Governance of the Moosty Ecosystem & the ICO
Last blog we talked about the benefits of the different participants within the ecosystem. It was the last blog to explain the fundamental concepts of the Moosty Blockchain Platform. This blog we will give you information about more operational aspects and the governance of the platform. We will talk about three different entities relevant to the platform; the moosty foundation, the Moosty Streaming Service and the founders. We will explain the division of the tokens and what we would like to aim for.
The Moosty Blockchain Platform will be governed from the Moosty Foundation. This foundation will govern the Moosty Ecosystem through the funding of operations, strategy and the creation of incentives for developers by providing Reward through the MRE (Moosty Reward Engine). Over time the Moosty Foundation will become decentralized and decision-making will be democratically reached. In the meantime we provide basic principles that will guide the way and with that provide a foundation upon which the whole ecosystem can build viable applications that will be accepted internationally. Currently we keep the whitepaper and blogposts as guidelines for the direction of the foundation. The basic principles “artist-centric” and “fair distribution of profits” will guide our way. Would you like to join the Moosty Foundation? Let us know!
The Foundation will govern the following aspects:
The operational activities
There are certain operational activities that need extra attention up front before we can launch the first blockchain platform. Therefore we will have to fund these operations from a different entity than the Moosty Reward Engine. Ideally the operational activities become fully decentralised and the Moosty Reward Engine will take over the funding, but in the early phase we will have to take a more traditional approach to get our first proof of concept online. These operational activities are not performed by the founders, the founders (at first) will be funded through the founder-tokens. We specifically make this distinction to create a transparent foundation that should distribute tokens among new developers of the ecosystem. This creates an incentive to join our ecosystem at an early stadium. Would you like to join take on development challenges? Let us know!
The Moosty Reward Engine
The Moosty Reward Engine is one of the main features of the ecosystem. It will provide stimulus to developers, musicians, and other actors to develop services that benefit the whole ecosystem. The Moosty Foundation will put certain requests within the Moosty Marketplace with a reward against it. The aim of the Moosty Reward Engine is to provide incentives to develop certain ‘public goods’ that may not be developed otherwise. It is also meant to work as a bridge between the current music industry situation and the one we are developing. Would you like to join the Moosty Foundation? Let us know!
Moosty Streaming Service
The Moosty streaming service is a nonprofit to promote starting artists (open source project) and stream their songs to a large public. The Moosty Streaming Service will be the first streaming service connected to our platform as a proof of concept and a promotional tool. It is one application within the Moosty Streaming Network. The Moosty Streaming Service is an application that promotes one artist per genre per day. It chooses this artist randomly so every artist has the same chance to be promoted and acquire a large audience at once. We would like to develop this service in a decentralised manner, as an open-source project, but still being able to provide some profits to the developers and upcoming artists. It is meant as a small free boost in promotion of an artist. That’s why we would allocate 10% of the token sale to the Moosty Streaming Service. To pay for the development of the service within the Moosty Blockchain Platform, so can already pay-out royalty payments.
We would like to dedicate a large part of our life to this platform. We expect the early phases of the project to be hard and difficult as we have to convince a lot of large actors to co-create and adopt a new system. We expect some of the actors being reluctant as we are probably taking away their power within the system and decentralising it, in addition we may be driving down their margins. Therefore we think we will have to put a major effort and need to be totally committed to the project. With a small stake we are more committed and able to work on the project and put everything else aside.
Initial Coin Offering
Our mission is massive in a highly uncertain environment, therefore we need significant fund. To fund the early phase of the project we will create a token sale. 50.000.000.000 coins will be created. Extra coins will only be created with keep up the infrastructure (mining). The extra amount of coins per year (with forging new blocks) will be around 0.33% of total supply. This results in an inflation number that amounts to 3,15% over ten years. 40% of the coins will be reserved for the different sales. The first round only 30% will be sold. If not needed the extra 10% will be added to the foundation. If necessary the extra 10% can be used for a second token sale.
Ecosystem co-creation & regulation
A major challenge is the changing of habits of all ecosystem participants. We will have to convince major parties within this ecosystem to integrate with blockchains and it will be a difficult task to do so. We are convinced that blockchain has the future and we are willing to play a frontrunner role to make this work. We would like join a consortium of actors from the music industry and governmental agencies to collaborate on the creation of this entity.
There are still a lot of challenges to tackle. One of the challenges is the blockchain domain from a macro perspective. A legal entity should fall under regulation of some sort, let it be global, American, European or national regulation. Another one is the fact that smart contracts can be created without compliance to certain regulation, we should be aware of the fact that without regulating some of the basics of the system it will not be acknowledged as a legal entity. This is a major challenge that we believe should be tackled somewhere in the short term future since blockchain is gaining a lot of attention.
You can find elaborations of these aspects within our whitepaper, our next blogs or you can get in touch through Slack, Reddit, or by sending an email.
Our next blog will elaborate on the team, why we are able to execute on this promise and what is our mission.
The Moosty Team
These blogs are meant to introduce to you the overall picture of the landscape, the origins of our thoughts, the reason why we would like to change the industry and give insight from multiple perspectives; music, business, technology & innovation. We are happy to answer all questions coming to mind, so don’t be shy asking them!