What is the Million Song Mixtape? The Mixtape is a curated cross section of musical tracks available today. Special attention will be given to independent, unsigned, experimental, and non-Western genres and art forms. The entire mix database will be encrypted to protect the intellectual property of participating artists. The Million Song Mixtape represents the official launch for ABC.
What is ABC? ABC stands for Attention Based Currency (ABC). ABC is currency powered by music. Every time you listen, you, the musician, and the streaming music host get a share of the currency generated. It is designed as a way to strengthen the independent music community, reward fans, and attract new listeners. Further information is available at attentionbasedcurrency.com.
How does this benefit musicians? Musicians always get half of the currency generated. Compare this to the conventional royalty systems, where artists get typically less than one percent of royalties for online streaming revenue.
Will my rights as an artist be protected? Yes, the design concept for ABC is specifically to benefit the artist. The licenses provided give participating hosts the right to play your music only in the specific context, for the specific duration, of this initiative. Your right to sell, share, upload, or download your music elsewhere is in no way limited. Terms are identical to or more favorable than existing indie music streaming services such as Bandcamp or Soundcloud.
What can Attention Based Currency be used for? You can use ABC for anything you like: music downloads, software downloads, artwork, barter, tacos, beer. ABC is designed to be as easy to use as your favorite apps and online shopping carts. In addition, it is tradable for cash.
How much will I earn? Musicians get half of all currency generated. See http://cryptmarketcap.com/ for comparable electronic currency values.
Is ABC like Bitcoin? ABC is a true, alternative form of currency similiar to Bitcoin and other emerging protocols. The chief difference is that while Bitcoin derives its value from the act of "mining" complex mathematical equations, ABC is mined by listening to music.
Is ABC secure? Yes. Very. ABC is a form of cryptocurrency -- electronic currency that uses advanced cryptographic technology to ensure that currency remains safe, anonymous, and private. Unlike a credit card, or Google or Apple’s wallet technologies, sensitive user data is never stored on a central database. Instead, ABC functions like cash.
Is ABC taxable? Tax law is still evolving, but based on most current interpretations of federal tax rulings, virtual currency is treated as property. http://www.irs.gov/pub/irs-drop/n-14-21.pdf Please be advised that tax reporting requirements apply for payments and transactions involving more than $600 worth of ABC, just as they do for transactions involving barter or cash income.
Can I sell music in exchange for ABC? Yes. This option will be provided to you, for whatever tracks you designate, through the official ABC Store. You may also sell music for ABC directly on your own site or your record label’s site.
Why build a currency based on music? Music is universal. Nearly everyone listens to some form of music. We chose to build a currency where everyone has the opportunity to participate.
How do I get started? We are currently accepting artists submissions for testing and for the actual Million Song Mixtape release. Inclusion on the mix is not guaranteed. Please visit our website at www.millionsongmixtape.com to register and upload songs.
Can record labels participate? Yes! Record labels can participate by contributing music to the mixtape, and earning revenue as hosts. Depending on the number of times a track has been listened to, you may earn anywhere from 10 to 40% of the value of the currency generated. (The more often a track is listened to, the more value it generates for the host/label.) Given current cryptocurrency values, the amount of revenue generated per track are extremely favorable.
Can you help set up an ABC server for our record label? Labels are welcome to host their own servers, and customize the front page and branding of the Million Song Mixtape music player. Please contact us for assistance in setting up your own hosting.