UBI... MUSICoin - can someone explain the business model please?

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?

Thanks!
Yosi

Ambassadors

HI! I suggest reading the white paper here. I guess this and ohter documents in the future will be featured here.

@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 😂
Thanks

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.

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.

@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!

@soundphaser said in UBI... MUSICoin - can someone explain the business model please?:

here

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?

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.

last edited by Yosi Ben Zvi

@yosi-ben-zvi Will proof of stake produce Musicoins fast enough to keep up? Or will it produce enough quantity?

In the latest release of their whitepaper and also on a video i recently watched. They say UBI is Universal Basic Income. At first every play = 1 MC which at one point was worth $.02 then went up to $.12 as of this writing I think it is aprox. $.04 It is hard to create a business on that sort of payment model. So know every play =$.02 This is taken out of a pool of Music Coins that are created when the miners mine.

That is they payment part of the model that allows free playing for listeners and fair payment to musicians. It is almost 5 times more than most artist receive per stream on major music sites.

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