MusicLife - A Revolutionary Blockchain Music Ecosystem
MusicLife is a blockchain-based music ecosystem comprised of a Software Development Kit (SDK), a hardware embedded system, and a Music Exchange trading program.
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The blockchain is a technical framework that is primarily used to solve problems with trust, accounting, and authentic rights. Since the time music was first transformed into purely digital assets, it has always faced enormous risks in the area of intellectual property piracy and difficulties in ascertaining said property rights. Musicians, record companies, and online music distributors have faced challenges in producing enough revenue from selling music alone.
MusicLife has established a new pricing reform that will automatically calculate the music price based on the actual number of listeners. In turn, users will share in the virtual dividends when a song is purchased. Due to the quantity of digitized music and huge number of shareholders, this model cannot be achieved through a team of lawyers and the power of the internet alone.
Through the blockchain, MusicLife can perform fast transactions, bookkeeping and confirmation of rights without the need for human verification. MusicLife deploys blockchain technology and establishes the transaction ecosystem to tokenize all the rights and interests on the platform, in addition to publishing the digital currency MitCoin (MITC) which is used in every transaction.
All MITC owners are MusicLife owners and share a series of rights such as income distribution, asset appreciation, election supervision, and special usage, etc. Through MITC, all members of the community can be strongly motivated, and everyone can actively promote the development of the platform. The main network of MusicLife will be launching in 2019. Before activating the main server, MITC will be published based on Ethereum's ERC-20 and ERC-223 tokens.