imusify: a Review of ICO

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This week we’ll talk about the world of music and tell you about the platform imusify where artists and users can communicate with each other, and distribute multimedia content and to raise money for creative projects.

About the project

Service imusify proposes to combine in one project the media stream, a social network for musicians and their fans, as well as the digital content market on the basis of the blockchain that will allow to exclude the possibility of fraud.

Here is a video explaining the project:

In the White Paper of the project says that we are talking about highly competitive market, where competition, in particular, Spotify, Soundcloud, Kickstarter and other companies.

The uniqueness of the platform imusify is to combine the services with decentralized trading system and social network that allows users to actively participate in the economy of the ecosystem.

The prospectus also noted that competitors of the project not clearly articulate its value to users, inefficient use of the Ethereum network, not solve the problem of scaling and digital rights management, and in addition, they have no working prototype, while at imusify this prototype is, and after registration they can use.

Service imusify operates on NEO platform with the addition of several proprietary solutions for scalability and security is achieved by reducing the number of transactions that is verifiable in the main blockchain. The use of digital IDs and automated solutions for screening content allows you to deal with fraud and copyright infringement.

Thus, the technology allows the analysis of the flow of content, automatically checking the belonging of rights and smart contracts provide for a fair and immediate distribution of payments.

The flexibility of the decentralized system allows to connect users with different interests and use for transaction tokens IMU.

Blockchain NEO allows you to automatically track the flow of content and IMU to perform a transaction with smart contracts. A smart contract is “automatic” contract that facilitates transactions between users; in this case eliminates the need to turn to a trusted intermediary. Smart contracts platform imusify available on Github.

Platform architecture

The team has not announced the exact launch date public prototype, but it should happen after the crowdfunding in January 2019, and the platform itself will be launched in November of the same year.

Overall rating: the Project is promising but the competition is very high.

Takenaka

According to calculations, the implementation of the project will take 10 to 20 million dollars they hope to collect during the ICO. After attracting initial capital you plan to sell tokens, in which future users will be able to buy them at a substantial discount.

Using tokens imusify users can interact with each other and with the platform and use its services. Technically IMU — token standard NEP-5, working in the NEO network and performs three functions:

  • Multi-purpose voucher for services of the platform;
  • Currency with a closed cycle, allowing users to buy and sell each other goods and services within the platform;
  • Discount token that allows members of the sales imusify tokens to get them at a discount.

Just a billion tokens, and their distribution tends to maintain long-term value of the platform and network. For sale will be available to 650 million tokens and their nominal price is not yet known.

After the sale, users can purchase and exchange the tokens for various exchanges. At the moment, according to representatives of service, confirmed by 38 partnerships with mobile wallets and exchange platforms.

To participate in the sale of tokens, each of the buyers must go through the identification procedure, then its data will be checked for compliance with AML / CFT legislation?

The distribution of tokens after the sale

Overall rating: there is No certainty.

The team and the community

Project founder and Director David Walters — entrepreneur and musician with over a decade of experience in startups, Finance and investing. Previously, he managed the portfolio of the Generali Group, and now realizes his dream.

David notes that imusify was created and registered in Estonia due to the local authorities and regulators have a clear position with regard to the companies carrying out the sale of tokens.

Only the project team includes 18 members. Among them: the blockchain developer, marketing specialist, lawyer and others, and many advisers. However, the technical specialists on the project, apparently, is not enough.

If we talk about social engagement, imusify will do everything possible: the project has thousands of followers on Facebook, Twitter, Medium, Reddit, Instagram and Telegram. In addition, the project is actively promoted through publications on websites dedicated to blockchain and ICO.

Overall rating: Excellent.

Details ICO

Conclusion

The project imusify ambitious and is positioned as a platform with a healthy economy, created with the participation of experts from the music industry. The project aims to exchange multimedia content, as well as goods and services using blockchain platform NEO. You have already created a public prototype, to promote and attract the audience spent a lot of money.

However, the project, like many other blockchain startups trying to break into the extremely competitive market, and right out and says it, but does not say how you plan to entice the audience from competitors, including not only well-established platforms like Spotify and Soundcloud, but the blockchain startup as eMisuc.

Thus, the project offers innovative ideas, but do not forget that in the framework of ICO usually collect money at the start of the business, not on its development, so it seems that with such active activities in social networks they can easily gather the planned amount. And what will happen next — time will tell.

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