Muzika Network - Blockchain-based Music Ecosystem
Oh the music industry. Is one of the industries most affected by a middleman. In general we can talk about the entertainment industry affected by this but today I will focus in the music industry specifically because there’s this project called Muzika that promises to revolutionize the way musicians and consumers interact using the power of blockchain and decentralize technology to reshape how we consume music digitally.
What is Muzika?
To understand Muzika, we need to understand the problem it solves and that is the distribution of wealth among the participants in the music industry. We come from owning music like tapes, cds and the artwork involved in producing this content, to merely accessing this content via streaming platforms. It’s definitely easier to consume music like and the revenue growth definitely increases thanks to this.
Digital music brought the problem of piracy but streaming platform mitigates this problem by letting the consumer access to thousands of songs without the need to download them and waste storage space. In reality both streaming platforms, as the way they operate right now, and piracy represent an unfair distribution of the revenue for the musicians. How? By just receiving typically 10% to 20% of consumer payments. The rest? The middleman: platforms, record labels, publishers, services, etc, dilute profits that musicians receive.
Muzika is a self-sustained community-driven platform where economic compensation is fair, decentralized contributing to musician’s growth rather than middleman’s growth. Muzika will achieve this by removing the middleman and directing all their roles to the ecosystem powered by blockchain to directly remunerate the artist.
How does it work?
One of the main benefits of the Muzika platform is that they have a real product and a real usecase. They already have a community of 2 million active users that are ready to migrate to the blockchain based platform.
The ecosystem is powered by the Muzika coin which empowers the community, is used to transact for commercial activities (products like sheet music, recording services, streaming, etc), to sponsor an artist with the MZK coin and much more.
There’s 3 ways to get MZK. Participating in the ICO, getting them on an exchange or mining them (through a loyalty program). Lets actually include a 4th way and that is through the bounty program. More details on that later.
The really innovative feature here is the Loyalty Points. Community users are rewarded for their time, knowledge and engagement in the ecosystem. These loyalty points help the community members to leverage their voting power within the platform to make their contributions more relevant through time.
Why is the community so important? They contribute by entering the song and album data in the blockchain to secure the copyrights of the artist. Everytime the song or album is used and generates revenue, this information will be stored in the blockchain so the distribution of revenue to the musician is transparent, fair and complete. This is the power of decentralization. To give such role to the community instead of a few giants in the industry, will redefine the way musicians and consumers interact with each other.
There’s a lot of detailed information about the multiple benefits of the platform so I encourage you to read their whitepaper here https://www.muzika.network/assets/mzk-whitepaper-en.pdf to fully understand all the possibilities MZK holds.
Token Sale
There’s going to be 1 billion tokens in total. If you want to participate in the ICO, there’s 20.5% of tokens (205 million) for that. Essentially, there’s going to be 40% of those tokens rewarded for the ecosystem growth so it’s a great idea to participate in the token sale and continue enjoying the benefits of MZK through the platform.
The team is impressively comprised by successful entrepreneurs awarded the Forbes 30 Under 30 Asia 2018. There’s a lot of information in their website if you want to know more about who makes the team:
https://www.muzika.network/
Conclusion
I believe that there’s a lot of blockchain projects that are trying (and will succeed) to revamp the music industry in very innovative ways. Muzika is one of them and could be potentially one of the leaders in this sector. Unlike most ICOs, this project has a significant user base already and an ecosystem ready to be implemented. According to their roadmap, they will launch the mainnet prototype this Q4 2018. I like to do reviews of projects that have a future and the future for Muzika looks promising.
You can engage in social media and I encourage you to be involved in their vibrant community:
https://medium.com/muzika-official
https://t.me/muzika_english
https://t.me/muzika_chinese
https://t.me/muzika_korean
https://twitter.com/muzika_official
https://www.facebook.com/muzikanews/
https://www.reddit.com/r/muzikaofficial/
For technical information and further updates of the development you can check their GitHub:
https://github.com/MuzikaFoundation
Disclaimer: Keep in mind that I’m participating in the content creation bounty campaign. You can join any campaign you would like to participate here: https://bitcointalk.org/index.php?topic=5042121.msg46417949#msg46417949 I’m participating with my bitcointalk account - https://bitcointalk.org/index.php?action=profile;u=882182 and ETH address - 0x92D4c328EBE32B2826FfbB4aAbcD69f58Fe0a946 Therefore, I’m not giving investing advice, this article is purely educational in regard to Muzika.