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Coins for Bands Hope to Disrupt Music Industry
By Danny Bradbury, Coindesk.com
Altcoins targeting specific communities are starting to emerge. This month sees the introduction of two separate cryptocurrencies aimed at musicians. Songcoin and FUNK each take different political and technical approaches to helping the independent music economy.
Songcoin is the brainchild of Pimovi, a subsidiary of Australian natural gas exploration firm The Chancellor Group.
Co-founded by Kasian Franks, who formerly founded now-defunct multimedia search firm SeeqPod, Pimovi is a digital entertainment company, eager to get involved in the cryptocurrency space.
Songcoin is designed not only to accommodate donations from fans, but also as a means of running contests and promotions – almost as a kind of loyalty points system that can travel between different bands and labels.
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