This week we are deep into the music world once again and this time lets consider the imusify project, a platform where you can exchange multimedia, communicate, collect money, where artists and users can interact with each other. So let's get rolling with it.
About the Project
The imusify platform proposes to combine methods of streaming and sharing multimedia, to create a social network for artists and fans, where fraud is excluded, and the market for digital content uses the blockchain technology.
Here is a video explaining the essence of the project:
The project claims in its whitepaper that it operates in a highly competitive market where Spotify, Soundcloud, Kickstarter and others are competitors, but the uniqueness of the project is that imusify integrates services with a decentralized market and social network that allow users to be active participants within the platform's economy.
The project notes that competitors are very dependent on the inefficient of Ethereum network, on which they operate. They can’t solve the problems of scalability and digital rights management and don’t have a working prototype. At the same time imusify has a working prototype, which can be used after the registration.
In terms of technology, imusify is based on the NEO platform and implements several proprietary solutions to solve scalability and security problems by reducing the amount and number of transactions required to be checked on the main chain as well as introducing digital identities and automated content screening solutions to prevent fraud and copyright infringement.
Thus, the technology allows to track the flow of content, and intelligent contracts provide a fair and immediate distribution of payments. The content is automatically checked to determine copyright ownership. The imusify network uses the flexibility of a decentralized systems to connect users in different directions that use IMU tokens to conduct transactions.
The NEO blockchain allows for automatic tracking of the content flow and the execution of IMU transactions with closed cycles through intelligent contracts. There contracts are a smart contracts that facilitate trust transactions between users without the need for a third party or an intermediary. Platform smart contracts are available on Github here.
Architecture of the platform:
Regarding the platform launch, the team is not disclosing the exact dates, showing that MVP will be launched after the crowdfunding in January 2019, and the platform will be unveiled in November of the same year.
Overall score: Promising, but competition is enormous
Tokenomics
According to the team’s calculations the project needs between 10 and 20 million U.S. dollars which they plan to raise with the help of an ICO. After the initial capital raise, the project plans to begin selling its tokens allowing individuals (future users) to buy tokens with significant discounts, that will promote the imusify platform.
The IMU token will allow imusify users to interact within the platform, use its services, and cooperate with each other. IMU is a standard NEP-5 token that runs on the NEO network and will have three core functions:
- as a multipurpose voucher that enables users to use services on the imusify platform;
- as a closed-cycle currency that allows users to buy and sell goods and services on the platform directly to each other;
- as a discount token that allows participants at various stages of imusify token sale to receive these tokens of value at a reduced price.
The total amount of tokens is 1 billion which will be distributed in order to maintain the long-term cost of the platform and the network. 650 million tokens will be available for sale. The nominal value of the IMU tokens will be set by the imusify team later.
After the token sale users will be able to purchase and exchange tokens on different exchanges. At the moment, according to imusify, it has 38 confirmed partnerships with mobile wallets and exchange platforms.
In order to participate in the token sale any buyer will have to go through KYC and AML procedures.
Distribution of tokens after token sale:
Overall score: Not certain
Team and Community
Project founder and its director David Walters is an entrepreneur and a musician who has more than 10 years of experience in startups, finance and investment, he manages the portfolio for Generali Group and now is realizing his dream.
David notes that imusify was established and registered in Estonia due to the clear position of local authorities and market regulators regarding companies that execute tokens sales.
In general the project team is represented by 18 members, which consists of a blockchain developer, a marketing specialist, a lawyer and others, as well as a large number of advisors. However, the technical staff of the project is clearly lacking.
As part of social activity, imusify gets 100 points of 100: it has thousands of followers on Facebook, Twitter, Medium, Reddit, Instagram, Telegram. The project also spares no effort to promote and publish articles about itself on countless resources dedicated to blockchain and ICOs.
Overall score: Great
ICO Details
Total Supply 1,000,000,000
Soft Cap $1,000,000
Hard Cap $25,000,000
Additional Emission Yes
Accepted Currencies ETH, BTC, LTC and others, fiat
Token Type NEP-5
Token Price not defined yet
Bounty Yes
Sale Starts November, 2018
Sale Ends November, 2018
Summary
The imusify project regards itself as a very ambitious idea with a sound economy and specialists from the music industry. The project aims to become a means for transferring and exchanging of multimedia content, creation of a social network and the exchange of goods and services using the NEO blockchain platform. The project has created a prototype that is publicly available and spend a lot of money on promotion and attracting the audience.
However, the project is shooting itself in a foot with a subwoofer in a same way as many other startups by trying to enter an extremely competitive market, which it’s talking about, but without outlining how it will be able to entice the audience away from the competitors. And the competitors are not only long-running platforms like Spotify and Soundcloud, but also a blockchain startups like eMisuc (read the review of eMusic here).
Thus, the project doesn’t offer any innovative ideas. But no one should forget that ICO projects are aimed only at raising funds to start their own business, and not at its development, therefore with so much social activity on behalf of the imusify, the team can easily collect the planned sum. And what will happen next - time will tell.
Click here to visit imusify page in the list of upcoming ICOs.