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IT & Systems Management

Musicoin debut 'blockchain' speaker that pays musicians when you clap

Musicoin have debuted their Volareo smart speaker that aims to solve the shortcomings of existing music streaming models by allowing users to tip musicians.

Musicoin's Nick Yap says that “per Spotify stream, an artist earns about 0.72 euro cents. As an upcoming artist, that is not enough to cover your living expenses. Volareo makes it possible for listeners to give a musician a ‘tip’,” said Yap.

“You support a musician with a donation, by pressing a button or clapping your hands. This smart speaker ensures that you can tangibly support your favourite artist.”

Payments to musicians are made via blockchain, a digital and decentralised ledger system making direct and transparent micro-payments possible through smart contracts on Musicoin. Each play equals one musicoin, worth about ten cents. More than 2500 artists have joined this blockchain initiative and are already distributing their music on Musicoin.

“The blockchain ensures that listeners can communicate directly and transparently with their favourite artists. It’s not complicated: the speech technology in the speaker makes it user friendly,” said Yap.

Volareo not only gives lesser known or upcoming artists the possibility to equally benefit from streaming services, but also solves another problem. The speaker ensures that artists know who their listeners are.

“This allows you to respond even better to the wishes of your fans, for example by scheduling a tour in a city where many of your listeners live. The fact that you, as a beginning artist, coming into contact with your fans much quicker, will hopefully contribute to making the music landscape even more diverse,” added Yap.

No word yet on when, where or how this product will be available. However, Musicoin are taking sign-ups on their website for those interested in learning more about the initiative.

IDG Insider

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