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MUSIC · 228w

Musicoin White Paper: Free Creations While Rewarding Creators (v 0.9)

Musicoin White Paper: Free Creations While Rewarding Creators (v 0.9) Abstract.​ This article describes Musicoin, a decentralized system for the publication and consumption of music, which combines a cutting-edge cryptocurrency($MUSIC) to a peer-to-peer file sharing network. Musicoin allows musicians to license their content as a “programmed contract” directly to a decentralized database called a “blockchain”. These contracts automate the collection and distribution of royalty payments and remain in the control of the artists themselves. Listeners can access a global catalog of music stored on a peer-to-peer network and pay artists directly using digital currency, based on their usages. Ease-of-use tools can be designed to allow a seamless experience for both listeners and musicians, and an open protocol will allow third-parties to build a rich ecosystem of value-added software and services. By providing a distributed and highly transparent platform that connects musicians and listeners directly, Musicoin lays the groundwork for a new age of music that is sustainable, borderless, and fair to all stakeholders.

The digitization of the music industry began in the 1980s and, in hindsight, was inevitable. By the late 1990s, with the rise of Napster, digitization officially became a disruptive force, and one that music industry is still grappling with today. At the heart of the struggle is a system of licensing, distribution, and promotion that dates back more than a century. As technology outpaces (and in some cases simply circumvents) the traditional system, there is growing concern and consensus that the century-old music industry might collapse under its own weight after nearly two decades of decline.

And, while the transition to digital music has largely been a boon to listeners, who now enjoy access to an ever-expanding catalog of music through services like Spotify and iTunes, it has been difficult at best for musicians. The industry still keep...

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