Musiconomi Crowdsale FAQ
Here are the answers to some of the most frequently asked question we’ve received about the upcoming Musiconomi crowdsale, powered by Cofound.it. If you have additional questions, join our Slack.
What is Musiconomi?
Musiconomi will reshape the way listeners and musicians engage, building on the capabilities made possible by the Ethereum blockchain. We envision a rich ecosystem where sharing and promoting great music deserves its own reward and where artists can incentivize social sharing to suit their needs. Buying Musiconomi tokens (MCI) will ensure that the platform will be built to the highest standards on a current and tangible system that will enable you to finally have a real say in supporting artists.
What will the MCI tokens be used for?
When artists release a new track on Musiconomi, they will be able to specify the reward for direct referrals that lead to a playback. Artists seeking an audience may offer a much larger reward, whereas established artists may offer less. All of this is, of course, automated and happens seamlessly behind the scenes.
Promoters (casual listeners, die-hard fans, or just users seeking new talent) will be able to use MCI tokens to generate a referral link that can be shared on social media, on their own website, or in a blog post. In most contexts, the referral link will be presented in an embedded player (similar to SoundCloud) and can be part of a playlist that is actually a collection of referral links.
Using MCI will give access to a dynamic platform that goes far beyond a simple streaming app. Each time a user plays the track using the embedded player, the original promoter receives a small reward — even if the post is re-shared by their followers.
DJs will be able to use MCI to create and share playlists, curating and filtering the Musiconomi catalog to cater to an audience of like-minded listeners. Again, artists can allocate a portion of each playback to be paid to the DJ that created the playlist. By building a reputation for finding and promoting great music, DJs will attract their own following.
Music reviewers and bloggers will be able to use MCI to unlock blogging features that will integrate directly with the platform. Bloggers will be able to earn revenue by embedding tracks and will also be able to earn blogging revenue directly through a “pay-per-read” or subscription model.
For more details, see our recent blog post on token utility.
When does the Musiconomi crowdsale start and when does it end?
There will be a pre-sale for existing community members and Cofound.it Priority Pass holders.
How can I participate in the pre-sale?
If you were on the Musiconomi email list by July 16th, 2017, you will be able to participate in the pre-sale.
Otherwise, you can purchase CFI tokens to become a Priority Pass member. In addition to getting early access to the Musiconomi crowdsale, your CFI tokens will give you early access to future Cofound.it crowdsales as well. Please see the Cofound.it website for details.
Who is Cofound.it and what is the CFI token used for?
Cofound.it is a platform and team that allows startups to engage their communities and allow a professional crowdsale that benefits end users. CFI is the token that is designed to allow access to the early release of a project’s token or coin. Purchasing a Priority Pass will allow this early presale access
Cofound.it recently worked with Santiment to run a hugely successful crowdsale that ended in less than a minute.
What are the crowdsale threshold, soft, and hard cap?
$3mil USD Threshold
Scope of Work:
- Open Musiconomi office in a strategic market centre
- Launch Advanced Blockchain-Based Music Streaming Application 2.0 Build and Support Basic Sharing Features
- 10 Artist Ambassadors
- 20 Strategic Partners
Time to implement: 8–12 months
Target number of users: 50k
$6mil Hard Cap
Scope of Work:
- Develop Playlist Feature
- Develop Playlist Sharing Features
- Develop Mobile App
- 20 Artist Ambassadors
- 50 Strategic Partners
Time to implement:
- 18–24 months
Target number of users:
PROJECTED USE OF PROCEEDS
- Development Expenses 70%
- Marketing and PR 21%
- Administrative/Legal/Overhead 9%
The team has had the benefit of studying numerous other crowdsales and draws on the expertise of crowdsale pioneers Cofound.it to ensure an appropriate and sustainable allocation of crowdsale proceeds and tokens.
To be Issued: 100 million MCI tokens
- 25% release to public
- 22% team
- 28% Strategic Partnership Reserve
- 25% future release (2018/2019)
Team tokens will be vested for 18 months.
What is the ETH address I should contribute to?
The address will be published on our crowdsale website when the crowdsale starts. Do not trust any other addresses you might see on Slack, Twitter, Reddit or other channels. The Musiconomi team and Cofound.it team will NEVER share the address directly, so the best way to avoid scams is by visiting our crowdsale website (https://musiconomi.com) and copy-pasting the address from the contribution page. Even after copying and pasting, be sure to double check the address.
Can I purchase MCI tokens if I live in the USA?
Due to current US Security and Exchange Commission (SEC) regulations MCI tokens for the crowdsale will not be available for purchase in the USA. Musconomi has been incorporated in countries where the legal definitions for virtual currencies is very clear and written into law.
Further reading of the SEC’s current state: https://news.bitcoin.com/petition-asks-sec-to-clarify-rules-on-bitcoin-and-digital-token-assets/
Why can’t I buy MCI tokens with $MUSIC?
Musiconomi will run on the Ethereum blockchain, the crowdsale will happen on the Ethereum blockchain and Musicoin ($MUSIC) will not be accepted as payment for tokens. The market cap of the Musicoin blockchain is not yet high enough to support a crowdsale. We considered accepting both $MUSIC and ETH, however running a crowdsale across multiple digital currencies is problematic, especially if the price fluctuates during the crowdsale.
How and when will I receive my MCI tokens?
You will receive your tokens immediately upon sending your ETH to the crowdsale contract, but they will not be immediately tradable. Tokens will be issued to the sender’s address, so please ensure you only send from an address for which you have the private keys. Do not send from an exchange.
How many MCI tokens will I get?
Up to 25 million MCI tokens will be sold during the crowdsale. The MCI tokens will be distributed to supporters immediately when their contribution is received. The price of each MCI token will be $0.24, which works out to a $6M USD hard cap. The actual cost in ETH will be determined by converting $0.24 USD to ETH shortly before the crowdsale begins.
When will the MCI tokens be released to participants?
Tokens will be released immediately, but will be locked for 2–4 weeks.
When will the MCI tokens be listed on exchanges?
The tokens will be available for trade via the Jaxx wallet and will be listed on an reputable exchange within 4 weeks after the crowdsale and lockout period has been completed.
Will MCI tokens be issued on Musicoin or ETH?
MCI tokens will be ERC20 tokens issued on the ETH blockchain.
Can I view the smart contract for the crowdsale?
Yes, the contract is here. The exact parameters for the start block and the conversion from ETH to MCI will be filled in just before deployment.
General Platform Questions
What will the MCI tokens be used for?
MCI will be used to unlock features on the Musiconomi platform that enable users to generate revenue. For details, see our recent blog post on token utility.
What will the token allocation be?
Tokens will be allocation into four groups.
25% released to public
28% strategic partnership reserve
25% long-term reserve (locked for 12 months)
The strategic partnership reserve will be available immediately, but will likely be used over the course of the first 12–24 months.
The long-term growth reserve will be vested for 12 months, and the team allocation will be vested for 18 months.
Why does Musiconomi use the ETH blockchain instead of Musicoin?
The Musicoin blockchain project will not be large enough to support the required transactions, security updates and functions that will be required for the Musiconomi platform. After long internal discussions and the direction that the Musicoin blockchain is going, we felt that our end users would have a better overall experience on the ETH blockchain.
Who is the Musiconomi team?
You can find a full list of team members and advisors on our website, https://musiconomi.com.
How can we contact Musiconomi for more in-depth questions?
The entire team is active on our Slack. Please come join us!