[ANN] Create your own cryptocurrency in 2 min with Bitcoin Music

[shenoy]

Solving problems of music industry, 1 satoshi at a time

What music artists are really looking for?
Engage fans and make more money.

What music blockchains are solving?
Inefficiencies of existing legacy establishments responsible for royalty payments, used by billions of people daily.

While the inefficiencies cannot be denied, some very clever solutions have failed to gain traction and are forced to shut down. It may take several years before we see such platforms gain adoption, and it’s highly probable that instead of using public chains, legacy organizations will switch to their own blockchains, some of which are reportedly under development.

The bottom line is that artists need to pay the bills right now and fans want to be engaged. What if we cut all the middlemen, and let fans support artists financially, and artists can entertain fans directly. This sounds like a good use case for DeFi. Let’s list out some facts to understand the situation:

• Artists are not programmers, so they cannot launch their own ERC-20 tokens.
• Fans on an average are not tech savvy, so not all may be comfortable with metamask and gas fees.
• BTC Bitcoin is very popular in the music circle and is acceptable.

After 4 years of research on what artists truly want, the focus is on creating a protocol that artists & fans will really want to use.

Introducing Bitcoin Music, a simplified DeFi protocol that is tailored for the music industry using Polkadot. Bitcoin Music focuses on bringing more functionality to the bitcoin currency with an intention to drive bitcoin's adoption in the music space. It makes use of PolkaBTC, a trust-minimized public bridge for Polkadot's DeFi ecosytem. More info regarding PolkaBTC and its underlying technology can be found on polkabtc.io.

Create your own cryptocurrency in 2 min - Fans Fund Artists with bitcoin

On Bitcoin Music, it takes only 2 minutes to launch a cryptocurrency and immediately start trading with bitcoin on the internal decentralized exchange. Watch the video to see it in action:

https://www.youtube.com/watch?v=5qffY9r9N5M

Artists can directly start fundraising with their own tokens, and distribute profits via airdrops. There are centralized platforms doing the same, with a popular one being PledgeMusic which recently went bankrupt and disappeared with a lot of money raised by artists. It’s rather better to trust and deal with your favorite artist directly than have a middleman. https://www.theverge.com/2019/7/28/8933914/pledgemusic-music-crowdfunding-bankruptcy

Smart Digital Collectibles - Artists Engage Fans

Smart Digital Collectibles are comparable to ERC-1155 token on ethereum and can be paired onto an order book or AMM pools. Our focus is on adding functionality to the digital collectibles and we see it as a key to unlock the artist's private club. Each Smart Digital Collectible can be natively linked to a VR club and a private social media page that’s only accessible by the collectible holders. This way, fans can directly support the artists and artists can directly engage with fans.

Betting on the artist - Fans Engage With Other Fans

Billboard.com is the industry leader in ranking artists and songs. Why not bet on it? Fans can directly bet with each other on the outcome of the artist using Bitcoin Music, with no middlemen (decentralized oracle such as chainlink will be used).

More features tailored for music industry

• Memorable username & password for multicurrency wallet.
• No gas fee - good for microtransactions.
• 3 sec block time for real-time transactions.

Upcoming Features

• Bridges to all the popular streaming platforms (such as spotify) so that songs can be distributed from the blockchain and royalties can be earned in bitcoins, directly to the wallet.
• AMM in order to bring liquidity to artist coins.

Native Token

Bitcoin Music has a native utility token with ticker BTCM. It is used in the following ways:

• DPoS governance.
• Asset creation fee - 100 BTCM burnt
• Decentralized Exchange listing fee - 50 BTCM burnt
• DEX fee - 0.3% burnt
• AMM transaction fees
• Collateral for the prediction market.
• Staking for bandwidth allocation.

In addition to native features, dApps can be built on Bitcoin Music, with first one being polkamusic.io, which is a decentralized music streaming platform governed by $POLM tokens.

There are 21 million tokens to begin with and deterministic inflation of 52,500 BTCM tokens per year, paid to the block producers. This number can be reduced via consensus upgrades. Depending on the platform usage, the economy will be deflationary. 10.5 Million tokens are being distributed in a private sale.

Official website: https://bitcoinmusic.org
Whitepaper: https://docs.bitcoinmusic.org
Private sale interest form: https://docs.google.com/forms/d/e/1FAIpQLSdg-Q55OOvqd4jtQ6OR4SFLMz3SaP4_iVsdTRi9y6oWoaO_Pw/viewform

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[angeleyes67]

This looks really incredible.  So this is a multi-faceted project that handles royalty payments for artists?
And your able to create your own cryptocurrency in less than a minute?
And use it for fundraising and airdrops?
And your are able to create digital collectibles?
And your able to bet on the success of an artist or song?
And down the line you have other attributes that will be added?

These are all great features.  I love how its so easy to create your own cryptocurrency.  So many uses for this. 

It looks very well detailed and thought out.  What would you say will be the greatest feature of this project and is there anything like this out there?