Musicoin is a young musical crypto-platform that is already arousing a lot of interest. Musicoin.org is a streaming platform, free for the listener, and transparent for the artist. Once his account is verified, the artist can immediately share his works and set the price in cryptocurrency. The ecosystem of the site is entirely based on blockchain.
The Musicoin mining platform appeared on the internet in beta version on February 11, 2017, the day when mining (creation) of the $ MUSIC digital coins began. It was created by Isaac Mao and adopts the concept of ” Sharism “.
The idea is that in the Musicoin music distribution chain, musicians must be rewarded for sharing their work on the internet. Also, their compensation should increase according to the increase in their activity of mining Musicoin on the platform: in other words, the more we share, the more we get to receive.
Listening to is Musicoin music is completely free and without ads. And while listeners enjoy, Musicoin pays artists the highest price in the music industry per stream. Artists receive $ 1 (a Musicoin digital coin) per stream. The value of $ MUSIC is $ 0.004 at the time of this writing.
The features and ideas of Musicoin
The starting philosophy of musicoin.org is that of “shares”, or sharing within a community. This idea was developed by Isaac Mao for whom sharing created value: “the more you share, the more you receive”.
To compensate artists, the site uses the $ MUSIC cryptocurrency exchange (also called musicoin). Cryptocurrency currency, $ MUSIC has no value in itself. To create $ MUSIC and feed the ecosystem, you have to “mine” them.
The so-called “miners” are computers connected to the same pool – here the mining musicoin blockchain -, which executes calculations, in order to generate new blocks of valid and tamper-proof transactions that will be added to the database. The work of miners has rewarded in $ MUSIC.
Each time a song is played, a fixed amount of $ MUSIC is immediately transferred to the artist (fixed at 1 for the moment, which equates to approximately $ 0.06, depending on price variations).
This smart contract system of exchange called Pay-Per-Play (pay to stream) is autonomous and immediate.
Transparency is obviously a central concept in the blockchain and is of particular interest to us. The bet of a viable economy based on an equitable distribution of value among all participants in the chain is extremely attractive.
If Musicoin.org is still a very imperfect platform, it is extremely promising. The site is quite slow, the interface uneven, and the musical offer is still very confidential.
“Unlike other music streaming sites, Musicoin streams music for free and without ads. We believe that this will push our platform towards the adoption of the general public.
The miners share part of the $ MUSIC mined to pay the musician. Here, we’ve put together a guide on how to mine Musicoin effectively. First, you’ll certainly need a wallet for mining Musicoin, let’s find out how you can get one.
How to mine Musicoin
Step 1: Create a Musicoin Wallet
Every cryptocurrency investor needs a wallet. Therefore, the first step on how to mine Musicoin is the creation of a wallet where your coins would be kept. There are several ways you can easily use to create your Musicoin wallet.
The simplest method would be creating a Musicoin wallet on Bittrex exchange if you actually have an account on that exchange platform. This method is easier because you can directly mine on the platform with your wallet. After creating your wall on Bittrex exchange, it is advisable you copy your wallet address because you’ll use it while configuring your software.
Musicoin Web Wallet
Aside from the Bittrex exchange wallet, you can also sign up for a web-based wallet. This web-based wallet would perform the regular function of holding your coins. You can easily sign up with your email and click the request code. A code would be sent to you immediately, use it to sign up for your account. Finally, you will find your wallet address on your profile once you log in.
You also have the alternative of downloading the wallet software on your computer. The software is available on Mac, Windows, or Linux format. If you select this wallet option, it is important that you regularly back up your wallet address on a safety device like a thumb drive, etc.
Again, you have another option of creating an Etherum wallet. Why? This is because Musicoin is an Ethereum token. You can easily use MyEtherWalle to hold your tokens on the site. You now have a wallet, but you’ll also need mining software. How do you get it? Find out below!
Step 2: Get a mining Software
You would need to decide what software to use on your computer. The software you will use depend on the kind of graphics card you intend to utilize. The software is what will determine the speed and ease of your mining activities.
Indeed, there are various software you can use to mine Musicoin. We have briefly mentioned them below, please feel free to download and install the software that suits your graphics card.
Claymore’s Dual Ethereum AMD+NVIDIA GPU Miner v8.0
AMD Radeon Software Crimson Edition drivers release build 15.12
AMD Radeon Software Crimson Edition 16.11.3 driver
Step3: Create a .bat file
It is not enough to have your software on your computer, you need to create a .bat file for it. The .bat file is like a platform that would connect your software to your mining pool. Let’s find out the easiest way to create a .bat file.
First, make your notepad accessible and save your file in the same folder as your mining software. Save them with a .bat extension( change “save as type” from text to All Files ). Please make sure the file is secured.
Step 4: Join mining Pools (optional)
We have mentioned the mining pool previously, it is like a community that you would connect your software to in order to earn profits. The mining pool collectively makes your chances of earning high returns more predictable.
On the other hand, you can decide to start solo-mining, you can actually mine Musicoin on your own and earn reasonable profits.
However, you can choose a mining pool from the list below. Each is really profitable and can be used for Musicoin.
If you have successfully selected your Musicoin mining pool, it is not unusual to see a “Getting Started” or “Help” section which will contain the details which you need to input on your .bat file. If you are making use of the Claymore Miner, you will find it on the homepage as follows:
“setx GPU_FORCE_64BIT_PTR 0
setx GPU_MAX_HEAP_SIZE 100
setx GPU_USE_SYNC_OBJECTS 1
setx GPU_MAX_ALLOC_PERCENT 100
setx GPU_SINGLE_ALLOC_PERCENT 100
EthDcrMiner64.exe -epool musicoin.nomnom.technology:9999 -ewal <Your_Ethereum_Address>.<RigName> -epsw x -epsw x- ethi 8 -allcoins 1 -esm 0 -allpools 1
EthDcrMiner64.exe -epool “
Simply copy and paste that into your bat file, ensure that you change <Your_Ethereum_Address>.<RigName> to your Musicoin address. Ideally, this is how your line should look:
musicoin.nomnom.technology:9999 -ewal 0x344253ce2313e0f9680d19a557781baed83a578d -epsw x epsw x-allpools 1 -allcoins 1
It is also important that you operate your .bat file to ensure that your computer is actually connected to the pool. If it is connected to your pool, you can start mining immediately. If you discover a share, it will be featured in green displaying other salient details like your hash rate, the temperature of your card, and fan speed.
How do I view my stats in real-time?
It’s pretty easy, simply enter your Musicoin current value address into the box on the Nom mom home page and it will show the required details.
Musicoin price today is $0.00012702 with a 24-hour trading volume of ?. MUSIC price is up ? in the last 24 hours. It has a circulating supply of 2 Billion coins and a max supply of coins. Dove Wallet is the current most active market trading it. In order to explore addresses and transactions, you may use block explorers such as explorer.musicoin.org. Additional information can be found at https://www.musicoin.org/.
Follow our complete beginner’s guide to learn how to mine Musicoin with your GPU at home using free software and a mining pool and store your coins securely.
However, note that Musicoin did mention in their White Papers they will be moving to a “Proof of Share” method, rather than “Proof of Work” (not using miners anymore?), which they have not yet disclosed the details yet.