Ontology, Muzika join hands to launch decentralized music platform
Ontology recently announced a partnership with Muzika, a blockchain firm which aims to decentralize the music industry. Muzika, which boasts of having 2 million users, is an innovative blockchain-based project that focuses on creating an ecosystem driven by musical artists and their fans. The collaboration with Ontology is expected to further strengthen the artist-fan relationship.
The abstract of Muzika's whitepaper states that it is a "revolutionary coin economy that will reshape the global digital music industry.” The project's main agenda is to revolutionize the music industry through decentralisation, which will eliminate "unnecessary intermediaries". Muzika intends to empower musicians and their content while maintaining a "balance of economic distribution among market players".
This decentralized platform also has its own digital asset - Muzika Coin [MZK], which was created to be the sole medium of exchange on the platform. Users of the platform will be rewarded with this digital token according to their participation in the production and distribution of creative content. All sorts of economic activities including sponsorship and trading will be conducted using Muzika Coin [MZK].
This new partnership with Ontology is expected to drive wider adoption. The blockchain platform, which is worth $700 million, eliminates intermediaries and third parties while online transactions are being carried out.
Ontology's high performance, customizable features and public blockchain makes an ideal candidate for real world applications in various fields. Under the collaboration with Muzika, Ontology will cater to a number of developmental aspects of the platform including product development, marketing and community operations.
Statement of Muzika CEO
In this context, Muzika CEO Inseo Chung said, "Muzika is creating a truly decentralized digital music ecosystem for all the parties within the digital music space, pushing the distance between the parties closer and in more structurally innovative way than ever. In the quest for the successful implementation of our blockchain-based platform and incentivized structure, our strategic alliance with Ontology will be a tremendous step forward."
Image via Shutterstock
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