Choon is a digital and musical content ecosystem especially designed to solve a number of fundamental problems in the music industry. At an initial glance, it may seem like a regular streaming service, providing musicians the ability to upload and share their music with others, and receive payments in cryptocurrency tokens.
This may not be revolutionary or ground-breaking. But by integrating its Notes currency, off- chain royalty network payment system, and Smart Record contracts, it has developed a complete music ecosystem that can solve numerous problems in the music industry, and also allow a slew of incredibly forward-facing and exciting solutions, which have not been heard of.
Choon was founded on these core principles:
- To offer return of up to 80% from the proceeds of streamed music immediately and directly to content creators like artists.
- To develop a crypto-currency understandable and accessible to a majority of the population
- To develop a licensing and music contracting ecosystem through its “Smart Record Contracts” with the capability to simplify music contracts, payments and licensing.
Notes tokens are at the heart of Choon ecosystem. Plenty of friction in current music services arises from the ineffective integration of unwieldy modes of payment such as PayPal or credit cards. Choon Notes tokens create more liquidity in the ecosystem, providing frictionless transactions between listeners and artists. This means transparent and immediate payments.
Notes is different from a traditional, mineable cryptocurrency. However, during the initial five years, half of the aggregate supply could be ‘mined’ by musicians who upload music to the platform. This can be considered as an incentivized, launching period of this revolutionary service, which will gradually transition into an established and stable ecosystem with advertisers and paid subscribers, and plenty of options to spend and earn Notes.
The supply of Notes retained for streaming would be divided over a five-year period. This is equal to about 21,918 Notes on a daily basis to be divided amongst all the musicians using Choon.
- Total Supply: 80,000,000 Notes
- Period of Distribution: Five Years
- Reserved for Streaming: 40,000,000
- Daily Supply: 21,917
Initially, due to the low number of artists or musicians using this service, many early adopters may be highly rewarded and receive large number of tokens. However, with more artists joining the music service, streaming revenues will have to be divided across more individuals.
Choon’s biggest passion is to ensure content creators and artists are paid fairly and transparently. This is why its royalty rates are about ten times higher compared to competing services. The platform plans to return nearly 80% of Notes spent by its consumers to content creators and artists.
Choon’s core feature is its Smart Record Contracts. This feature, even in its basic form, is a major improvement compared to conventional contract practice in the contemporary music industry. This system will:
- Record copyright and master shares in a transparent manner
- Distribute income to copyright and master holders fairly and quickly
A few benefits of the system are as follows:
- Public and transparent maintenance of records relating to royalty splits
- No trust needed between various parties
- Instant or nearly instant distribution of payment
- Completely customizable
- No lawyers or other legal experts are required to create a contract
In order to make sure all transactions on Choon are executed swiftly with minimal friction, the platform has standardized a single currency for all its stakeholders: Notes. The platform realizes that to develop a functioning and robust ecosystem, there should be a variety of ways in which Notes can be bought, sold and earned within Choon.
Failure to do so may cause users to send these Notes to a crypto-currency exchange and have them converted into fiat currency. As a result, Choon has spent a lot of time to work out various ways in which Notes could be used.
The founding members of the development team are as follows:
- Gareth Emery: one of the leading DJs and esteemed record producer with more than 15 years of experience in the music industry.
- Bjorn Niclas: an angel investor and entrepreneur with over 10 years of experience in the music business.
- Matt Hall: a software engineer having more than 20 years of experience.
- John Watkinson: a computer scientist and software engineer.
- Scott Sartin: a chartered accountant, specializing in business management and accounting within the music industry.
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