MUSE cryptocurrency is an interesting alternative for music industry professionals. Muse tracks the music usage and delivers royalty accordingly.
Receiving Royalties, exercising copyright laws and collecting regular payments has always been an issue in the music industry. From intermediaries to long delays, artists get royalty through a long process. Payment first travels from music streaming platform to retailers and then to copyright holders. Throughout this process heavy banking fees are involved.
MUSE, latest cryptocurrency promises to alleviate these problems through their 3rd generation blockchain network, which has some serious advantages over first tier Bitcoin.
MUSE cryptocurrency came into being with partnership between CCEDK, Peertracks and MUSE. Any music streaming markets that decide to accept Muse blockchain can safely deliver direct payment royalties. Muse tracks the music usage and delivers royalty accordingly.
Advantages Of Muse Over Bitcoin in Music Industry
MUSE has some key advantages over BTC when it comes to music markets. These are:
- Muse is less volatile and more stable as compared to Bitcoin
- Unlike BTC, Muse network is not controlled by mined sources rather people who have actual stake in music industry.
- System can handle 100,000 transactions per second which makes it highly stable.
- Muse can be used as a database for updating copyright data across all platforms easily and seamlessly. Furthermore it can easily split royalties among multiple individuals depending on the clause terms.
- There are no transaction fees with Muse, whereas BTC continues to increase transaction fees.
Key Features of MUSE Cryptocurrency
- More MUSE means more power: Apart from the liquidity and ease of transaction, MUSE acts as a status symbol on music platforms and allows people holding more Muse special privileges. Essentially it increases your reputation, increases trust and allows you to perform more frequent changes to your copyright database or send payments back and forth. This is different from BTC as there are no transaction fees involved, instead number of Muse determines how faster you can perform actions.
- High security against botnet attacks: Muse claims that their system is protected against database attacks. Because changing large amount of database requires MUSE, an attacker will have to buy cryptocurrency before he can proceed with the attack. Additionally it has all the Bitcoin blockchain network protections.
- Smart Contract Creation: Muse users can create smart contracts for their songs which typically means that:
> User updates the blockchain database by supplying song title, track, album, composition and songwriters, copywriters’ names etc> Next auto splitter is updated, which tells among which individuals the royalty payments should be divided. This can account everyone who has a claim to a particular song.> It also allows consumers to show smart contracts, so they can easily prove their rights to use songs as they purchased it through smart contract.
- Vesting Muse Function: There are two types of MUSE, liquid and vesting. Liquid Muse is tradeable and can be used to make transactions, while Vesting MUSE is non-tradeable. If you put more MUSE into vesting, it increases your reputation and allows you to make more changes in database.
- MUSE Tokens: Another great function, MUSE tokens can be given by artists to their fans. These act as discount coupons for albums, concerts and songs.
MUSE cryptocurrency is an interesting alternative for music industry professionals. Whether it will gather popularity among other music streaming websites apart from http://peertracks.com/ needs to be seen; however it is a highly interesting concept that cannot be ignored. If done rightly, this financial model has the potential to transfer to other industries.