фото показано с : blokt.com

Initial coin offering (ICO) is the most controversial source of funding for companies. While ICOs are not regulated, they have also been mired in hacks and frauds. A large number of blockchain suppliers are still opting for coin offerings to fund their businesses. However, Singapore-based Company MusicLife is taking the more traditional route. The company recently raised $5 million in a Series A funding led by Metropolis VC.

MusicLife is developing a “blockchain music exchange ecosystem” that will enable fans to buy equity in songs and earn dividends from the ownership. This business model is becoming increasingly familiar with several blockchain-based businesses these days. However, the plan isn’t as simple as it seems. Users will “mine cryptocurrency by listening to songs on musical wearables.”

The company is also developing MusicLens, its own line of trendy glasses that will go into mass production later in the year.

According to the start-up, music holders on MusicLife will be able to license their copyrighted music to the platform. It will be free to listen to for the first 50,000 plays. After that, an artificial intelligence mechanism will set a price on the music, depending on the frequency of the music played. It will create a MusicToken for the blockchain, which can be used to monetize the work.

The MusicTokens will represent property rights of songs. The rights will be split into multiple shares, music holders will own 95 percent of the total number of shares. The remaining five percent will be held by MusicLife. Fans of the music will get to purchase up to 45 percent of existing shares from music holders. This means that a music holder will never hold less than 50 percent rights to their music. No party will be able to claim majority ownership on the work except for the music holder.

MusicLife is a collaboration between the MusicLife Foundation based in Singapore and MusicLife Company based in Japan. They aim to help music holders get noticed and monetize their work more efficiently using emerging technologies like blockchain and artificial intelligence.

MusicLife to Develop Music Exchange, Raises $5 Million was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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