January 27, 2021
SKALE + Musicoin
Music not only moves and motivates us, it’s a global driver of app and soon Dapp usage. That brings us to the next great project, for a long time musicians have been underpaid due to intermediaries taking the biggest profits. Musicoin seeks to solve this problem by leveraging the power of smart contract technologies to cut out the middle man, giving more profits to musicians. They have already served 6,000,000 streams to listeners and paid 10,000,000 $MUSIC to musicians. Musicoin is revolutionizing the creation and distribution of value for musical activity.
Music streaming would have been the best solution against piracy in this modern world, and the appearance of streaming platforms was a blessing for musicians so they could easily be discovered all over the world. This has led to a new problem though, namely musicians are still not paid fairly due to large companies taking most of the profit in order to keep running and paying their employees. By using smart contracts Musicoin is able to pay musicians in real time without the need for a middle man. This ensures Musicoin can send a bigger piece of the pie to the musicians themselves. Musicoin aims to let independent musicians upload their own music and distribute it to fans while keeping all the rights to their music as well.
Dapp Category: Entertainment
The first few years of the project they used their own blockchain, an Ethereum fork. Due to the small size of the team and small amount of miners they were heading for trouble down the road as most of their efforts went to maintaining the blockchain. Therefore they decided to move to the Ethereum mainnet with a new erc20 token. What became quickly apparent was the high volume of micro transactions was cost prohibitive when matched with the high transaction fees on Ethereum. After looking into layer 2 solutions, they found Skale to be the best fit for their project. SKALE allows them to have a gas-free private blockchain they don't have to maintain and is much faster due to their POS setup which they had been planning to implement for a long time.
What SKALE features are Musicoin utilizing?
Gas free (ultra fast) transactions.
What Musicoin is saying about SKALE:
“Ethereum is the best blockchain for developers but it comes with some drawbacks after deployment, like high transaction fees and congestion. Skale is the best second layer solution solving these issues and adding even more possibilities that Ethereum could only dream of on its own.” Ben Gyles - Lead Developer at Musicoin
Learn more about the project