The rise of the internet and digital audio files created a massive challenge for the music economy; these new technologies changed how music is being distributed moving from vinyl to cassettes, later to cd’s and now to the web. While streaming services like Spotify, Apple Music, and Pandora have presented a solution, it’s far from being transparent and fair to everyone who uses these services. These centralized platforms continue to create billions of dollars for their shareholders, while artists receive meager payouts and paying members do not get any rewards for their contribution. Inmusik is an ecosystem based on a blockchain database that supports the music industry, streaming, and social interaction, with cryptocurrency rewards and a financial framework on which future music industry applications can be built.
The Inmusik platform
The Inmusik platform, already designed and currently in development, incorporates a business model that complete disrupts the current music streaming industry. It brings game theory to the economy of music. On Inmusik, listeners can use their cryptocurrency to vote on new songs/artists, and when there are payouts, those votes equate to a share of earnings for the voters. This means that artists not only earn from streams, they earn from token votes too. And while not every vote will result in a payout for listeners, over time, as the economy around music increases, a significant amount of users will earn big. With a library or mainstream content, Inmusik will be an exciting platform for everyone to be immersed in.
The Inmusik cryptocurrency is design to be a future currency for the business of music and the company is building partnerships to enable creative uses. Here are some possible applications:
1. Tracking of Radio plays and managing payouts
2. Monitoring of TV/Movie plays and managing payouts
3. Using AI to understand emotional connection users have with music
4. Live music streaming of home concerts and arena concerts
5. Music recording software leased/rented on demand based on usage time and exports
6. Live ticketing solutions
7. Ticketing security solutions
8. Profit sharing on live events
9. Merchandise printed on demand with simpler logistics
10. Music education online
11. Online mixing, production and mastering services
12. Online music collaboration
13. Copyright protection and usage tracking
14. Review platform for artists/writers
15. A blogging platform for industry professionals, producers, mixers, etc.
16. Virtual recording sessions
17. Band matching by calculating fan overlaps for festival bookings
18. Location services for festivals
19. Crowdfunding for artists
20. A range of music creation services
21. A range of music financial services
The Inmusik network has two different assets: Inmusik Tokens (Sound Coin) and Inmusik Cash (IC). Each carries their advantage and purpose to enable the Inmusik community to work as a scalable, just and growing ecosystem.
Due to the volatility of the speculative market, Sound Coin’s value will change daily making it too unpredictable for artists to receive payments for streams or curator’s payouts. Also, because stability is vital in any prosperous economy, it was important to innovate a solution that would work long-term. IC solves this problem as it was designed to be a stable currency, pegged to the USD. One token is equal to $0.01- (1¢) maintaining its price always at that value.
Inmusik Tokens (Sound Coin)
Sound Coins are smart contract Tokens built on the ERC20 token standard. It is an integral part of the community as it provides a mechanism for financial transactions, conversion of rewards, and collaborations. Smart contracts enable us to facilitate a payment solution working flawlessly together with a decentralized trust and reputation system between parties via the blockchain.
While our IC Token handles all peer-to-peer transactions where only the Inmusik system is responding to a user’s input, Sound Coin will be used for all manual transactions required in the business of music.
As a payment solution, the smart contract is the perfect tool to allow record labels to distribute and receive royalties, management fees, publishing fees, regional licensing and a long list of other payment types that are required in the business of music. Blockchain smart contracts are ideal for recording and facilitating the exchange of value, goods, services, and private data.
Putting music business data and transactions on blockchain smart contracts will increase the speed of service and save considerable amounts of money in paperwork. Blockchain-based smart contracts provide accountability in a way no other technology can offer:
• Provide an immutable ledger that offers permanent verification of every past transaction, building trust between everyone in the value chain
• Store all product lifecycle events forever in an easy-to-retrieve system
• Allow multiple apps simultaneously interact with any piece of information stored in the blockchain
• Facilitate peer-to-peer financial transactions across the globe.
Built on top of the proven ERC20 Ethereum blockchain will be a powerful, modular toolset to create applications that can track all royalty payouts (mechanical, public performance, synchronization, and print music), automate payments to all creatives and professionals in the music value chain. It will also offer a more secure ticketing solution, enable software licensing for music creation, record the transfer of assets, marketing/promotion management, and a host of other applications not yet imagined. ERC20 gives users complete freedom to create theirs on the Inmusik platform.