can you give me an idea of the basic principles and components of the imusify platform
Overviewimusify is a music platform and ecosystem designed to provide an open-source innovation space for
developing new means of music distribution, consumption, and engagement. imusify’s self-publishing
platform creates an efficient system for artists and content creators to network and collaborate, while
maintaining direct ownership of their work. ϑ IMU tokens will be used as the engine to support imusify’s
proprietary music economy, creating an immense potential value for the token’s use as a means for value
between artists, fans, and other participants.
Key Components & FeaturesThe engine for supporters and artists to create and engage in crowdfundsArtists can launch crowdfunding campaigns, allowing them to fund music products like albums, videos, and tours using reward
or donation-based campaigns. Artists can leverage their supporting network further by providing affiliate licenses, allowing
supporters to profit directly by promoting and selling the campaign’s content product.
Transparent and fair artist reward paymentsBy decentralizing rights management for artists, imusify is able to capitalize on a paid subscription service for artists while also
maintaining transparency between transactions. With our platform, a new standard for “royalty” payment is created, where there
is no need for rights organizations or collecting services. Ownership and use of content are monitored and stored on the
blockchain and rewards are paid to artists using smart contracts, eventually eliminating the need for oversight by third-party
entities.
The marketplace of Music Industry Participantsimusify is a place for all aspiring entrepreneurs, artists, and industry members to network and create communities. Product
suppliers and service providers cat list their products on the imusify marketplace of business development services and
products including videography, production, advertising, content design, promotion and all other media-related or creative
content. All transactions conducted within the marketplace use the IMU token for exchanging value.
Open innovation spaceThe imusify platform offers an innovation space to launch new products, features, tools, and services across the value chain of
the music industry and beyond. How the app and platform is used is entirely up to the user: as a news app, as a messenger as a
networking space, an incubator, a music curator, a place for trading goods and services, a discussion forum, or a unique combination
of all of these functions that provide the most enjoyment for each user.
Co-evolutionary copyright managementHarnessing the security and immutability of imusify’s decentralized data ledger by using the NeoVM, imusify will provide
adaptable tools that give artists complete control over their content and each revenue stream it generates. Artists can assign
ownership rights to their content that can be divisible. An artist uploading a new song to the platform can recognize the contributions
of songwriters, a band and others involved in the creation of a song by assigning them ownership rights. Once the new song
generates revenue (as listeners stream it, film producers purchase the license to use it in their film), it will be distributed accordingly
to the rights holders.
ϑ IMU Reward Systemimusify’s reward system distributes funds from the IMU Reward Pool using a structure that builds quality engagement among
users. The system rewards users for their current behaviors (as opposed to cumulative or historic contribution) to promote
sustained activity to the platform and network. Artists, collaborators, and curators are rewarded for certain actions that promote
user growth, base growth, and engagement with high-quality content. Consumers are rewarded for high-quality social interactions
that improve/enhance the community. A detailed architecture of this reward system can be found in imusify’s whitepaper.
Whitepaper -- https://imusify.com/whitepaper.pdf
