Musicoin Addresses the VI St. Petersburg International Cultural Forum Musicon Ambassador Joel "DJ Deadly Buda" Bevacqua addresses the Intellectual Property and Blockchain discussion panel: "Creating Globally Applicable Best Practices in Blockchain Technology in Russia for IP Management: from Patents and Inventions to Books, Paintings, Photos, Music and Films" held at the VI St. Petersburg International Cultural Forum.
Here is a transcription of the Speech:
Hello, my name is Joel Bevacqua. Some know me as DJ Deadly Buda. I am the Musician Ambassador for Musicoin. We are honored to be invited to the Cultural Forum and especially by IPChain, which we believe could not only benefit Russia, but might shine as an example worldwide about the possibilities of blockchain and its utilization to aid human creativity.
We sincerely hope that one day, younger people in the audience will look back to this panel as a day that the world took a step in a good direction.
So, what is Musicoin?
Musicoin is a digital currency for the listening and compensation of music. On February 11, 2017, artists could upload their songs to Musicoin.org . When listeners played a song, they paid the artist 1 Musicoin. This payment happened in seconds. 1 Musicoin was worth at the time between 1 and 4 cents in US dollars. The artist could save that Musicoin in hopes it would rise in value, or sell it on and exchange for the currency of his or her choice. This was all achieved with the Musicoin blockchain.
This was a success, but we noticed a problem. As Musicoins rose in value, people played less music. So, we made a change to the Musicoin blockchain which we code-named “U.B.I.” for “Universal Basic Income.”
In this change, the artist still receives 100% of the income, but now 1 play is equivalent to an amount of Musicoin equal to about 2 cents in US dollars.
Also, listening for the public is now free. It is paid for by Musicoin miners. Miners are people with computers that process Musicoin transactions and mint the coins. A part of their mining reward creates the fund for free listening. The miners hope this leads to greater adoption and the Musicoins they retain becoming more valuable.
Through UBI, free listening become the human intelligence of the system and makes many traditional concerns about music piracy irrelevant.
Some might call what we’ve done, “disruptive”, but we feel it is constructive and ultimately an aid to the human imagination. In that spirit, a forthcoming update will allow consent-based location data to be entered in the Musicoin blockchain. This way, an artist might indicate where their payments may go.
If their song is played in Russia, RAO may process some funds, if played in Canada, SOCAN could process certain payments. Theoretically, public domain works could pay its citizen in near real-time.
The possibilities are many and are being realized now. Mobile and software players are expected soon, and even dedicated hardware players are expected within the next year.
I am having a fact sheet about Musicoin passed out. Please contact me after the panel if you are interested in interfacing with the Musicoin blockchain and I will help facilitate it.