October 12th, 2017 – Version 2
Definition from https://www.musicoin.org/howitworks.html Web Site
Musicoin is designed to support the creation, publication, and consumption of music as a cycle. The system uses a special algorithm to generate a currency called Musicoin (MC), as well as another algorithm to support automated contracts (“smart contracts”) which enable creators and consumers to exchange value in a frictionless environment. With a unique currency and a solid contract system, large scale transactions around music becomes possible.
The Founders of Musicoin designed a global currency (MC) to support the requirements of the Musicoin system. The currency is not issued by a single entity, but by a network of computers through a process known as ‘mining’. This system, which has been proven by other cryptocurrencies such as Bitcoin, Ethereum, Dash and others, involves many computers around the globe running a complex computer algorithm, with the entire network collaborating to generate a currency which can’t be counterfeited, can’t be “double spent”, and can’t be manipulated or otherwise damaged through negligence or malicious intent. As a fully visible, transparent and decentralized system, the traditional default of utilizing a centralized controlling authority (central bank etc.) is made obsolete, and a thing of the past.
Community Enthusiasm – 4 out of 5
- Slack has 2438 members and is active daily.
- The Bitcointalk thread is Very active.
- People love the Musicoin concept.
Active Development – 3 out of 5
- The devs are working in the background.
- The devs are making and discussing progress.
Exchanges – 3 out of 5
- This coin was released in late March.
- the price reached 1300 sats in June and has steadily fallen since.
Wallets – https://www.musicoin.org/wallet.html
- Windows wallet
- MAC wallet
- Linux wallet
- Web Wallet
- Website – https://www.musicoin.org/
- Slack – http://slack.musicoin.org/
- Bitcointalk – https://bitcointalk.org/index.php?topic=1776113.0
- Block Explorer – http://orbiter.musicoin.org/
- Roadmap – None-ish. There is a small illustration without details on BCT with no dates.
- Whitepapers – https://medium.com/@musicoin/musicoin-white-paper-free-creations-while-rewarding-creators-v-0-9-b14b334a8843
- GitHub – https://github.com/Musicoin/desktop/releases
October 12th, 2017 Summary
Musicoin earned some pretty high marks above when compared to other coins I have reviewed. The devs are obviously well acquainted with the process of starting a coin and have all the essentials accounted for including an attractive website, active Slack, GitHub activity and a whitepaper-ish.
Overall though, there is not really a lot of detailed information on the future plans, when new updates will be released, or who is working on the project. A new Whitepaper is set to be released soon and should have answers the Music crowd has been searching for. It is important to look more professional than most Micro Cap coins out there to build value, and to date they are doing a great job.
There is a very large and active Slack community, and the developers are responsive, both which are very important. It should be easy for anyone thinking of investing to contact someone to get answers to their questions.
To take a famous line from Cool Hand Luke (and GnR)… “What we’ve got here is, failure to communicate.”
I am told MUSIC has an unlimited supply of coins. Nowhere in the official Musicoin announcements or descriptions was this stated. With a 15 second Block time, and 314 MUSIC coins per Block, the number of coins will quickly spiral out of control. The coin is seven months old and already has 380 million in circulation. That puts it at somewhere over 500 million coins each year, with no plans to cap the number. The minting reward is scheduled to drop soon, but I believe the reward just decreases for the miners, and the rest goes to the project/musicians.
So far the price is taking this into account and staying relatively low. Personally, I would be much more likely to give this a positive recommendation if they were transparent, but they are obviously trying to hide this information from anyone looking into the coin.
There are a few other competitors out there with similar projects, but Musicoin will probably stick around through it all. Artists and fans flock to these types of projects and they take on a life of their own. There are currently over 1200 artists signed up, and many more every week. That does not mean the price will increase though.
This is a niche coin, and if you are a big Indie music fan you may want to buy to support the musicians and listen to the music. I would personally not buy. I feel like the coin is geared towards music fans, but not necessarily for investors like me.