Muzika plans to remove the boundaries between the performer of the song and his listener, using all the advantages of blockchain technology. In addition, the platform will strive to drastically reduce the profits of the distributor, manufacturer, and music label, which receives most of the profits.
This means that the platform will be absent all sorts of commissions and various types of cash deductions, and almost all profits go into the pocket of the artist.
Muzika strives to create a musical system that will radically change the entire music industry, give it independence from various intermediaries, expand many opportunities for all users of the platform, make it fully Decentralized and will create economic stability.
It should also be noted that the Korean company has long been working and has made great strides in solving many problems of the digital music industry. Muzika So, in 2015, the online music platform Mapiacompany was launched, and over the next three years it became an international platform with an audience of more than 2 million people, and its customer base is constantly growing. Undoubtedly, this is a huge success for developers and a serious competitive advantage, because the team is cohesive and has the experience of creating a working product that is Muzika Studio v 0.1.0 (2018.09.20) is already available to download MAC, Windows, Linux.
• More money inflows into music while less money is outflowing to artists: More people are paying for music, and the music industry is seeing more cashflow, but a lower percentage is going to musicians as many realize only 10~20% of the sales of their music.
• A minority of players are taking a majority of the returns: Distributors and publishers are enjoying excessive and long-lasting returns for carrying out what is in many cases a one-time, unsophisticated task; they almost always realize more profit than musicians themselves.
• Outstanding issues of piracy: Rampant copyright issues remain unresolved. Digital piracy is a chronic issue in the music industry. Our conscience may not be at stake, but musicians are financially harmed as their miniscule returns from their creations shrink even further as a result of piracy.
• Listeners’ very limited roles: The majority of fans and listeners are pigeonholed as ‘consumers’ as they do not and cannot take any steps forward to get involved in the creative process of a musical product.This is another reason why labels, distributors, and platforms have been able to continue to exploit excessive returns.
We firmly believe that the solution lies in the establishment of a self-sustaining, symbiotic music community in order to move the current power structure towards decentralization. We will create a new digital music ecosystem that can autonomously achieve repeated cycles of production and distribution, and allow for the consumption of musical creations, as well as reform the digital music industry’s income distribution hierarchy. Fortunately, Muzika is not starting from scratch. This ecosystem is built on the backs,of our existing two million active users across 150 nations, who passionately exchange their own musical ideas, share performances, compose beautiful original pieces, compete in good faith, and trade various digital forms of music. Through years of experience, we have learned the precise way in which to build a community run by loyal and incentivized individuals.
Why Smart Contract Why Blockchain
We often get a question that any well-established blockchain projects must be ready to answer : “Are Blockchain and Smart Contract must-have for your project?” Here we suggest one example of why the technology is essential for the Muzika ecosystem.
Community members receive Loyalty Points(LPs) as compensation for their activities and contribution to theMuzika platform, and LPs are regularly converted into MZKs.
Thus we need to build a logic to change users’ LPs to MZKs. Smart contract is an effective means to ensure a transparent and systematic conversion. For its implementation, we need to handle both LP and MZK in same blockchain network, including records of community activities (contribution) for LP compensation. This will ensure transparency and prevent any possibilities of LP manipulation.
When a transaction occurs in the Muzika platform, we will take a portion of MZKs as service fee for community maintenance including LP to MZK conversion. We will build a logic that can automate periodic distribution of the collected MZKs to users based on their LP holdings.
If we do not use blockchain for this process, we need to utilize the database on AWS cloud server or our MZK token wallet to manage MZKs (those collected as service fee) and LPs. However, this poses the following two problems:
LP holdings manipulation: if our database is hacked or abused by an internal developer, information on LP holdings can be manipulated. Such possibility may lead to distrust among community members on overall management of LPs and MZKs.
Lack of transparency in the distribution logic : if service fee is collected in the developer’s wallet, distribution logic is operated solely by the developer’s computer. In this case, even if the logic itself is open to the public, there is no guarantee that the logic actually runs as coded.
We do not have to worry about these problems if we use smart contract. We can store MZKs (collected as service fees) in the smart contract, build a MZK distribution logic, and periodically send out MZKs to users based on their LP quantities.
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.
Muzika The developers plan to create an independent, self-contained ecosystem in which the main actors will be artists and listeners, in which all awards will be honest and deserving of attention.
The ecosystem consists of smart contacts, through which performers and listeners among themselves will be an honest and transparent exchange of musical works. Blocked and intelligent contracts on the platform will be used to protect the copyright of performers.
Fans will also receive an award in MZK Platform tokens for participation in various competitions and other events. They will be able to vote for the best performer and directly sponsor them, encouraging them to create new music content. All the tools available on the platform will act as existing intermediaries in front of distributors and publishers and equitably distribute compensation for high-quality music content.
Functions of MZK
MZK will be the sole medium of exchange for all economic activity within the Muzika ecosystem, acting as the medium for community building, sponsorship, purchasing commercial items, and community programs aside from a few free services targeted at community novices.
Community building: In order to be truly self-sustaining, the Muzika ecosystem will contain all of the necessary functions and activities. These range from creative brainstorming, exchange of feedback, and more.
Means of transaction for commercial items and services: Streaming services, a sheet music marketplace, musical instruments, recording services and much more will all be available through Muzika.
Sponsorships opportunities: Users may sponsor artists and become their patrons in various ways including regular subscriptions. As patrons, users can enjoy exclusive & sponsor-only products, services, and opportunities to be involved in the creative process of a musical product.
Community programs: Community programs and events such as auditions, contests, live-streaming events, and other such activities driven by member involvement will be a focal point of Muzika.
Token name : MZK
MZK Standard: ERC20
Main sales: 205 million MZK
Total will be released: 1 billion MZK
Rigid cover: 20 000 ETH
Commencement of platform modeling.
Tokenomics Structure Design Completed.
Platform Testing Begins
IPFS tech. application.
Platform Testing Completed
September – December 2018
Testnet Prototype Launch
Mainnet Prototype Launch
Integration of MZK transaction system to the existing platforms.
Phase 1 Service Launch
Phase 2 Service Launch
Phase 3 Service Launch
Official global launch of the full Version Muzika ecosystem.
Reshaping the Global music industry.
Muzika It is no secret that the music industry has a lot of money, so there are many problems that prevent musicians from getting adequate remuneration for their work. But with the advent of a platform like Muzika, this problem may disappear as this ecosystem provides fair rewards through the use of blockchain technology and smart contracts. Given the fact that the guys from the team have long been working together and already have a working product with a large audience around the world, everything should work for them.
More information contact :
Website : https://www.muzika.network
Facebook : https://www.facebook.com/muzikanews
Author : Upik05
Telegram : Upik05
BTT username : upik05
BTT Profile Link: https://bitcointalk.org/index.php?action=profile;u=2205131