Musicoin Blockchain Upgrades to V3.0(“Quantitative Tightening”)
Block reward will be reduced to one fifth to match the economy
May 15th, Hong Kong
The Musicoin Project has released new blockchain software(V3.0), dubbed “QT” (Quantitative Tightening), to support the currency supply cut in response to the real status of the $MUSIC economy. The hardfork will reduce the chain yield to 50 MUSIC/block, from its previous 250 MUSIC/block.
“We’ve been evaluating the economy behind the Musicoin system for a while. The data and findings are really fascinating. Now we have found the best formula in this economy and want to put it into the ledger to reflect our findings. ” Isaac Mao, founder of the Musicoin Project.
Following the empirical data and orthodoxical supply-and-demand model, the Musicoin blockchain team proposed MCIP-8 to the community two weeks ago and collected important feedback before final implementation. The hardfork, projected to happen at the end of May, will start at #5,200,000 on the blockchain.
“Thank god, it’s finally happening ” said one community member in Musicoin’s Telegram channel “We were expecting it to happen long before the whole market downturn. Now it’s time to prove the value of $MUSIC in the real world. ”
The Musicoin Project has served music listeners over 8 million streams up to the present time, and musicians have received over 12 million $MUSIC in return. There is no densely layered music industry structure to suck away that income — 100% goes to musicians’ wallets. More importantly, the playback vs tipping rate has reached 1:1 in general, and tipping from users is becoming more popular especially in millennial groups. It’s a reflection of the fundamental philosophy behind the project.
With the new hardfork, and the adoption of this revolutionary free music streaming service, the $MUSIC economy is expected to grow faster.
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About Musicoin
Musicoin (MUSIC) is a smart cryptocurrency( $MUSIC ) and music streaming platform built on the Musicoin blockchain. Musicians and listeners worldwide are encouraged to visit Musicoin’s official website at musicoin.org . The Musicoin Mobile App can be downloaded from the Google Store and App Store.
