Chapter VI: Done! $MUSIC 2.0 (UBI) is here
Tuesday Sept 8th, 2017
We are here, $MUSIC 2.0 arrives today after a long period of preparations.
With this new model in place, we could then focus on other areas to benefit miners and stakeholders as well. With mining, 20.1% will be distributed separately from the 79.9% mining reward, 15.9% of it will go towards musicians by default, and 4.5% of it will help fund developers for future development. Though miners will soon be earning 250 instead of 314 coins per block reward, we're confident that mining will remain profitable in the foreseeable future. Why? Because we believe this new UBI model will attract more artists to get on-board based on the unique nature of how they get paid, while bringing their fan-base along; inevitably, even more listeners will join our platform and user traffic/services will continue to rise. Increase traffic will garner more attention, and more attention will increase even more traffic; thereby impacting the value of musicoin. We're already experiencing a healthy and sizable growth on our platform with over 1,200 registered artists and 15,500 listeners. On a typical day alone, we receive an average of 10 new artists joining on our platform, and occasionally, we do get 50+ new artists signing up in a span of 2 days. Currently, less than 20% of the 1,200+ registered artists are inactive due to a lack of understanding of our model "free play, fair pay", this is the downside we're aware of and will start focusing on PR and marketing as soon as UBI is deployed so that everyone who are involved on our platform will be in the know 100%.
In addition, since musicoin is a much-modified version and fork of ethereum, there will be an Ice Age Difficulty Bomb happening near the end of 2017 and beginning of 2018 for ethereum and all its forked coins. This means the speed of mining each block will slow down drastically, effectively reducing the rate of circulation of coin supply. In turn, this will drive the value of our project in a positive projection. No doubt, based on the law of supply and demand, when that happens, miners and stakeholders who support our project in the early stages will ultimately be benefited as well. If you would like to know more, our recent roadmap article published 2 months ago will have a more thorough input regarding UBI and the upcoming difficulty bomb. If you have no idea what the Ice Age Difficulty bomb is, this short article explains it pretty well.
Furthermore, even more exciting things to come after the difficulty bomb is our new concept of Proof-of-Sharing which will happen during this time of next year, that will require a separate thread of its own. Until then, the musicoin team has a lot at hand and will try our best to get our communication across all social media channels. We always welcome anyone who would love to reach out to us and represent our team by being a project advisory member, or an ambassador.
As for content hosting and server costs, musicoin main sites currently hosts all data at this moment with a backup facility. Of course, this comes with a cost out of our own pockets, the team spend ~$3,000 USD/month and counting because of growing traffic. The catalog data which contains all meta information of artists and their tracks, all intermediate transactions, and community messages etc. are centrally stored in storage. However, this is only temporary. With the upcoming updated version of our desktop wallet, the catalog data stored will be distributed to all nodes, we expect the stored content to gradually move away from our centralized servers and into each artists' desktop wallets, making it decentralized. This way, every future version of desktop wallet release will always host a subset of catalog data within, and it'll be the first stop for listeners to discover music there. For artists, their desktop wallet will become a personal hosting ground free of charge, and an extension of themselves hosting their own tracks info and then replicating them toward other nodes. At that stage, it would be advised for artists to leave their wallet online for at least a few days after each release to make sure the musicoin network replicate content correctly to all other nodes. Issac Mao believes this design will help smoothen the musicoin blockchain transitioning to the eventual Proof-of-Sharing phase. Ideally, we won't have to worry about a single point of failure after that.
Keep in mind that musicoin platform is still in its beta stages, we're one of the few crypto projects that has a working product in place, all being done without ICO (Initial Coin Offering) and premining. Ongoing discussion regarding our project are encouraged, if interested, you can join some of our main channels including telegram and slack. We also encourage anyone who would like to participate in a fruitful discussion regarding the monetary policy for musicoin platform. (Link:
https://github.com/Musicoin/MCIPs/issues/1) Our communitys voice is valuable to us, we welcome any future feedback and criticism to help improve our project in shaping the next generation of music.
Thank you for your continuing support!
The Musicoin Project
More about UBI:
https://medium.com/@musicoin/roadmap-of-musicoin-blockchain-4a65620fefceJoin us:
https://musicoin.orgSoftware:
http://github.com/musicoinCommunity:
http://slack.musioin.orgTwitter:
https://twitter.com/musicoinsFacebook:
https://www.facebook.com/lovemusicoin/ 