Introduction
Hey guys, so the next exciting project on our quest to find all-star ICOs is called imusify. This is different from most projects I see people write about, particularly because it involves the music industry which is highly centralized.
I must confess I’m a tad apprehensive about this because it’s my first time reviewing an ICO. So I have to put up my A-game and give the reading public a reason to stop by next time.
I have chosen to take up imusify as my first review project because they are different and offer something very unique to the blockchain space and music industry in general. imusify is one of the pioneers of music’s decentralized movement and it aims to be a fully decentralized music platform for generating artist income and facilitating connection between creators and consumers
Imusify is all about disrupting the music industry and what sets it apart is that it aims to serve different stakeholders and players across the entire music value chain, from crowdsourcing to collaboration, production, distribution, promotion, curation, and even live events. Imusify is designed for the future and is building a scalable and adaptable technology framework for artists, music lovers, entrepreneurs and developers to use their platform to connect with the imusify community, create collaborative content and build new use cases.
This to me is the next level of participation in the blockchain sphere because this is what mainstream music enthusiasts and investors will want when they enter the market in search for unique projects. According to them, their platform is built and run on the NEO blockchain, one of the most advanced smart contract-enabled blockchain. Their choice of the NEO blockchain makes them standout, as NEO’s vision for a “Smart Economy” includes the interaction between digital identities and digital assets using smart contracts to ensure trustful exchanges.
Their Mission
Imusify’s mission is focused on building a platform to serve the immediate needs of current participants in the music industry (artists, consumers, producers, managers, venues, record labels, and other music stakeholders), while providing an open innovation space for developing new means of interaction and value exchange to serve the music economy in the near and distant future.
Platform Overview and Key Features
Imusify puts the interest of the artist foremost, thus allowing full control over their work. This is why the imusify platform is designed to provide artists with autonomy, higher income, and transparent transactions between service and product suppliers. Imusify’s open-source, self-publishing platform also creates an efficient and lucrative system for content creators to network and collaborate with open innovation space for new product launch, features, tools, etc. across the music value chain.
Key components make imusify stand out among others in the space, thus endearing users to it and me as a writer. They are as follows;
1. Crowdfunding Engine: Imusify say they their platform has the capacity to allow individual artists launch crowdfunding campaigns as we see with different ICOs. This time they can launch such campaigns to fund their tours, music videos, albums, etc. They can also use the platform to offer rewards to their fans and supporters. Also as functionality is the fact that artists have the chance to engage their supporters fully by providing affiliates licenses to them, thus allowing the fans to profit directly by promoting and selling the content of the artist within their network.
2. Transparent and fair payments: As a music sharing platform, imusify will automatically compensate artists on a per-stream basis by distributing funds directly to the imusify wallets of the individual or group of the given song’s rights holders. The system’s streaming platform is also designed to allow artists to offer discounts to a group of fans or during a certain promotional period. Per-stream rewards are monitored by imusify to ensure that compliance standards and regulations for royalty payments are met in relevant jurisdictions
3. Marketplace of Music Industry Participants: As stated in their whitepaper, imusify will be a one-stop-shop for all aspiring entrepreneurs, artists, and industry enthusiasts to network and create communities. Also, product suppliers will also be able to list their products on the imusify marketplace to be sold directly to artists and supporters. An independent musician can also utilize this functionality by taking his earnings directly to the marketplace, and pay producers or engineers directly or update his home recording equipment without ever using a fiat currency.
4. Reward System: Imusify claims that in addition to rewarding artists for streaming royalties of their creative content (music), their reward system is designed to incentivize quality contribution and curation on the platform by rewarding creators of social content (posts, playlists, comments) for certain actions, isn’t this just genius and endearing? This implies that with imusify, everyone wins as the ecosystem will motivated to engage in quality interactions between users.
4. Decentralized Exchange: They also plan to run a decentralized exchange to enable artists interact with the platform conveniently. Being able to convert their IMU tokens to fiat and other tokens is very vital, this is why imusify plans to integrate the NEON’s Exchange API to offer an in-exchange functionality that will allow users to convert their tokens to other form of currencies instantly.
Token Matrix
It is important to note that imusify’s IMU tokens are NEP5 standard utility tokens and not security tokens and owning IMU tokens does not imply any ownership of the company, its intellectual property, or rights to profit. IMU tokens will be merely used as the engine to support one of the first functioning blockchain music economies, creating an immense potential value for the token’s use throughout imusify’s infiltration into the music industry.
IMU tokens will be used primarily for the following functions;
- Provide reward payments to artists on a per stream basis
- Reward users for curating and contributing to content
- Purchase and license content Crowdfund artist content projects , and
- Exchange value between service providers and creators
Key Dates
- Presale is set 1st Aug 2018 to 31st Aug 2018 with a hard cap of $350,000
- Crowdsale is for five (5) different dates from the 1st Sept 2018 to 30th Sept 2018 with a hard cap of $25,000,000
According to their whitepaper, these dates are however subject to change depending on market conditions.
Roadmap
This Roadmap is very exciting, the idea was tested in September 2017 with a proof of concept in December. It will also run through 2019 with an MVP Launch in January and Platform 1.0 Launch in November. As is custom with great projects as this, I expect that they’ll beat their deadline on some of the dates.
Team Composition
I think this team is well capable of pulling this off. It is, without doubt, an All-Star team. This 16 person team is a mix of experts with strong ties across the IT, economics, law and blockchain industries.
David (Founder and CEO), is one person in particular that caught my attention. He has a wealth of experience and an award-winning blockchain and smart contract entrepreneur. With 25 years in the music industry and 10 years in startups, finance and investment. In my opinion, he’s an all-star.
All the other members are equally as impressive with a wealth of experience, Please check out a link to the whitepaper below, where you can read about the team. It is my opinion that this team has an all-star status, and they will make this vision a reality for us.
Advisers
A great team need the guidance and expertise of advisors on the project who are ready to bring their wealth of experience to the table. The imusify team are being advised by a very impressive 8-man board of advisors, who are equally very distinguished in their various areas of expertise.
Imusify Partners
As investors, we need to be sure that these guys can make this project a reality. Reading through their whitepaper, I’m convinced that the team has the experience to make it happen.
Conclusion
This is a very ambitious project and as an investor I look out for projects with high use case and good value proposition as it seeks to further empower the artist by ensuring he gets more. Also, my mind was swayed when I read the whitepaper and saw firsthand how ambitious and revolutionary this project would be. Imusify is providing a one-stop solution for every party in the music supply chain, to make some real change in the world today. This is what the blockchain revolution is all about.
Useful Links:
- Imusify Website: https://www.imusify.com/
- Imusify Whitepaper: https://imusify.com/whitepaper.pdf/
- Imusify Github: https://github.com/imusify/
- Imusify Facebook: https://github.com/imusify/
- Imusify Discord: https://discordapp.com/invite/rrYxjBh/
- Imusify Medium: https://medium.com/imusify/
- Imusify Twitter: https://twitter.com/imusify/
- Imusify Telegram: https://t.me/imusifycommunity/
- Imusify Bitcointalk (Ann): https://bitcointalk.org/index.php?topic=4327428.0
- Imusify Bitcointalk (Bounty): https://bitcointalk.org/index.php?topic=4805108/
Disclaimer: Please note that all information on this piece is made for educational purposes only and do not constitute any investment advice. Do not invest in any ICO unless you’re confident about its capabilities and do so at your own risk.
Author information: https://bitcointalk.org/index.php?action=profile;u=2186906