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01 May 2018
‘imusify’ is building a next-generation fully decentralized music platform. It envisions creating a portal for the music economy and to power its ecosystem through the IMU token. Within its peer-to-peer network, artists, investors, and fans and other participants, should be able to collaborate and be fairly rewarded for their respective contribution.
Today, the music sector is still dominated by a large number of intermediaries who are battling it out and feed on the value of the musical content that was created by musicians.
While platforms like Spotify and others, have opened up new avenues of revenue for the artists and have somewhat displaced the dominance of labels, the compensation scheme for the artist is still below par, and intellectual property rights are often cheaply sold. What if this could be different?
imusify is being built on the NEO ‘Smart Economy Network’. COO, Nate Strang, stated in an interview that they specifically chose to work on the NEO platform, as it has the right approach with respect to the ‘trust and identification’ issue. Correctly so, looking forward, you cannot expect to disrupt any industry if you are not perfectly aligned with KYC rules and other regulatory frameworks.
Multi-layered audited blockchain identities will provide the trust that is needed as a foundation for this disruption. Have you ever questioned why it is so easy for these intermediary parties to maintain their power and dominance in the music ecosystem? The answer is pretty simple. The cost of the current scattered centralized system is just so high, and its rules and bureaucracy, so opaque, that you cannot compete with it.
When the day arrives where intellectual property rights can immediately be assigned to the author of the content by using multi-layered ID authentication, disruption will have occurred.
What does this peer-to-peer, blockchain powered ecosystem look like?
First and foremost, the platform intends to create direct pathways between the different personas in the platform. Whether you are a music creator or investor or fan you should be able to collaborate and get rewarded. With this in mind, imusify is creating a crowdfunding mechanism within the platform which should allow musicians to create a blockchain based crowdfunding campaigns to help them finance their projects.
At the same time, imusify wants to enrich the experience of the music consumer, by allowing them to earn IMU tokens based on a content curation system. This incentive scheme is powerful as it rewards direct involvement by the listener and breathes life into the old-fashioned ‘follow or subscribe’ button.
While this music streaming platform is currently still under development, this sneak peak screenshot gives you a first impression of what it should look like. Consider that there will be different iterations and phases of development in order to build out all of the envisioned functions as described in their white paper. http://imusify.com/whitepaper.pdf
What is the current status of the project? ICO?
Right now the project is nearing a crucial phase in its existence, as it will start the ICO presale process one month from now, on the 1st of June, while the main sale is to expected to start on the 1st of July 2018.
The IMU NEP-5 token will be used as a currency to reward the musicians and content curators. IMU will also be used for the licensing of content, the funding crowdfunding campaigns and can be utilized for the exchange of value-added services between participants.
If you are interested to join in the ICO, now is a perfect time to start performing your own due diligence on the project and get through the ‘whitelist’ procedure before it all starts.
(Source: White Paper)
In closing, music is a multi-billion dollar industry and the value-gap that exists between the energy required to produce this fine art and the return on investment for the average musician is so large, that every musician on this planet should root for ‘imusify’ to succeed.
I’m sure we are going to get more updates from the team as we get closer to the ICO finish line. So stay tuned and we’ll bring the news to you. Leave us a comment if you enjoyed this article and have a great, ‘musical’ day!
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