iMusify

[ICO - ITA] iMusify, the decentralized platform for streaming music

The digital age has transformed the music industry. Creating millions of copies of digital content now costs almost nothing. More songs are now just a click away than those recorded years ago before the advent of the Internet; and consumers now prefer streaming to downloads.Streaming services (see YouTube Music, Spotify) are on the rise, but instant access and the global nature of the services have caused problems with digital rights management, payment transparency and content monetization.

As a result, most musicians are not compensated enough, despite the fact that their music is appreciated by many more people. The $ 12 billion global digital music market requires a new solution, where musicians and record labels are paid fairly! Want an example?

One million streams on Spotify generated an average turnover of less than $ 5,000 in 2017 and artists had to wait up to 24 months to receive payment.

The solution

The iMusify platform offers a solution to current problems: it integrates the best practices of streaming, media sharing, crowdfunding and social networks to create an ecosystem where artists, fans and music professionals can interact with each other on a decentralized market .

The underlying technology allows tracking the flow of content and smart contracts guarantee a fair and immediate distribution of payments. The content is automatically examined to determine copyright ownership and digital identity monitoring is used to prevent fraud.

Users have different potential income streams, creating a market for digital content, goods and services, with secure and instant transactions.

A fully decentralized marketplace

The iMusify project is one of the pioneers of the decentralization movement for the music industry. Other blockchain musical projects also show leadership in addressing some inefficiencies in relation to booking events and managing copyright, as well as streaming services. Many use cases have been presented, suggesting to address the existing problems.

Digital rights management. The power of the blockchain offers the opportunity to create a complete digital rights management system that eliminates the need for reconciling latent payments.

Transparency of payments. The blockchain offers several values added to the transactional procedures that occur throughout the music supply chain. With a complete database of consumption contents and verified users, the blockchain has proposed solutions for making automatic and transparent royalty payments, not only to individuals but distributed to the respective holders of the rights of a piece.

Licenses and monetization .

With the presence of a decentralized database of content and property rights, artists have the opportunity to license and monetize content in exciting ways. Even relatively unknown small artists will have a market where they can sell licenses for their work to use in commercial videos, movies, live events and podcasts.

The iMusify platform is based on the NEO blockchain. The reasons for this architectural choice are briefly explained below.

Blockchain technology. The NEO blockchain allows automatic monitoring of the content flow and execution of IMU transactions, the currency of the platform through smart contract.

Smart Contract. Smart contracts are protocols that facilitate credible transactions between users without the need for a third party or intermediary. iMusify uses NEO's smart contracts to create a secure, democratic and uncensored platform.

Neo Smart Economy. Through technologies such as P2P network (via TCP and WebSocket), digital certificates (smart contract NEO), fast transactions (support up to 10,000 tps against 15 tps on the Ethereum network) and cross-chain interoperability (the NeoX patent), the NEO community is able to organize networks to manage intelligent resources in an efficient, safe and legally binding way.

NeoVM - Universal Virtual Machine. NEO uses a lightweight virtual machine with short startup times and low resource consumption, which will be used by iMusify to run smart contracts.

NEP-5 Token. The proposed NEP-5 token outlines a standard for tokens for the NEO blockchain that provides systems with a generalized interaction mechanism for tokenized Smart Contracts. The iMusify platform uses the standard NEP-5 token to create IMU tokens, which serves as a value deposit and transaction vehicle within the platform.

Digital identity. Within a smart economy, digital identity refers to information on the identity of individuals and / or groups / organizations in electronic format.

Digital resources. Digital resources are programmable physical activities which, if recorded through a validated digital identity, are protected by law. By establishing a trustworthy association between digital resources and identities, users can register, negotiate and disseminate activities to conduct business.

Token distribution

The total supply of IMU tokens is 1,000,000,000 units and will be distributed in an attempt to maintain the long-term value of the iMusify platform and network taking into account the basic economic factors that can affect the profitability of a utility token. The token distribution is as follows:

For sale, 65% of the tokens will be reserved, while the team will receive 8% of the tokens. The cost of each token is $ 0.05. You can already subscribe to the WhiteList now by connecting to the project website https://tokensale.imusify.com/

In conclusion, I can say that if the team respects the WhitePaper promises, surely iMusify will prove to be a very interesting project. The idea of a decentralized streaming platform is certainly innovative and the idea of using the NEO blockchain is a choice that will pay off! I invite you to learn more about the project by reading the White Paper you can find at the following link: https://imusify.com/whitepaper.pdf .

You can also try the iMusify platform now at the following link: https://imusify.com/app . What are you waiting for ???