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Choon (Notes) ICO Review – ICO Token News

Overview

While the recorded music industry is larger than it is often perceived to be, it is shockingly undemocratic, with a handful of monopolies holding all of the power. This leaves the value of this $16 billion industry centralized to the established elite. In turn, artists are treated terribly, and listeners are left uninspired. With little to no transparency, listeners pay to stream music, though they clearly know that most of their hard-earned money won’t make it to the hands of the artists,1 while the artists know they aren’t being paid timely or fairly for their musical creations.2 In addition to this, none of the current market-leading streaming services are portable because of the punitive historic deals being made with record labels. The raw ­gures demonstrate how utterly unsustainable our current crop of market leaders is.

In 2016, Spotify lost over half a billion dollars ($581.1 million), despite increasing revenue by 50%.3 SoundCloud’s 2015 operating losses more than doubled its revenue, with a revenue of €21.1 million and losses of €51.22 million. Since 2010, its losses have consistently been bigger and grown faster than its revenue.4 And Pandora, operating since 2000, has never turned a pro­t.5 Furthermore, the industry’s architecture for contracting and accounting remains decades out of date, and still relying on bureaucratic and ine‑cient systems developed in the days of sheet music and jukeboxes, which are completely un­t for a modern digital economy. We will ­x all of these issues:-

  1. Removing middlemen and intermediaries to allow direct listener-to-artist relationships.
  2. Only working with artists who completely own their own material, to allow us to entirely avoid legacy record labels and instructions.
  3. Utilizing the strength of the blockchain to handle all aspects where blockchains have proven to be highly effective (transparency, security, trustless contracts, and financials)

Choon will be a commercial-grade music-streaming ecosystem designed for the public at large, not simply the cryptocurrency community. So, while blockchain technology will allow us to deploy a trustless, low cost decentralized marketplace for music and near-real-time royalty payments for the regular (non-blockchain-savvy) user, blockchain interactions will happen unnoticed and under the hood, while being fully accessible to those looking for them. This means that Choon is positioned to be one of the fi­rst generations of projects to introduce blockchain technologies to the rest of the world, because it can be used by anyone.

Platform

The Choon Platform will be operated by Choon Services Limited and is designed to harness the benefi­ts of cryptocurrency while mitigating its current downsides. This means that portions of the service are centralized, though the entire system is ultimately backed by a standard ERC20 token running on the Ethereum blockchain. The components involved in this system are the following:

  1. A commercial-grade streaming service with web and mobile clients running on the Internet much like Spotify or SoundCloud
  2. An off-chain NOTES ownership registry maintained by Choon’s payment-server infrastructure.
  3. A state-channel-based system that issues signed payment vouchers to users who own NOTES on Choon’s payment-server infrastructure.
  4. A Choon payment contract running on the Ethereum mainnet that can process payment vouchers and assign NOTES to holders of vouchers.
  5. An ERC20-compatible NOTES ICO token contract on the Ethereum mainnet that holds ownership information for all NOTES tokens and allows minting of the daily Streaming as Mining allocation. It’s likely that many users of Choon will not need to interact with the Ethereum blockchain directly.

There are plenty of ways to earn and spend NOTES entirely within parts 1 and 2 of this system, never requiring the users to take their NOTES out of the ecosystem. However, if someone wishes to do so, then parts 3–5 of the system allow them to do that efficiently. A prototype of this system is currently running on the Ethereum testnet.

How We are different?

There have been many attempts to ‑x the broken music industry, and some have even utilized the blockchain, but these solutions have typically been bolted onto the existing system, which is broken beyond the point of repair. We assert that it is simply impossible to ‑x the problems of the industry while having to make deals with thousands of di­erent stakeholders (record labels, publishers, copyright societies, and streaming platforms) with competing interests and obligations, particularly when many of these stakeholders bene‑t greatly from keeping things just as they are. By casting aside the old legacy industry and only allowing music entirely owned by artists themselves, Choon is free to ignore the grandfathered rules and protective monopolizing stakeholders of the old world, creating a brand-new, future-focused industry from scratch.

Smart Record Contracts

In short, Smart Record Contracts allow the various stakeholders of a piece of music to record their ownership shares in an indisputable contract that cannot be amended unless all parties agree to it. Furthermore, Smart Record Contracts can then be used to distribute NOTES royalties due for streaming in real time to multiple artists’ wallets. The open architecture of Smart Record Contracts will eventually allow any other product to also use Choon-created Smart Record Contracts to distribute royalties in NOTES.

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Team

  • Gareth Emery
    Gareth Emery
    Gareth Emery
    CEO & Co-founder
  • Bjorn Niclas
    Bjorn Niclas
    Bjorn Niclas
    CMO & Co-Founde
  • John Watkinson
    John Watkinson
    John Watkinson
    CTO & Co-Founder
  • Matt Hall
    Matt Hall
    Matt Hall
    Co-founder & President
  • Scott Sartin
    Scott Sartin
    Scott Sartin
    CFO & Co-Founder
  • Mark Gillespie
    Mark Gillespie
    Mark Gillespie
    Advisor
  • Benedict Chan
    Benedict Chan
    Benedict Chan
    Advisor
  • David Hyman
    David Hyman
    David Hyman
    Advisor
  • Savan Kotecha
    Savan Kotecha
    Savan Kotecha
    Advisor
  • Cindy Charles
    Cindy Charles
    Cindy Charles
    Advisor
  • Alvin Jiang
    Alvin Jiang
    Alvin Jiang
    Advisor
  • Min Kim
    Min Kim
    Min Kim
    Advisor

Milestones

  • 1
    January 2018
    Pre-product token sale launched
    Press outreach starts
  • 2
    February 2018
    Pre-product token sale completes
    Product build begins
  • 3
    March 2018
    Advisory board expands
  • 4
    April 2018
    Contract audits successfully completed
    Final white paper released
  • 5
    May 2018
    Platform launches on Ethereum and choon.co
  • 6
    June 2018
    Launch of Monetized Playlists
    Redesigned home page
    Airdrop
  • 7
    July 2018
    Token sale launched
    Mobile app development starts
  • 8
    August 2018
    Token sale ends: NOTES tokens are unlocked
    Staking proof-of-concept
  • 9
    September 2018
    Platform design 2.0 goes live
    NOTES to crypto & gift voucher gateway
  • 10
    October 2018
    Bi-directional tipping
    Support for podcast & audiobooks enabled
  • 11
    November 2018
    Choon Collectibles
    Track comments & discussions
  • 12
    December 2018
    iOS/Android app launches
  • 13
    January 2019
    Gamified staking features
  • 14
    February 2019
    Promoted tracks via in-ecosystem NOTES spend
    Ticketing platform development starts
  • 15
    March 2019
    Lossless downloads enabled
    Choon opens to independent record labels
  • 16
    April 2019
    Sinks & token burns
    NOTES merch store launches
  • 17
    May 2019
    DJ mixes launch
    Artist crowdfunding
  • 18
    June 2019
    Charging model starts
    Sync platform/commercial music licensing development starts
  • 19
    June 2019
    Charging model starts
    Sync platform/commercial music licensing development starts
  • 20
    August 2019
    Remixes support launches
  • 21
    September 2019
    Choon Collectibles aftermarket
  • 22
    October 2019
    Continuous play/Choon Radio
  • 23
    November 2019
    NOTES to Fiat Gatewa
  • 24
    December 2019
    Investing in artists
  • 25
    January 2020
    Deals with major publishers & record labels

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