MusicLife has raised $5m to develop AI-based music distribution using blockchain technology. The firm is a collaboration between the Singapore-based non-profit organisation MusicLife Foundation and the Japan-based MusicLife Company. Blockchain technology allows for secure data storage that can be shared across multiple parties without relying on centralised servers. The company offers music through the MusicLife Exchange. Songs are free for the first 50,000 plays, after which they are priced by AI depending on their popularity. More plays correspond to a higher value in MitCoin, one of two MusicLife virtual currencies. “Through MITC, all members of the community can be strongly motivated, and everyone can actively promote the development of the platform.” Other companies use blockchain technology to distribute music, but MusicLife said its solution was one of the few which protected against piracy.
MusicLife has raised $5m to develop AI-based music distribution using blockchain technology. The firm is a collaboration between the Singapore-based non-profit organisation MusicLife Foundation and the Japan-based MusicLife Company. Blockchain technology allows for secure data storage that can be shared across multiple parties without relying on centralised servers. The company offers music through the MusicLife Exchange. Songs are free for the first 50,000 plays, after which they are priced by AI depending on their popularity. More plays correspond to a higher value in MitCoin, one of two MusicLife virtual currencies. Other companies use blockchain technology to distribute music, but MusicLife said its solution was one of the few which protected against piracy.