New Year Update
Hi all, and a very belated Happy New Year!
It’s been a crazy month behind the scenes here at Choon with a whole host of incredible developments but we realized we’ve been a little quiet on the public front, which we hope to remedy via this update.
Since we announced, the response to Choon, both from the music industry and the cryptocurrency / blockchain space has been fantastic, with dozens of new industry partners approaching us daily, and over 500 artists applying for access to our Closed Beta. If we had any doubt before we launched, now we’re fully convinced: this is something the world needs.
We’ve also been busy on the advisor front, bringing in some fantastic people, many of whom have already provided real help in our mission. The latest round includes Ben Chan (Director of Engineering at BitGo), music-streaming expert David Hyman who brings incredible experience form his time as CEO at not one, but three relevant companies (Gracenote, MOG and Beats Music), dubstep legend and Firepower Records label boss Datsik, and dance music maestro turned cryptocurrency advocate Max Graham.
Check out http://www.choon.co for full biographies.
Excitingly for all of us, in December we launched our first demo Smart Record Contract. This was a real contract running on Ethereum Testnet, which split up royalties from a new Gareth Emery & Ashley Wallbridge track across three participants. You can view the contract code, and listen to the song here: https://www.choon.co/crypto
Development-wise, things are moving along very quickly. This week we’re welcoming a new graphic designer and front-end dev to join our team of John Watkinson and Matt Hall. Our ‘closed beta’ is slated to launch end-Feb / early-March. This first version of the platform will offer streaming from a small-group of hand-picked artists before uploads are made available to all shortly after.
Due to the rapid pace of development, we decided to delay our main ICO until after we launched our beta product. Given recent estimates¹ that 90% of all ICO projects have no working product, we figured that given how close we are, we’d rather delay a little and launch with a working product — and show the world what we can do, rather than what we can claim we can do. Time-wise, this means the ICO is likely to happen in April / May 2018. Keep an eye on our social media, or sign up for updates at http://www.choon.co to be the first to know when this happens.
With the ICO being pushed back, in order to provide some short-term runway, we decided to conduct a small, private token-sale to a handful of close-associates.
This was a highly selective, 48-hour event where we raised 1485 ETH from a small group of participants for the sale of around 1.8m NOTES, at a price of 1200 NOTES per ETH. The 80m token supply, 40m artist allocation, and other economic factors of NOTES remain unchanged.
Whilst we had initially planned to avoid such a private round, we were happy to pivot on this point because we believe being able to launch a real product prior to the main ICO will ultimately benefit everyone involved in the project. This private raise has already provided some valuable short-term runway and allowed us to make high-quality hires, and ultimately will get Choon to market more quickly than when we were entirely self-funded.
Big love to everyone who’s supported our project and mission so far. We’d love you to continue to engage with us via Reddit, Twitter, Facebook or similar, and we’ll have more news for you soon.
The Choon Team