully ready for release jeopardizes the work of artists.
Use of blockchain platform will save music, content and its related information (e.g. artist, date) to be securely saved in the blockchain and share music securely, and ensuring only the agreed recipients are accessing it.
Independence. After the final creation of the platform for all users comments, reviews, analytics and reviews will be available.
On the platform, the market for musical instruments and services will be available to users.
Each user can invest in a musician whom they like to listen to, and as a reward for their sponsorship, they will be given some advantages on the platform that will be available only to sponsors.
Competition programs for performers. Muzika platform developers plan to encourage a large number of performers to participate in these competitions, so talented artists will be found.
Live broadcasts of concerts.
The Platform Ecosystem
The developers plan to create an independent, self-sufficient ecosystem in which the main actors will be artists and listeners, in which all the awards will be honest and deserving.
The ecosystem consists of smart contacts, thanks to which performers and listeners among themselves will honestly and transparently exchange musical works. Blocked and intelligent contracts on the platform will be used to protect the copyright of performers.
Fans will also receive an award in the tokens of the MZK platform for participating in various competitions and other events. They will be able to vote for the best artist and directly sponsor them, encouraging them to create new music content.
Smart contract will allow digital musical products to be transferred directly from artists to fans, ensuring fairer and more transparent economic distribution.
Fans will be rewarded with loyalty points for their various community activities, which will be regularly converted into MZK coins – the sole medium of exchange for all economic activities in the ecosystem.
Fans will have opportunities to make direct sponsorship to their favorite artists, supporting them and receiving exclusive benefits in return.
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.
Token Sale and ICO Details
MZK is an ERC20 token built on top of both the Ethereum and Ontology blockchain network. However, in the future, Muzika plans to develops its own protocol blockchain specialized for community-based applications that facilitate all digitized forms of creative works.
Main sales: 205 million MZK
Total will be released: 1,000,000,000 MZK
Hard cap: 20,000 ETH
The MZK token is used to gain access to the Muzika ecosystem. It serves 4 main functions:
MZK tokens are used as an incentive mechanism to foster greater participation amongst community members. Members earn MZK tokens for creative brainstorming, exchange of feedback, and more.
Means of making transactions for commercial items and services: Ecosystem participants can exchange digital music, sheet music, musical instruments, recording services, and much more using MZK tokens.
Users can sponsor artists and become patrons by paying monthly subscriptions to their content using MZK tokens. Patrons will receive exclusive access to the products and services offered by the artist. They will also get to be more involved in the creative process of the music.
MZK tokens will also help fund community programs and events like auditions, contests, live streaming sessions, etc. All of these activities help strengthen the Muzika network.
MZK tokens can be obtained by participating in Muzika’s upcoming ICO, or by purchasing the token on cryptocurrency exchanges. They can also be mined through active, loyal participation in the community.
Meet The Amazing Team
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
For more information, please visit:
Telegram channel: https://t.me/muzika_english
My BitcoinTalk Profile: https://bitcointalk.org/index.php?action=profile;u=1326035
Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.