The following facts and answers to frequently asked questions are to be known by all members of the Musicoin Foundation, its ambassadors and representatives, so that they may communicate the information to focal groups and the general public.

If you have any further questions or feel like something needs to be added to this living document, please email colby@musicoin.org.

FACTS

  1. “Musicoin” refers to a blockchain-powered platform that connects music listeners and fans to free music streaming. Musicoin is also a cryptocurrency that is instantly paid to artists on the Musicoin platform every time one of their musical works are played on the platform.

  2. Musicoin.org is the first blockchain-enabled streaming musical service open to the public that pays artists with cryptocurrency. The beta platform went online and mining began February 11, 2017.

  3. Musicoin started without an Initial Coin Offering (ICO), pre-mine, or pre-allocation of funds for development. This means that the developers did not begin the project with a large allotment of coins with a cost basis of zero. This greatly reduces chances of coins being dumped or flooding the market.

  4. Isaac Mao, Musicoin’s founder, believed it was important for musicians, listeners, miners, and investors to all start on an even play field. The project was initiated by music lovers, musicians, and developers.

  5. The Musicoin blockchain is a fork of the Ethereum blockchain, specifically modified for music consumption. It is capable of executing smart contracts in a Turing-complete language and acts as a foundation for future layers of musical applications to be built on top of the Musicoin blockchain.

  6. Like Ethereum, Musicoin’s total coin supply is uncapped, generating 1.5 million coins per day. This coin emission scheme is designed to facilitate Musicoin in building a global ecosystem that aspires to power and fairly compensate all economic activities related to the creation, distribution and consumption of music globally via its native cryptocurrency…

  7. On May 22, 2017, Musicoin became an official member of the Enterprise Ethereum Alliance (EEA). Musicoin developers continue to work closely with Ethereum developers in integrating technologies that will be beneficial for the Musicoin platform going forward.

  8. Musical works in the Musicoin system are governed by “smart contracts” that the rights holder may divide and distribute to others if necessary. For example, a three-piece band could design a smart contract which pays each band member equally per play, or choose to allot a greater or lesser percentage of the payout for certain members.

  9. There are over 3,500 verified musicians and labels on the Musicoin system. (February 2018)

  10. Musicoin has over 35,000 registered users. (February 2018)

  11. An average of 10,000-12,000 songs a day are currently played on the Musicoin platform. (February 2018)

  12. Listeners can share Musicoin tracks via embedded social media players, like on Twitter. This means that listeners can trigger instant payouts to artists without even entering the Musicoin platform.

  13. If irregular activity is detected in any account (profile) such as fraud due to a high number of plays from a same IP address, the account will be subject to scrutiny, and possibly lead to suspension.

FAQs

  1. Can I upload someone else’s work to Musicoin and still get paid?
    No. Artists on the Musicoin platform are vetted to ensure that only original material is submitted, and that they clearly demonstrate rights ownership. Musicoin also cannot host material containing copyrighted samples or cover songs unless the rights holder has specific permission to allow the work in the Musicoin system.

  2. Where can I buy and sell Musicoins?
    Currently, Musicoins can be traded on Bittrex and Cryptopia, although we are actively looking to get listed on more exchanges.

  3. What can I buy with Musicoins?
    Musicoins can be sold on exchanges for Bitcoin, which can then be exchanged for fiat currencies (legal government tender) or other cryptocurrencies. However, our Global Ambassador Program has representatives tasked to encourage Musicoin as a form of payment, such as ticket, merchandise, or food sales at venues and festivals. We hope one day Musicoins can purchase everyday items useful in one’s life.

  4. How much is a Musicoin worth?
    The cost of Musicoin fluctuates with market demands. Visit Coinmarketcap for the current aggregated price.

  5. How much is a play worth?
    Each play on the Musicoin platform currently awards the artist one Musicoin.

  6. How do you prevent fraud/abuse?
    All musician accounts on the Musicoin platform must be verified by our team in order to validate the artist/band’s legitimacy. The verified accounts are also monitored by the system for unusual behavior, such as mass replays from the same IP address. Any user noticing fraud, abuse, or comment spamming occuring on the Musicoin platform or online, should email musicoin@musicoin.org or reviewers@musicoin.org immediately with details.

  7. What is UBI (Universal Basic Income) in regards to Musicoin?
    Under the UBI model, all streaming on our platform is free of charge, thanks to a 15.9% portion of the miner’s block rewards being set aside for artist compensation. The UBI system was rolled out in the third quarter of 2017.

  8. What is mining, and what are block rewards?
    Mining is the process that Musicoins (and other “proof-of-work” cryptocurrencies) are generated. Miners use GPUs (Graphics Processing Units) to solve complex mathematical algorithms (“blocks”) in the Musicoin blockchain. When it is solved, the miner receives block rewards (paid in Musicoin) and moves on towards trying to solve the next block. Also, when blocks are solved, all the transactions which occurred during during that round of calculations are verified and written to the permanent blockchain ledger.

  9. Where can I find Musicoin’s road map?
    To find out where Musicoin has been and where it’s going, view our roadmap here.

  10. Where are people discussing Musicoin online?
    Our official forum can be found at forum.musicoin.org. Active discussion also occurs on Musicoin’s subreddit (reddit.com/r/musicoin).

  11. How do I get verified as an artist?
    Artists must submit all of their social media/artist-related accounts on their profile so that we easily verify their identity and their music activity. Their chances of getting verified depends on their number of social media channels, as well as demonstrating how involved they were in the past with music content creation.

  12. How users delete their Musicoin account?
    Contact submissions@musicoin.org with a delete request.

  13. Why do some artists have an equal amount of plays, but a different amount of Musicoins?
    Users are able to tip artists additional Musicoin from their own personal wallets by hitting the clap icon on the platform. Tips can be as little as 1 Musicoin up to 1000, which can make a big difference in the artist’s income.

  14. Why do I see less/more money in my profile’s wallet than before?
    Because the price of Musicoin fluctuates due to the demands of the open market, its value is constantly changing. Even with price fluctuations, Musicoin artists receive compensation well above other streaming platforms.

  15. Can I shorten my url of musicoin?
    Yes. You can find a link shortener at http://jam.dj

  16. Can I use music from other musicians to make my own mixes as a DJ?
    Yes. Please visit musicoin.dj for more details.

  17. I cannot upload my music? Why?
    It may be that the codec is not correct. Reconvert your original file to .mp3 with another audio editor. Musicoin only accepts .mp3 files, though they may be of any bitrate.

  18. I’m a developer. Can I work for Musicoin?
    If you have extraordinary skills you can apply to be part of our team. Please send your credentials and areas of interest to Varunram Ganesh at varunram@musicoin.org.

  19. How can I get involved with or promote Musicoin?
    We have liaisons all over the world representing Musicoin and assigned a wide variety of tasks. Contact us at ambassadorliason@musicoin.org

  20. Can I upload a remix I created to Musicoin?
    Remixes and cover songs can only be submitted after exhibiting explicit permission from the rights holder of the original.

  21. Where do my files go when I upload them?
    Musicoin uses a distributed file system called the Interplanetary File System.

  22. Will Musicoin be a paid service in the future?
    No, Musicoin is and always will be a free streaming music service.

  23. What is Pay Per Play (PPP)?
    PPP is a smart contract on the Musicoin blockchain that enforces and executes licensing terms to reward a certain fixed amount of Musicoin.

  24. Can I use Musicoins as a payment method in my shop/platform?
    Eventually; although we have not designed a shopping cart yet, we hope to make Musicoin a viable payment method for all music-related shops/platforms in the future.

  25. How Musicoin is protecting my music from copyright infringements?
    The Musicoin team reviews all incoming uploads in order to prevent copyright infringement. However, no system of review can be 100% accurate due to the fundamental underpinnings of copyright law. If you believe a track on the Musicoin system infringes on someone’s copyright, please report the track by clicking the “Report Abuse” button which will alert the team to take further action.

  26. Can record labels sign up to Musicoin?
    Yes.

  27. Do you have to pay taxes on the earnings you receive on Musicoin?
    Different countries have varying approaches to how much tax is expected and how they collect cryptocurrency-based earnings. Please consult your local tax advisor for further details.

  28. Is it easy to set up a smart contract on Musicoin so earnings go to the right people?
    Yes, very. Before you upload a track onto Musicoin you have the opportunity to set various payment parameters. For example, if you own 100 percent of the musical work, then you simply keep the payout allotment default, which is ‘1’. If a 50/50 split is necessary, then the other musician to receive the 50% will need to sign up to Musicoin and get added to the contract. Both musicians should be set to ‘0.5’. You can also adjust the percentages later.

  29. How can artists delete songs from their account?
    If artists want to delete their song that can be done in profile edit section (musicoin.org/nav/profile) by choosing “Delete” in the options menu, which is to the right of the song.