Thanks all for participating in our Muse Protocol AMA. We really appreciate all your support. There were really good and thoughtful questions that were asked. For those who missed our AMA, this blog post is for you 🙂
Mayank – Kindly introduce yourself Anthony to our community.
Anthony – My name is Anthony Colón, and I am the founder and creator of the Muse Protocol.
Mayank – Our community is very keen to know about your project. Please tell something about it.
Anthony – In modern day, the average fan base has no direct means of engaging with the artists they love so much. Traditional avenues to enjoy your favorite artists music include iTunes, Spotify, and Apple Music. Present day artists lose a vast majority of their profits to labels, marketing, and distributors. Muse Protocol creates a unique for listeners to both enjoy music and earn while streaming it. It creates a unique platform that favors creates while rewarding engagement, and helps turn fanbases into symbiotic ecosystems that benefit each other from one another!
Mayank – It’s a great news for the talented artists who don’t get chance to show their talent on a big screen.
Anthony – Sounds great!
Q1. Could Muse protocol finance new music producers or users who make covers? Do you have any kind of sponsorship program for this? If the answer is yes, what are the benefits?
Anthony – Indeed! This is one of the pieces that is being produced as part of the entire Muse Protocol. Muse is not just a place where people stream music and engage, it is a place where artists are born and musicians can “discover their muse” that keeps them going. Muse Exchange will deliver a way for the average listener to crowdfund an artist or producers journey, and to earn from the profits generated through that journey. Think of it as listeners investing in your artistic potential and the ability to generate revenue from that potential.The benefits of this are that artists and producers can crowdfund single songs, entire albums, entire tours, or entire careers. The options are limitless and can bring new artists to light like never before.
Q2: Now, some project have policies for their ambassadors to create a contribution and attract recognition for the project! So the MuseProtocol team plans to implement policies and incentives for your ambassadors?
Anthony – That is correct. Muse Protocol will be organizing out Ambassador program in the near future. This will include interviewing and vetting them for experience, and providing them with quarterly budgets to organize community events and giveaways. Our goal is for our Ambassadors to eventually become our geographical representatives and really make them a key piece of our frontline to approach to market.
Q3. What your plans in place for global expansion, are MuseProtocol focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships? Can you explain this?
Anthony – We have an excellent strategy for approach to market that will tackle large chunks of the available market at hand. Our main goal for now is USA, UK, Canada, China, Japan, Korea, Indonesia, India, and Latin America. These are some of the largest hubs where music streaming is enjoyed. While we are a Blockchain development, our focus is not to maintain to the Blockchain community. Our idea is diverse and can tackle 90% of the people out there since majority of the world enjoys music! Our first step is to build, which we are doing now. We are actively building out our platform to perfection before our approach to market. This will be followed by marketing and partnership acquisition.
Q4. How does MUSE PROTOCOL reward fans? And how do they manage to bring them? In case the reward is in $ MUSE can they be used in real life?
Anthony – Muse Protocol operates using a unique two token model. The Muse Token and The Muse Dollar. Muse Token has a max supply of one billion tokens and resembles ownership and stake into the Muse Platform. Muse has a premium model subscription that accepts payment in debit/credit card, online wallets, or cryptocurrency. Every time a subscription is created and paid for, our platform stores the received value, and generates equal value Muse Dollar which is a $1 for 1 ratio. These profits get split to the holders of Muse Token in the form of Muse Dollar, less the earnings that are provided to the artists. Listeners will earn Muse Dollar for streaming, creating playlists, sharing song tracks, and generating sales for the artists they love. Muse Token will not be earned and instead will be purchased for wanting stake into the platform itself.
Q5. Why did you used Ethereum fork instead of make it on Ethereum itself? Do you have enough programming skills on updating and improving the current Ethereum fork you used? Will you be implementing some of the upcoming updates that Ethereum network will be doing?
Anthony – We are actually a token on the Tron Network. Tron delivers high speed transaction processing and solid network security. We feel our platform does not need it’s own blockchain, and could instead operate as a decentralized application with it’s own token. We will be keeping up to date with all available feature sets for Tron including privacy features.
Q1. Why should artists and producers use MuseProtocol instead of traditional system?
Anthony – This is a great question to start! The main reason artists should utilize the Muse Protocol is to ensure their independence, and to release grips of the music industry around the potential of their career as artists. Nothing is more limiting than having to create and do art based on what others want and need. Art is personal and should be supported as such. Muse will create that space of comfort and freedom for artists and give them all that is needed to create, grow, and earn from their art.
Q2. The music industry is conformed by huge enterprises,how do you intend to gain the attention of them? How long do you think would it take them to get into blockchain technology, is Museprotocol the gateway they need?
Anthony – The Music Industry indeed has a overcast Created from numerous large industry figures all with their claws into some of the largest artists and distributors to date. This makes it difficult to take the conventional routes to combating this grip they have on the industry. Our approach is to tackle the independent music lovers, and utilize buyer to buyer marketing direct to consumer that changes complacent music streamers into revolutionary supporters. The change would be minimal in my eyes, and if the industry is unwilling to do so, it will create a reform from fanbases that want their artists free of these old world music tactics.
Q3. What is your long-term vision about the industry which Muse protocol is working at? Are you afraid some day there will be another project with more innovative technology can replace Muse protocol ?
Anthony – Great Question! I am a supporter of change and power to the people. This being said, I am aware of the multiple factions that must arise for change to take place. I do not see them as opposition, but instead, supporters and believers of the fact that change needs to take place. I applaud any and all projects that are supporting the change at hand to bring transparency to the music industry. I am less afraid of a project coming with more innovative technology, and more afraid of a project that shrouds the goal at hand and brings the industry to a place that is worse than it is today. Competition means confirmation of market potential. Let it happen!
Q4. We are witnessing many projects enter blockchain industry with very good plans, promise to do good work but disappear in time and lose community..? So without not lose believers, how can #MUSE Protocol survive this long and challenging blockchain..?
Anthony – This is a great question that can describe our dedication and want to bring this project to market. As of now, Muse Protocol has received little to no investment. Not because people are not interested, but because this AMA is literally our first approach at gathering investor interest into Muse. We have developed everything out of pocket to date and have not needed a single dollar to get to where we are today (15,000+ members following, 400+ active users on platform, full platform development and token creation). This shows we are here to stay and that finance will almost never be a factor of us sustaining. Finances become a factor to only the speed of our success and not the chance of it.
Q5. What is the difference between $MUSE and $MUSD? Why did you create two types of coins? Will they have the same use?
Anthony – The difference between $MUSE and $MUSD are very key differences. $MUSE is a voter delegate/ownership token that resembles ownership of the platform itself. You can think of it as your dividends token too that will determine how much quarterly $MUSD to earn from holding the tokens. $MUSE allows you to vote for platform changes, create platform change requests, earn quarterly dividends, and much more!
$MUSD is a stable value token pegged to $1 of value. For every dollar that our platform earns, it stores that in a decentralized banking account monitored by a chainlink oracle that generates $MUSD for every dollar that deposits into the account. Every quarter, platform earnings are distributed to $MUSE holders in the form of $MUSD that can be spent on platform, exchanged for other crypto, or withdrawn to a bank account via bank transfer.
Q6. How does MUSE protect copyrights? Where will the contents be stored?
Anthony – Great Question! Muse is not a song registry, and there for is not where you would begin your musical journey into securing your song legally. However, Muse will be developing strong AI and sound recognition that will work hand in hand with song registries to help mitigate any copyright infringement or theft or artistic expression. This will be released later into Muse, but will be a key feature.
Q7. Great protocol, even so purchases in music are usually made with credit and debit cards, through the platform can I do this? What are the advantages that Tron Blockchain provides?
Anthony – Yes! People will be able to pay for premium subscriptions using Credit/Debit, Paypal, and other non-crypto based means of payment. Our goal isn’t to shy away from current forms of payment and usage, but instead create a bridge and option to make the change! We believe the benefits of the Tron Blockchain are speed, scalability, security, and hype. It can help ensure the user experience is fluid and without delay.
Q8. What’s the use and work of Blockchain technology in MUSE platform & Why Decentralized Model? Because many platform like Spotify and Mixclouds are work greatly on Centralized way.
Anthony – Platforms like Spotify and Soundcloud do work great in centralized environments when their only goal is to allow streaming. Muse is a social streaming platform that creates avenues for streaming, social networking, engaging, bounties, marketing, and investing into artists. Transparency is a must when it comes to these, and Blockchain provides that transparency!
Q9. I am an amateur musician from home and I would like to use the platform, what should I know and do to take advantage of it? Is your platform focused on a specific sector of music or is it open to all kinds of fans and artists in the world?
Anthony – As a new artist seeking their foundation in the industry, I would like you to know that Muse delivers a one stop shop for contracts, paperwork, streaming, sharing, and a unique way to turn your fan base into your very own marketing entourage. Muse will give you everything you need to remain independent, or to establish your push into becoming a label signed artist. Our platform is open to all genre’s listeners and people who love music. No judgement is passed. Judgement free zone!
Q10. What market share would you like and plan to wrest from your competitors in the medium and long term? or is it like a cake that grows and grows Can you explain how the voting system will work, will there be any hierarchy? What happens if someone gets a lot of tokens?
Anthony – Our goal is a 17%-24% share of the market. We believe this is the current size of the market interested in independent music, artists earning what they deserve, and freedom of the music industry. Gripping this large of a chunk of the industry will prove success and will usher in a new age of freedom for artists. This is of course a long term goal, with our short term 5 year goal being to attain 5-7% of the industry.
The voting system will work in a way that is fair to all holders of a certain amount. It will also ensure that holders of a larger amount have their voices heard, while not giving an overpowering amount if power to them. Muse Token has one billion tokens. For every 1,000 tokens you hold, you are guaranteed one master delegate vote. This ensures that people must have a vested interest into voting in our ecosystem.
Q11. As we can see #MUSE is still not listed on CoinMarketCap, What are the plans to get listed #MUSE on Coinmarketcap and When will we see #MUSE on CMC?
Anthony – We have great connections with CoinGecko, CoinMarketCap, LivecoinWatch, and CoinPaprika and with over 30+ exchanges including 6 top 10 exchanges. We will have no trouble entering CMC, CG, CP, and LCW when the time comes.
Thank you to Anthony Colón (Muse Protocol CEO) and Community for participating in the AMA. Have a nice day 🙂