We are happy to announce that the $MUSIC token now offers staking rewards! We just launched the Mining contract though the Hive-Engine/Tribaldex smart contract system! We have access to the token distribution in our admin dashboard here on the BlockTunes site, so we will be giving reports on a weekly basis to show the current token distribution, supply, etc.

The new proof of stake rewards makes up just over 18% of the shown distribution. The only distribution of MUSIC tokens that does not show on the dashboard are the tokens that are distributed to those who delegate Hive Power to the @blocktunes or @blocktunesdao accounts.

Distribution Lottery

The way the smart contract is set up on the Hive-Engine system is based on a lottery format, similar to many other proof of stake or miner tokens in the Hive-Engine ecosystem. We maxed out the number of lottery winners per day, and set it up for 200 MUSIC tokens to be distributed per day. You can see the parameters that we setup in the image below. Yes, it cost us 1000 BEE to set this up, but this makes it backed by the Hive-Engine witnesses which makes it a more decentralized distribution than using a payout bot on a private server like we have with the delegation payouts.

The mining contract lottery is meant to replicate the idea of solo mining Bitcoin, it's a competition for rewards instead of a guaranteed daily payout. So obviously more tokens staked the better!

Earn with Proof of Brain and Proof of Stake

Those who earn MUSIC tokens using our proof of brain protocol, which is posting and curation on our site or posts using the 'music' or 'blocktunes' tags, is earning just over 81% of the daily token payouts and the proof of stake rewards, which is earned by those who stake the MUSIC token, earn just over 18% of the daily rewards pool as shown in the dashboard image below.

We will begin doing a token update post every week that talks about the current supply and things like that to keep investors and stakeholders up to date.

BlockTunes DAO Voting

We do things a bit differntly here at BlockTunes. We don't have the DAO setup though the Hive-Engine contracts that are meant for proposals and such. We have a separate account, @blocktunesdao, that will be the account that handles all of the DAO community votes. Those with staked MUSIC tokens will have a stake weighted vote in the ecosystem. These votes will be for things like changing inflation parameters and other decisions that we bring to the community for the platform.

We love to get feedback from the community. This helps us to see if we are going in the right direction or if we need to shift gears.

Changing Plans Due To Regulatory Landscape

The original plan was to pay out dividends to MUSIC token holders in SWAP.HBD for a portion of our profits, but you have to have profits for this, which we haven't had yet. Plus, doing this would put is WAY into securities territory which could put us in some danger with the regulatory landscape with the SEC in the US, as we are based in the US. So we decided to go ahead and launch the more decentralized mining contract which pays out in MUSIC tokens with a set inflation schedule. This covers our butt a bit more.

We are extremely happy to get this contract up and going to reward those who stake the MUSIC tokens! Remember, these tokens can be used to purchase MUSIC NFTs on our Hive based NFT Marketplace! These tokens can also be used to promote a music post, which also burns MUSIC tokens when used to promote posts! Burning tokens takes them out of circulation and decreases the supply!

Make sure you are following this account because we will be using it for more music promotion, reviews, etc, and we will be using the @blocktunesdao account for the token updates and voting posts.

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Follow Our Curation Trail

Follow our curation trail on Hive.vote and rack up some rewards when we vote on awesome music content on the Hive blockchain! If you have some $MUSIC tokens staked in your Hive Engine wallet, then you will participate in the distribution of our awesome community token and earn more that you can use to buy $MUSIC NFTs!

Delegate HP and Earn $MUSIC

Delegate Hive Power to either @blocktunes or the @blocktunesdao and earn 0.05 MUSIC tokens for every 1 Hive Power delegated, plus receive tiered automatic votes and a follow from the @blocktunes account!

Posted using BlockTunes