The Moosty Marketplace as the centre of a musicians’ business
The Moosty Marketplace as the centre of a musicians’ business.
Last blogs we explained the Moosty Blockchain Platform, with its own cryptocurrency moosecoin, together with the three fundamental applications; the Moosty Registration Portal, the Moosty Marketplace, and the Moosty Streaming Network. This blog we will answer the questions: why should you join the ecosystem and what are your benefits? We will elaborate on the experience of the platform from different perspectives; musician, developer, investors, legislatory.
Why should you join the ecosystem? What are your benefits?
Within the Moosty Blockchain Platform environment artists will register their songs and therefore create a commodity – a song, an album, merchandise, a brand. We envision that investors, fellow musicians and consumers are also willing to donate to musicians they like to provide them with the basics to create more commodities. This will attract investors to fund the artists in which they believe. Artists will receive these donations with Moosecoin, some of them will be to invest in the creation of new music, some of them will be provided within smart contracts in exchange for a specific commodity. In return the artists will create more commodities that will create a higher valued Moosecoin. The marketplace is the place where a musician can receive donations, where they can sell part of their song, brand, merchandise, where they can close licensing deals, or get in contact with other musicians and possible partners.
Within the marketplace people can donate or invest in musicians. By acquiring royalties (partly) or performance rights investors can help musicians to get funded. In the meantime they earn a little profit if they invested in the right musician and songs. In the meantime the investor will see more profit when he promotes the artist, this will result in a broader network for the artist. Investors can be individuals as well as other musicians, record labels, etc.
Delegates – developers keeping the infrastructure online
The infrastructure is a bear necessity and also the facilitator of this approach. Thus, it is of utmost importance that the infrastructure works properly. Blockchain solves this problem with aligning incentives of developers who keep the infrastructure online with the overall health of the ecosystem. We make use of 101 delegates who randomly mine a block and share the profits of the whole cycle. To remain a delegate you will have to secure uptime and security of your servers. Users can vote for specific delegates with Moosecoin and the 101 highest on the list will serve as delegate for the next full circle.
Thus, these delegates are 101 stakeholders that have the incentive to keep the infrastructure up and running. For the maintenance of the network they will receive Moosecoin and their participation can be judged via indicators, uptime being one of them.
To stimulate developers to create new services on top of the Moosty Blockchain Platform – to create standard formatted smart contracts, new templates, data insights, etc. – Moosty and the community can place requests in the marketplace. Developers that answer these requests get funded through two mechanisms; 1) from the Moosty Reward Engine and through donations from the user who placed the request. This way developers acquire a reward for creating Moosty specific services.
Legislatory bodies also benefit the system as legal aspects can be automated, compliance can be demanded technologically and ownership disputes can be settled easily. This results in a more transparent sector, more efficiency in reaching compliance and less costs. Possibly new entities will be born from this section. When the time comes that legislative parties are able to adopt blockchain solutions Moosty will be open to implement solutions that benefits musicians in a multitude of ways.
In summary the Moosty Blockchain Platform provides services for musicians, investors, developers, server space providers (delegates). As we aim to provide autonomy for musicians we will develop services that keep this in mind. We will share information to support musicians with decision-making regarding smart contracts and we will provide templates within this space too.
We are specifically mentioning the legal part already as we are very aware of the fact that musicians need a legal and acknowledged service. We will only become the largest music ecosystem if we are able to adopt legal standards and integrate with the legal systems over the world. We also provide services for record labels, and streaming services but we will elaborate on it later.
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 governance aspects of the Moosty Blockchain Platform and the initial coin offering (ICO) that will start today (Sunday July 30th 2017)!
The Moosty Team