Muzika Ecosystem: Blockchain reinvents the music industry
Music is an unparalleled source of inspiration for people. It allows us to reminisce about the pleasant or poignant past, motivates us to achieve greater goals, and often heals our minds. But since the digitized music industry began in 1990s, the relationship between artists and publishers has been non-transparent. Majority of revenue from an album pours into distribution company’s pocket while only 10–20% sales revenue comes to the real artist. On top of that, listeners — who not only just listen to music but also expand the influence of music through active engagements, such as sharing and liking. However, their roles are very intangible and under evaluated.
Muzika Ecosystem was created to solve all of that problems
Muzika aims to create a fair and self-sustaining digital music ecosystem that will provide a much needed update to the framework of today’s digital music industry by protecting artist’s property right and decentralizing distribution process with the help of blockchain technology. In addition, Muzika ecosystem will enable listeners to expand into all stages of a creation’s lifecycle ranging from sponsorship, production, to consumption.
How it works?
When an artist publishes a song, all of relevant information of the song, including artist’s digital signature will be registered to a blockchain account to make sure his intellectual property right is protected. Every digital utilization of a given song that, including streaming for individual and commercial uses, downloading, and sharing will be automatically recorded in the blockchain-registered. Every month and quarter, the artist’s financial performance will be published in the form of regular accounting reports to the community members.
Playing the key role in running the Muzika ecosystem is Muzika coin (MZK). MZK can be obtained from ICO and purchases on cryptocurrency exchanges that it’ll be listed or can be converted from loyalty point (loyal point — LP are gained from contribution to Muzika community). By using MZK, one can get access to a lot of services on Muzika platform, donate to favorite artists or holding some events.
Who’s behind Muzika?
Founders of MAPIACOMPANY — the team behind Muzika are some of the youngest founders in Korean startup history to attract sizable funding from venture capital with the CEO being 20 and founders’ average age 22.3, especially in association with the two tech giants in Korea, Naver and Kakao. The founders are CEO Chung, a former pianist and high school dropout who founded his own company, CTO Heo, a prodigy developer, deep-learning expert, and leader of a top-notch tech team, and COO Lee, a professional pianist and business administration major who was the top graduate of both the most prestigious high school and the top-ranked university in the nation and has founded multiple organizations and startups. They are among the youngest in the blockchain industry nationally and internationally with an average age in line with that of Vitalik Buterin, now 24, when he founded Ethereum at the age of 21.
Why Muzika? What’s the difference from Muzika vs other musical ICOs?
There’re a number of reasons Muzika will be a successful ICO. First and foremost, Muzika is a Korea based project. Everybody knows how enthusiast the Korea are with crypto currency. That’s not to mention Korea is the leading country in music industry and the probability of being mass adopted are very high with Muzika. Other reasons can be listed as follow:
MZK is based on a running product: Mapiacompany — the 3-year old start up has over 30 piano related social media channel with over 2 million users in across the globe.
Young talented professional team: Inseo Chung/CEO, Sangmin Heo/CTO and Jangwon Lee/COO — trident leaders of Mapiacompany were all honored in “Forbes 30 under 30 Asia 2018”. Besides, MZK’s advisor board also includes a lot of famous names.
Get attraction from big venture capitals: Neo Global Capital, Everest Ventures Group, and T3 Ventures. This back up will enable Muzika getting more and more from other investors.
Realistic roadmap: no fancy or shilling word, all are clear and realistic enough.
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