In 2011, Peter Saddington made a lucky investment. He bought Bitcoins for $2.52 USD per coin. 6 years later in October 2017, he cashed in the equivalent of $115 USD (₹7500) of his early investment to buy a brand spanking new $200,000 USD (₹13,03,9340) Supercar!There are 1000’s of similar stories where Bitcoin investors. With a relatively small investment, are now holding millions of USD in Bitcoin. The big question is, have we missed the opportunity to strike it rich? With Bitcoin, maybe. However, there are groups of people who believe this is only the beginning, but plenty others who say Bitcoin is simply a bubble waiting to pop.IT’S ALL ABOUT THE BLOCKCHAIN.
Regardless of which side you are on, there is one undeniable fact. Blockchain, the underlying technology of all cryptocurrencies, will change the internet as we know it and is already changing the way some companies do business. To explain how and why Blockchain is so powerful, let’s have a look at one industry that is about to transform, and it’s something everyone LOVES! Music.
Inmusik Inc, (www.inmusik.co) based in Los Angeles, California, is leading the way in creating a global economy by using Blockchain to bring about an unparalleled level of fairness and transparency to the business of music. With a big “thumbs up” the majors in the music industry, it’s making the right kind of noise. Speaking with the founders, Stephen Brett and Vivienne Piong, we dived deeper to unravel if Blockchain really is a game changer.
To start, what is Blockchain?
‘Blockchain is an incorruptible digital ledger of economic transactions, all recorded and publicly available. Each block can also be programmed to store not just financial transactions but virtually everything of value’, began Stephen. ‘It’s also decentralized being hosted by millions of computers from all over the world simultaneously, accessible by anyone.’
How does it help the business of music?
‘The applications are almost limitless’, added Stephen. ‘At the moment the entire industry is struggling with digital rights management. Every time a song is streamed online, people need to be paid. But the data can be inconsistent and not always up to date. Blockchain has the potential to rewire the system so every song has a block which stores licensing information, copyright holders information, audio fingerprints and a range of other data to make the system more efficient.’
What about the music lovers / listeners? What does it mean for them?
‘Ahhh, this is where it gets really exciting!’ said Vivienne. ‘We believe that everyone who contributes to the success of a venture should be rewarded in direct proportion to the measurable value of their contribution. In fact, if you read our whitepaper you’ll see it’s the first of our 4 key principles. Inmusik is a community-based music platform that pays listeners for simply interacting with it.’
‘Whether a music listener knows it or not, every time they stream a song, they provide streaming services with valuable data. Blockchain cryptocurrency publicly recognizes the value. On Inmusik, we not only recognize this contribution, we pay listeners for it. This helps great music surface while also impacting the long-term investment users make to the community. It encourages listeners to get behind music early. And as the song becomes successful, they share in the financial success. Plus, with all your favorite songs on there at launch, you’ll have plenty to interact with.’
What about artists and record labels?
Stephen answers, ‘It’s all in our unique economics. Being musicians ourselves, one of our primary goals was to increase payouts to artists and copyright holders. After all, who doesn’t love music? The people who dedicate themselves to entertain us deserve to be rewarded. What’s why we invented a real business model with blockchain at the core. You’ll have to read our whitepaper to see exactly how it works. In short, for people who prefer to simply listen to music, there is premium subscription. By using a decentralized blockchain, and leaving some key tasks to the community (like curation), there are more monies to distribute to artists. We encourage users to keep their earnings in their Inmusik wallet where they earn interest each month, like a high yield savings account.”
Sounds amazing! What’s next for Inmusik?
‘So that we can create a complete solution that will sustain and grow with the industry, we are working with the biggest publishing companies in the world to get their opinion and insight. We have licenses from all the majors. As they are the masters of this space, having their involvement at each step is important to us. The solution we are creating is transparent, fair and equal for everyone, all defined by pure mathematics.’
Inmusik is doing an ICO (initial coin offering) which gives everyone a chance to invest in this leading blockchain music company. $7.5 million has already been raised and they have received the green light from industry leaders. Inmusik looks set to be here for a long time to come.
One big thing to consider; people in the know understand that regulation in India may change soon. The next few months might be the final opportunity to invest in the next big blockchain company.
FREE TOKENS – By registering today, you lock in an option to partake in their pre-ICO and as a bonus receive 20% extra tokens for free – you can register for the pre-ICO here: www.inmusik.co
