If you are new to the idea of Money Creation, then check out our beginners guide to the History of Money.
In fact, Money is manufactured based on ‘promises to pay’, which are backed only by pure faith in the currency.
Here at the MUSO Coin Mint, we have devised a new kind of minting technology that can only create coins when music is fed into the system.
Therefore, Music is the commodity that backs the creation of new coins.
Let’s take a deeper look at how this works.
The power of money creation has been traditionally operated by the banking industry. The fundamental purpose of a bank is to maintain and balance its ledgers. All transaction have to be recorded, and any payments settled.
When the banking system started to fail at the turn of the century, a new technology emerged to try and provide an alternative ledgering system. This is called Blockchain Technology.
Since then, Blockchains have been developed to form a network of different services. These Blockchain ledgers can register new tokens, and transactions, just like any bank.
The MUSO is the 1st coin to be backed by music. And as the potential to create music lies within anyone, we can finally distribute not just the banking ledger, but even the money creation process.
That is what makes the MUSO a truly unique coin.
You may have heard about other Crypto currencies like Bitcoin, or Ethereum. However, there are literally thousands of new tokens that have been launched using blockchain technology.
The problem is that some of these coins have suffered large fluctuations in price that have left coin owners seriously out of pocket.
That means that it follows the price of an existing fiat currency, such as the USD. Whenever you buy or sell your MUSOs you can always be assured that you will get the same number of dollars back.
This stops powerful investor groups from buying large quantities of coins, and then dumping them when the price goes artificially high.
It all begins when an artist decides to donate a piece of music.
We have a super simple application form to make it really easy.
Once a form is submitted, we check the music offered against any existing audio in the system to make sure it is unique. Then we check and make sure the artist is the legitimate rights owner of the donated track. Once authenticated we can begin minting new MUSO coins.
The next step is to analyze the donated audio track. We translate each offering into a 128kb per second audio file. Then we measure the length and calculate the number of bytes. The number of bytes defines the number of MUSOs that can be created.
The last step is to mint new MUSO Coins. We do this by taking the byte length of a donated track. This translates into a certain number of bytes per second, which is the exactly the number of new coins pressed.
That is a good question. And to answer it properly we are going to have to look at another aspect of the Mint that manufacture something called a Musibyte NFT.
Coin tokens are an exact replica of each other. One coin is always worth the same value as the next, and can be traded for any other coin. Just like chips in a poker game.
An NFT is different. Each one has a unique identifier. This means they can be traded at different values. Just like playing cards. The value is determined by the collection, (hand), that you hold.
Just like MUSO coins, Musibytes can only be minted if they are backed by an audio track.
The Musibytes are given to the artist, whilst the MUSO coins get deposited in the MUSO exchange.
The Artist can then list their NFTs on the Musibyte market place for fans to trade in MUSOs.
You may have heard of stories in the news of NFTs that have sold for millions of dollars. This one from Mick Jaggar and Dave Grohl raised $50,000 in support of the music industry.
Musibytes are sold at a price set by the artist. We offer a special Musibyte Marketplace that makes this really easy to do.
Each Musibyte is linked to an artists Spotify or SoundCloud account, (more services coming soon), and is able to audition a particular audio track, great for increasing streaming revenue!
Each Musibyte is Governed by a Smart Contract that is registered on our special blockchain network. This means that every time a Musibyte is traded a small portion of the sale is credited to the original artists account. WOW!
Collaborate with others to create Special Offer tracks, artworks, or video. Automatically distribute any Musibyte incomes evenly to each participating artist through our SMART contracts
Today almost all professional artists list their music on some kind of online service to make revenue. Whether selling CDs, download, NFTs, or subscriptions, each artist will have their own strategy to sell their work. But the one thing they all share is they need to promote themselves.
With the Musibyte, musicians can offer simple incentives that encourage dedicated fans to promote their work. Fans who actively support an artist can get rewarded for doing it.
The artist launches a new release and adds a promotional link to the associated Musibytes.
Musibyte owners use the link to promote the track. Each Musibyte records the number of ‘unique clicks’ the link produces.
As fans promote the artist so income is generated from sales and streams. This is collected by the artist from whatever payment platform they use.
If a track performs well, the Artist can payout revenue to fans who hold their Musibytes. They can even use the links statistics to distribute bonus rewards to their most dedicated fans.
Artists can payout to fans in a number of ways, besides MUSO coins. Give out bonus Musibytes or power them up with something special for your most dedicated supporters.
Give fans money off shows and new releases.
Set up a schedule for payouts, and let fans follow the countdown.
Provide offers and payouts for a specified length of time.
Release bonuses for sharing links or getting a specified number of clicks.
Give out prizes for top fans who offer their support.
Create new private content only available to Musibyte Holders.
Fans who receive rewards for promoting an artist are more likely to develop a deeper connection to their work. At the same time, the value of an artist’s work increases with popularity and kudos. Rather than relying on a single company to manage a roster of artists, the marketing force is driven through a circle of the artist’s most enthusiastic fans.
Traditionally, we store our money in an account that is held by a bank. The bank technically has the power to freeze your account, denying access to your funds. This can be great as a form of anti -fraud protection, but can also be a real pain if you need to access you money.
So how about we change the picture and let you store you own assets on your own account. This is where blockchain technology can help. Now it is possible for us to become our own bank, and hold a record of our assets on our local machine, and even our mobile phones.
The first time you buy a MUSO coin, an account will be created that can be used to keep track of all your assets.
By logging in to your account you can buy & sell MUSOs through the exchange, and List & Trade Musibytes via the market place.
You can also download the Muso wallet app (coming soon), and store your digital assets on your mobile phone.
We will still provide a backup of your account in case you should lose your device.
Paying for everyday goods and services is a snitch with our VISA card integration. The mobile app comes with tap & pay functionality, so using your MUSO wallet is as easy as any regular banking app.
Except now, you are the bank!
If you want to find out more about the plan, then check out our road map for full details of the MUSO ICO.
Additionally, for all those who want to purchase our pre-sale MUSO packs you can visit the Bureau de Change. They have all the information there.
Right now we are accepting new submissions from artist to donate just 30 seconds of music, so we can get the MUSO mint up and running.
Fill out the form below to add your offer to the MUSO coin ICO, and you never know, it might even pay you back!
