Musicoin Review: Mining and future prediction
The new and innovative digital currencies are proliferating in the market and one such cryptocurrency which is in the buzz right now is Musicoin. If you want to get your hands on this trendy and innovative cryptocurrency then you must check this Musicoin review. The Musicoin is a global open source cryptocurrency project which allows artist and musician to connect with their fans and get real benefits in the form of digital assets. As cryptocurrency is expanding its scope and dimension, incorporating it into the artist community will surely bring some great results. So, is it worth spending your time and money on Musicoin? Here’s the answer.
What is Musicoin?
Musicoin is the world’s first digital currency for music which offers unparallel services to musician and artist. The company aimed for supporting creation, publication and music consumption by generating a cryptocoin called Musicoin through a special algorithm. Musicoin is an incredible proposition in theory which provides a fair platform for the artist to showcase their talents and earn digital assets with it. There are many social networking websites like Facebook, Twitter, YouTube, etc. which allows musicians to show their skill set, but, Musicoin has broadened the scope of artists by the pioneering idea of integrating Cryptocurrency. The algorithm work is very straightforward which bestows an amount of MC coins to the individual on the number of views and plays on the platform. The news which brings Musicoin in limelight is that it claims to remunerate artist with ten times more reward than what he can get at YouTube. The feature is not just watching artist and getting paid, but the viewers can also Tip the artist after for uploading some cool stuff. The platform allows the musicians to license their songs and contents and create a payment instantly in the MC coins. Musicoin is a decentralized system with an innovative Blockchain technology to create a peer to peer file sharing network and earn significant money in the form of MC coins.
How does Musicoin work?
The platform was created to assist the musicians with the entanglement of consumption and publications of songs. This platform has smart contracts which aid the musicians in keeping their publications safe and generate revenue from that in the music industry. The decentralized system comprises of special algorithms which generate a currency called Musicoin (MC) on every view by its fans and viewers. The smart contracts facilitate creators and consumers to exchange unique cryptocurrency in a frictionless environment. The problem with major songs sharing websites like iTunes, Spotify, YouTube, etc. is that the major profit of stream per play is taken away by the platforms and the musicians have to bear with it as it is the only source to gain popularity and maintain their realm.
These smart contracts work by licensing the product by the artist and putting it on the Blockchain. For every playback or view, a digital currency is sent from the viewer account to the “smart contracts” on the Blockchain. This is called as Pay per Play or simply PPP license. The license is structured in a way that it reaches the licensor of beneficiary account within seconds of streaming his/ her music. All the tools required to deploy a song on the platform are provided by Musicoin. This even included PPP license and the whole process can be completed within four to five minutes. As soon as the artist deploys his/ her production on Musicoin portal, Musicoin.org, the fans can listen to the contents instantly just like other platforms. There were websites like Napster, Lime wire which was peer-to-peer sharing but failed to offer royalty bonus to the producer at all making it a bit monotonous and unpleasant choice. As Musicoin connects both the publisher and fans directly by offering significant advantages to both the parties, this innovative idea definitely sounds better.
How Musicoin is different and a radical change?
As musician needs a good fan base to build their eminence, there is a need for such platform. Also, if the artist can receive feedback and advice on how they can improve and enhance their music, what else they want. Musicoin is a groundbreaking environment which is made to help the musician connect with more fans and get rewarded for their talent and skills. This revolutionary change in the Tech world was brought by Dan Phifer and Issac Mao in 2016. Not just it allows people to interact with their favorite icons, but it also enriches the streaming experience and generates token with its unique revenue generating model. Also, the copyrighted content will provide more futuristic value to the work of an artist.
This equitable project is beneficial for both musicians and listeners. This new idea triggers many new innovations and concept and it also facilitates large-scale transactions with its smart contract algorithm. The dedicated team and Founders designed the cryptocurrency, Musiccoin (MC) to support the intentions behind the idea. Until now, the currency can’t be issued by a single entity but can be generated using high-performance GPU and CPU with a process called Cryptocurrency mining. It uses a complex computer algorithm and many high- end software and hardware to extract MC. The same system process is also used for generating major altcoins like Bitcoin, Dash, Ethereum, Litecoin and many more. The best thing about Musicoin is that the decentralized Blockchain network is absolutely secure where the currency can’t be counterfeited or any personal information can be taken away by hackers.
Musicoin development and reputation
As Musicoin has adopted a new concept for bringing about a radical transformation in the society, the whole concept is taken very optimistically by artists and listeners. The Slack has a member following of 2,348 and is visited daily. Also, the discussion community on Reddit and BitcoinTalk is extremely active and has gained traction in the musician community. Also, the incorporation of conversion from Musicoin to other major Cryptocurrencies is also possible with exchanges like Bittrex and Cryptopia. To read Cryptopia review https://statrader.com/exchanges/cryptopia/, click this link. The Musicoin is emerging to foster its reputation because of the devoted and experienced developers who work in the background and always strive to remove any glitches and upgrade the user experience. Although after the tremendous increase in the Satoshis between its inception in late March and June, the company has experienced a significant downside in the Satoshis. However, the developers have done everything including GitHub activity, attractive website, active slack and an appealing and well structure whitepaper.
Musicoin figures and Speculation
Due to the fact that Musicoin gives many folds higher compensation to the musicians than platforms like YouTube, many artists have turned to Musicoin. The MC Currecny token is currently valued at 0.016 USD and is expected to show some increase in the coming months. If you reach out to YouTube, you are paid a couple dollars for 1000 views. But here, for every 100 streaming, you can reach around 1.5 USD making it a clear winner in terms of compensation and pay scale. However, it is not as popular as YouTube; it is increasing its popularity graph with a positive slope. Also, it is possible to mine MC coins with many complex and popular algorithms like Ethash Algorithm. It has been only 1 year and the currency has 400 million in circulation with a Block speed of around 15 seconds. It has a current market cap of more than 10 million USD with a liquidity of 15%. Many people are joining the Musicoin platform every week but the lack of Transparency on the fee structure and regulation can backfire on the company’s reputation and popularity.
Musicoin mining using MC wallet
Mining for this cryptocurrency started in late March where the MC rate per USD was around $0.004. But now, the price for the same has reached to around $0.0163. This means that in just 1 year the price has increased by more than 400%. The Musicoin trading is available on Bittrex and Cryptopia but you have to create a Musicoin wallet first. For mining, you need a wallet to hold the coins. The wallet creation process is extremely straightforward where you just need to register and get verified. Copy the wallet address for further configuration on the mining software. You can generate a web wallet by providing your email address and clicking on “request code”. After you are logged in after verification, you will be able to find the wallet address. You can also download the wallet on your personal computer which is compatible with most operating systems. But, many people prefer using MyEtherwallet for holding Musicoin as MC is an Ethereum token only.
Mining software for Musicoin mining
Now that you have the wallet to hold the MC coins and the address to send to it, the next process is to get the appropriate mining software on your PC. There are numerous options for mining software and the ideal choice for Mining software depends on your PC specification and graphics card. Many people have generated around a hundred of Musicoins in just 24 hours and the process is quite simple if you have the necessary tools. If you want to know what results you can expect from particular mining, you can check the mining calculator here. http://whattomine.com/coins/178-music-ethash. Here are the different types of mining software which you can download and use according to your graphics card.
AMD Radeon Software Crimson Edition drivers release built 15.12
Claymore’s Dual Ethereum AMD+ NVIDIA GPU Miner v8.0
AMD Radeon Software Crimson Edition drivers 16.11.3
AMD Radeon Software Crimson Edition drivers release built 15.12
The process of mining software
After you have selected the best mining software for your computer; you will have to create a .bat file. This .bat file is what helps in launching the software and to connect to the mining pool of choice. For the creation of a .bat file, you simply have to open the notepad and save the file in the exact same folder in which the mining software is placed but with a .bat extension. If it is “save as type”, you have to change it to All files. Save the file with the extension and then proceed to select the mining pools.
Although it is possible to use solo-mine Musicoin, the result can be erratic and unsatisfactory. So, for the outcomes to be predictable, it is advised to use Mining pools.
What to write in the .bat file?
Once you have selected the mining pool, you will be able to find a “Help” or “Getting started“ section where you will find content to be written in your .bat file. For this tutorial, we will use the Nom Nom mining pool. The “getting started” at the bottom of the page contains the following code which needs to be entered in your .bat file.
“setx GPU_FORCE_64BIT_PTR 0
setx GPU_MAX_HEAP_SIZE 100
setx GPU_USE_SYNC_OBJECTS 1
setx GPU_MAX_ALLOC_PERCENT 100
setx GPU_SINGLE_ALLOC_PERCENT 100
EthDcrMiner64.exe -epool musicoin.nomnom.technology:9999 -ewal <Your_Ethereum_Address>.<RigName> -epsw x -ethi 8 -allcoins 1 -esm 0 -allpools 1”
When you are copying this content on your bat file, change the <Your_Ethereum_Address>.<RigName> to your wallet address associated with Musicoin and the name of the rig.
The final step in mining
Run the .bat file on your command prompt and watch your computer connecting to that mining pool and extracting MC coins. Your share will be highlighted in green and will contain other information like Hash rates, the temperature of card and fan speed. This is it. If you follow the guidelines properly, you can earn many MC in an hour.
Where to Buy Musicoin:
Apart from the easy mining procedure, Musicoin is an effective solution for musicians and artists who want to get recognized and want to earn from their skills. However, the platform is much different from the traditional way of marketing and earning, it is actually a revolutionary and remarkable option for creation, licensing, music consumption and publishing. Musicoin will not just keep you safe from copyright infringement but will generate revenue for both artists and the platform. As the cryptocoin is geared towards the music lovers and fans, the investors can find a better alternative.