Bitcoin spin-offs are generally a big joke. Dogecoin and Coinye were never meant to be serious currencies, they were just created by people who wanted to have a laugh. Now there’s a new digital currency that has very real goals and applications, but achieving these goals won’t be easy…
Meet Songcoin, a currency meant to improve financial transactions in the music industry.
Kasian Franks, the co-founder and CTO of Pimovi (the company behind Songcoin), gave evolver.fm the details in an interview.
Franks says the goal is to lower fees incurred in international transactions. Franks also says Songcoin will be used for promotions and tips for artists:
“If you use Songcoin to purchase a concert ticket, then we can work with ticket vendors to build in discounts so that if you use Songcoin, you’re going to get a cheaper rate, for example. It’s like using a specialized credit card that gives you mileage or discounts on certain things. We’re going to start by building a music recommendation system… and if people can use this system to discover music, we can put tip jars next to each artist”
Songcoin will launch in about a week. At first, Pimovi will give away Songcoins to get them into circulation. As part of that initial rollout, Songcoin plans to have artists accept the coins as tips, after which they expect the currency to take on real value.
This plan involves a lot of chance, especially since digital currency isn’t very straightforward or predictable. Songcoin could take off, or it could be a complete flop.
Image by mikecogh, licensed under Creative Commons Attribution 2.0 Generic (CC BY 2.0).