Music sharing platforms are among the biggest money spinners in online entertainment industry. Even Youtube, a primarily video sharing website, is now mostly used for listening to music, allowing music stars to rech millions of views overall. All of these platforms are heavily centralized and controlled by consolidated companies, who charge a hefty fee from new users entering the market along with unfair contracts.
Blockchain-based music platforms are new in the music industry. They offer a more competitive and effective approach than the existing options. Voise, a new decentralized music platform, has recently deployed the first Masternodes on the Ethereum Network, attempting to become the first successful blockchain music startup.
The concept of Masternodes is not new in the cryptocurrency world, as some cryptocurrencies currently use them. Ethereum, however, does not, but the new Voise platform aims to establish the first network of Masternodes on the Ethereum network. Each Masternode is maintained by a legitimate Voise token holder, who, in his turn, receives monetary benefits from the operations in the form of more tokens.
There are some conditions placed on this revenue model with operators being required to lock a minimum of 600,000 Voise tokens in their wallet for a minimum of 30 days to qualify for an incentive program. A specially developed decentralized app (DApp) will lock and control these tokens and distribute the revenue according to the contribution of the Masternode operator. The dApp is based on the Ethereum blockchain network and thus no one can access the parameters, except from the beneficiary himself. This guarantees total anonymity and information security.
Voise has taken a number of steps to boost investor confidence. More than 50 million unclaimed tokens have been permanently burned by the company so that the value of the remaining tokens can increase. No new tokens can also be added to the system and one can think of it like lowering the hard cap on the number of tokens. Other measures include sharing over 80% of the revenue generated from the operations of the music platform with the token holders.
According to recent numbers there are more than 110 million music lovers who sees no problem in paying for unique and high-quality recordings. Aspiring musicians are trying to reach out to this new audience, but record industries, both online and offline, are a big obstacle in their path towards commercialization. Therefore, the decentralized platform offers a unique alternative where artists can benefit directly from viewers and kick start their careers in the process. The platform accepts both fiat and cryptocurrency.
Voise has also partnered with big names like MicroMoney and Coinomi and won the approval of grammy nominated singer Carolyn Malachi and DJ Jinco. So, the artists and producers are definitely interested in the new music platform. The alpha launch of the platform is expected in October 2018.
The current circulatory volume of VOISE token has dropped 8% from 643,012,000 VOISE to 593,012,000 VOISE coins. This will also bring down the overall hard cap from 825,578,000 to 775,578,000.