UBI... MUSICoin - can someone explain the business model please?
Yosi Ben Zvi last edited by
Hey brothers and sisters, what's up?
Hope you are doing great!
Musicoin is amazing and loving the idea more and more!
I am a bit confused about how the model works - can someone with a solid understanding clarify it to us, simple musicians?
What is UBI, how actually those UBI coins are created, where the traded coins come into play - how it all works together?
Also, any visionary future plans on promoting using musicoins etc or any other ways planned to make musicoin more valuable?
Soundphaser last edited by
Yosi Ben Zvi last edited by
@soundphaser thank you mate, actually hoped for a short simple explanation from someone that really understands the concept, as the white paper is lengthy and not that friendly to the average musician. But if no-one can give a short explanation of the idea at the given time, guess the only option left is to go and read it hehe
stellartux last edited by
In all cryptocurrencies, when miners mine blocks, they create rewards for themselves. With Musicoin, 15% of the block rewards are sent to the fund that pays out the UBI.
Nguyen Tu last edited by
People buy $Music to tip your favorite artists, for now. Musiccoin.org are building features that will enable you to do other things with Musicoin, including but not limited to, downloading audiophile quality songs, buying fan merchandise, music magazine subscriptions etc. the team is building Musicoin to be the currency that powers all economic activity around musical goods and services.
Snow Day last edited by
@yosi-ben-zvi Miners mine the musicoin and keep most of it with a small portion getting put into a "UBI" pool that is used to pay the musicians. Everytime a listener listens to a musicians song, musicoin comes from this UBI pool to pay the musician. Listeners can also buy musicoin from exchanges to tip musicians. But otherwise it's a free experience for the listeners. Hope that helped!
q_ee77 last edited by
When a listener click play for a song, a smart contract is created and upon verification by miners, Musicoin will be issued to Artist, Miners and the transactions will be recorded in the blockchain.
What happens when (in the successful) future, with so many user clicking on 'play' at any given time, the Proof of Work system will not be able to verify the contract in time. Like sometimes experience by Bitcoin now, How do Musicoin plan to avoid a situation where 'playing a song' takes few days?
Vidas Pinkevicius last edited by
Yosi Ben Zvi last edited by Yosi Ben Zvi
In the future most probably a Proof Of stake consensus mechanism will replace the Proof of Work currently used by musicoin, which to the best of my understanding is basically Ethereum Fork.
Since Ethereum is heading in the direction of POS very similar to What Steemit uses (farther improved by EOS - which has the same lead developer as Steemit (Dan Larimer) - at least theoretically), 10s of thousands, and even, millions of transactions per second will be possible. So that will eventually be solved.