iMusify is developing their streaming media service on NEO blockchain platform. but it wont to scare away customers who aren't familiar with the blockchain.
iMusify, an future music streaming service, will operate on the NEO blockchain and make use of the platform's technology to repay creators and reward users.
Blockchain-based tokens can break crowdfunding and supply traceable, transparent returns with seamless fiat conversion.
Meantime, NeoVM will also be used to grant digital rights management to musicians and other music production participants.
The project derives from deep-rooted concerns distributors are taking more than their equitable share of the profits.
iMusify knows that streaming services such as Itunes and Spotify are taking most of the royalties from current streaming activity, while musicians are left with pennies.
Though iMusify is positive it can improve this, the platform has lots of competition: Itunes and Spotify currently dominate the streaming business. Blockchain-based rivals are also on the growth, including Ujo Music, Choon, and Current.
But, iMusify could have a widespread attractiveness than alternative blockchain startups. It aims to be a seamless experience and is not pushing blockchain for the sake of pushing blockchain. In other words, to most users, it will be just another app.
IMU Token
As soon as users sign up to imusify they are rewarded with an initial amount of $IMU. By curating content, either up or downvoting or commenting, users earn $IMU according to an algorithm implemented into the smart contract “incentify”. These tokens can be used to purchase or to stream music.
Smart Contract
A new user starts off with an initial reputation level. This level defines the compensations the user gets for accouching or curating content. Depending on compatibility and variety of contribution the user's reputation level raises giving the user a license to higher compensations which are automatically paid out to the user's wallet. Over time content producers and curators will have a stable source of income which can be changed into cash.
imusify has no management over this because it is hard-coded into the changeless good contract.
Imusify may be a music sharing and discovery platform. In distinction with presently existing platforms, content on imusify is organized in Slack-like channels that may be simply and instantly created by the users.
imusify solves the most drawback with Soundcloud and competitory platforms, that is that artists presently should pay the platform for the correct to use it. ímusify can take an alternative approach. Uploading, sharing and upvoting (curating) content is rewarded with imusify’s native currency $IMU, running as a wise contract on the modern blockchain. moreover, over time imusify can become an area wherever users should purchase and sell content mistreatment $IMU.
The basic advancement is as follows. once users enter imusify.com, they will presently register, sign on and register via email. presently additionally via Facebook and Soundcloud. All new users receive the associate initial reward in $IMU. Users are going to be able to import all their existing content from Soundcloud to facilitate a straightforward transition to a next level platform.
Once registered, the user will fill out profile relevant data and transfer a profile image. All users can mechanically see all content within the public channel general wherever they will parson content by up and downvoting or additionally presently via commenting. Users will transfer their own content, like recordings, given they need all necessary rights to transfer to the platform. Users will drag and drop music into the browser, therefore, uploading it to the platform. throughout the transfer, the user is asked multiple queries so as to see relevant information. for each upvote, each the upvoter and uploader receive rewards in $IMU. for each downvote, the uploader loses $IMU. Content is shared to alternative users, channels and external platforms. It is curated by up or downvoting to make sure quality.
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