The alternative currency industry is growing by leaps-and-bounds as inventors with big dreams bring to market their unique coin concepts and designs. And no one dreams bigger than David Prince, whose new currency Songcoin, could disrupt the entire music industry.
Australian music entrepreneur, David Prince, sees the invention of digital currency as a golden door of opportunity for artists and fans alike. And his new coin, will reward both, by allowing music fans to discover and invest in the latest new music.
How It Works
Artists will promote their music on social media to attract Songcoin Investors. If a Songcoin investor likes a song, they can invest as much or as little as they wish. Seventy percent of the invested revenue will go straight to the artist, and the remaining, divided between the preceding investors and the Songcoin technology partners.
Prince explains that Songcoin is primarily a revenue distribution system.
Songcoin is about creating investment incentive, as a music fan you will want to support an artist because you enjoy their tracks and believe in the talent. Then you add the chance to make a profit and you have a great recipe to engage the user. A freshly discovered release could start off slowly and then go viral, struggling artists could find themselves wealthy overnight, investors could see a steady income from a single hit song.
Future Potential
The other interesting potential is the relative value of Songcoin. Like other altcoins, Prince admits that the value of Songcoin will be low in the early stages but once market adoption takes hold, the value could quickly escalate.
Songcoin will be released to the altcoin mining community on October 1st. Prince advises there’s a lot of work to do to get Songcoin to the mainstream. Initially, he hopes that the Bitcoin community will get on board Songcoin, as he recognizes that they’re a great bunch of innovative people who could be of great help in dramatically changing the music world.
The future now looks promising for both musicians, and fans, who for the first time will get a chance to become truly involved and able to share in the future success of their favorite music artists.
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