Muzika - Transforming the Music World through Blockchain
I think you understood by the name of the project that we are talking about music. The music industry is quite well developed, and in many countries. Now it is simply impossible to imagine our life without music. Someone, listening to her, has fun and forgets about her problems, and someone calms down. Personally, I myself listen to it constantly, for example, sitting at a computer, in clubs, when I go by car or go for a walk. It seems to me that without her, our life would be just boring. But the industry has its own problems. You ask what problems may be in this area? They really are and now I will tell you about them in detail.
Personally, I used to think that the performers of their work receive a lot of money, but after reading the documentation of this project it turns out to be completely different. Most of the money goes to various recording studios, as well as to various organizations that distribute it all. And in the end performers get quite a bit. Agree it is wrong, because the performer himself has invested more labor than anyone else. In addition, the fans of these artists also do not receive rewards for supporting their idol, for example, when they vote for him in some competition or when they create covers for his songs. Also, some music creators, on the contrary, work at a loss, because sometimes fraudsters (in simple terms, pirates) violate copyrights, that is, they post their work on the Internet and give it their own, and from this they have good profits and the authors are left with nothing. But fortunately there is a solution to these serious problems. With the help of blockchain technology, the Muzika project is going to do it.
About the project
The Muzika project strives to drastically change the music industry, where music performers will be rewarded without any intermediaries, and loyal fans will not stand aside and will also be rewarded. In addition, the platform has such a factor as the lack of commission. And this means that absolutely every user can upload their unique content so that anyone can listen to it. As I wrote earlier, the platform will work on blockchain technology. This means that everything will be safe, reliable and transparent. Also, all work is carried out through smart contracts, and this is an important factor.
I want to note that the project is not new, their platform has been working for a long time. And at the same time, it has proven itself well, since there are already 2 million registered users, and from more than 150 countries.
What is the Muzika Network?
Previous music blockchain projects have overlooked the importance of a large userbase to achieve widescale adoption. These projects have demonstrated that it is possible to give a higher commission rate to artists for their work using Smart Contract transactions. However, for artists, the low commission rate offered from traditional music streaming apps that had huge userbases were more attractive than blockchain apps using Smart Contract transactions. Case in point, a 10% commission of $1,000 from iTunes was preferable to 90% commission of $1 from a Smart Contract transaction.
Muzika aims to provide musicians the best of both worlds: a higher commission rate for their creative content and a strong userbase. Muzika has developed a strong system for incentivizing fans to contribute to the Muzika ecosystem. These incentives will build the userbase necessary for Muzika to provide both higher commissions to artists along with the mass userbase of traditional music streaming sites. The network effect from a mass userbase will be the key to developing an autonomous, self-sustaining ecosystem. In other words, Muzika can provide musicians with 90% of $1,000.
In today’s music industry, the challenges around the ownership, monetization, and distribution of content make it harder than ever for artists to establish a sustainable career. To combat this problem, Muzika is developing a brand new, self-sustaining digital music ecosystem on the blockchain, one that connects content creators and fans directly with one another without the need for intermediaries. The company already has access to 2 million active users from their founders’ previous venture, Mapia Company. In addition, Muzika has established a technical partnership with Ontology, as well as business partnerships with Blackhorse, Panony and Duane Morris & Selvam LLP. Their current investors include NEO global capital, Ontology, 256 Ventures, Blackhorse, and other well-established players in the blockchain space. The Muzika team consists of 3 entrepreneurs who have been successful in their previous ventures and were also featured in Forbes ’30-Under-30’. Together, they plan to take on a $45 billion music industry by eliminating unnecessary intermediaries, empowering musicians and consumers, decentralizing the distribution of power, and restoring the balance of economic distribution among market players.
Muzika has already made significant achievements towards the development of sustainable solution to inefficiencies in the digital music industry. In 2015, co-founders of Muzika saw an opportunity in the online instrumental music industry and started online instrumental music platform Mapiacompany. In just over 3 years, Mapiacompany has become the #1 global instrumental music platform with over 2 million users. Muzika will build upon this existing userbase and community.
They will reform how value is created and captured by various players within the industry. They will return rewards to those who create the value, from those who merely transfer the value, while recovering the share lost from digital piracy through blockchain technology. Muzika will create an autonomous, self-sustaining ecosystem driven by artists and their fans in tandem, where compensations and rewards will become proportional to the level of devotion put into musical creations and ecosystem behind them.
Smart contract will allow digital musical products to be transferred directly from artists to fans, ensuring fairer and more transparent economic distribution.
Fans will be rewarded with loyalty points for their various community activities, which will be regularly converted into MZK coins - the sole medium of exchange for all economic activities in the ecosystem.
Fans will have opportunities to make direct sponsorship to their favorite artists, supporting them and receiving exclusive benefits in return.
HOW IT WORK?
Muzika’s digital music ecosystem will function as a channel for distributing and publishing music content while providing fair compensation to artists. Fans will also get to partake in all stages of a song’s lifecycle, ranging from sponsorship and production to consumption.
Overview of the Muzika Ecosystem:
THE MUZIKA COIN
What is the Muzika coin? - The Muzika coin (“MZK”) was deliberately designed to help in the achievement of their mission to create a new, sustainable ecosystem in a multitude of ways. Their team drew inspiration from the Steemit community, which has been able to successfully substantialize the mission outlined in their whitepaper. Steemit’s community building model, along with our own proven model of building a vibrant music community of 2 million users, are some of the foundations of our ecosystem.
Means of transaction for commercial items and services
MZK tokens can be obtained by participating in Muzika’s upcoming ICO, or by purchasing the token on cryptocurrency exchanges. They can also be mined through active, loyal participation in the community.
MZK is an ERC20 token built on top of both the Ethereum and Ontology blockchain network. However, in the future, Muzika plans to develops its own protocol blockchain specialized for community-based applications that facilitate all digitized forms of creative works.
Muzika is creating an autonomous, self-sustaining ecosystem that aims to empower musicians to take back their ability to monetize and be properly credited for their work. The platform utilizes blockchain technology to develop a token economic system that creates incentives for fans, publishers, and artists to connect with each other and exchange value throughout the various stages of the creative process.
The music industry has always faced challenges when it comes to digital copyright management, and although blockchain technology will help participants make great strides in solving those problems through greater transparency, Muzika will still need to solve the problems around verifying the authenticity of ownership prior to the work being registered on the blockchain. With a team of highly talented and experienced founders and developers, Muzika is well equipped to solve these challenges and finally disrupt the stagnant yet increasingly valuable digital music industry.
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