I updated the forums yesterday with a 30 000 foot view of the inner workings of PeerTracks. A few of you had time to read through it and even comment on it. Well, our legal team urged us to take it down, as it was “suicide at a time like this!”
After having been at MIDEM and getting our name out there, more then a couple of our competitors must be watching us very closely… especially their tech/innovation departments.
I thought I’d turn this into good news and get you guys a general road map for the few months to come! Legal team is fine with us disclosing our road map, just not details on the functionality of it all.
We are currently testing and will be launching a consumer-facing product very soon!
That’s right, despite all the hurdles we’ve face since early 2014, we finally have the finish line in sight.
Like everyone else in this space, Bitcoin’s drop in price hit us hard. BTC declined from the 400 levels to about where we sit today at the 230 levels accounting for about a 50% drop.
Then there were legal fees of course and plenty of consulting fees.
We also thought BitShares would be good enough for us to use this February… That delayed us quite a bit as well.
Luckily everything appears to be working out amazingly.
We hired Nikolai (Toast) a few months back and he has been a great help so far.
We have the PeerTracks CEO who’s always willing to throw in an infusion of capital if ever the need arises. Just like he did in Feb 2014 when he put in 50k from his own pocket! That’s how confident he is in the project. So rest assured that our finances can take us all the way to launch (:
And finally, more good news, Cryptonomex released Graphene with perfect timing and it appears to blow everything out there out of the water!
Issues just seem to work themselves out and we are much more robust and better off after every hurdle.
We also wanted to take this time to clear up any confusion regarding the scope of the project. Hop on the time machine friends!
Before PeerTracks was even named, it was suggested that we get a consumer facing front-end built and use a simple fork of BitShares to plug into it. I fished out the thread and the exact post that kicked me into actually implementing the idea of doing something with BitShares and Music:
Ok... here's the deal, I want your site created and I want it to use my Radio DAC as the back-end.
If you can find a team and start building the website I would fund the backend DAC. This is actually a great proposal for a Shark Tank competition.
You combine your website with the radio station / juke box and you will have a viral system that could give Pandora a run for its money.
Now the project has evolved (IMMENSELY!) since then; we are no longer simply forking BitShares but building a more music industry specific blockchain. Meaning there will be both
a unique blockchain and a front-end website bringing it (and Notes!) value from launch.
So where does the music project stand now?
The blockchain that was originally referred to as BitShares Music is now called Muse.
The Muse blockchain will be released in stages.Prelude
Our private beta implementation is called Prelude. This is what the PeerTracks.com platform is connected to right now. It is invite-only to a small number of each type of user: artist, content manager, music listener, trader and advertiser. We encourage any Note holders to submit bands or any performing artist for consideration.
Prelude is implemented as a dynamic contract system in Solidity, meaning it can run on any EVM blockchain. This approach allowed us to reach the prototype and testing phase much faster.
Notes are not
on Prelude and the USDs are not actual BitUSDs, but merely crypto-tokens that represent crypto-USD for testing purposes. Also, Prelude is not scalable for millions of users.
Prelude is available NOW for developers only.Muse
Muse will be the real deal. It will be built from the Graphene tool kit and so have all the features BitShares 2.0 will have; 100 000 transactions per second, scalable to millions of users, a web wallet from the get go and a solid market engine with it’s own USD smartcoin.
Notes are the underlying unit of the Muse blockchain. Muse is a system secured by delegated proof-of-stake, meaning there is a single global database state that is operated in a decentralized manner and is controlled by owners of Notes. Modifying the database consumes Notes, and so demand for Notes is tied to demand for being able to modify this database.
As far as timelines go, expect Muse to launch less than a month after BitShares 2.0
We will most likely be contracting Cryptonomex to make a few tweaks to Muse in order to take advantage of their expertise in Graphene.
During that time, we will have had 60 days of user testing on PeerTracks using Prelude. The basic front-end platform that is PeerTracks is essential to test out the blockchain and how non-crypto users interact with it. This basic version of PeerTracks is the springboard that will catapult Muse/Notes to the very top of coinmarketcap.com. It will also act as a use case for blockchains and be a model for other companies to plug into Muse.
At that point, Muse will be it’s own entity with it’s own delegates, witnesses and workers, totally in control of the Note holders.
PeerTracks wanting to stay competitive, will most likely seek funding through traditional methods and seek to be the most dominant music service on the planet.
It’s going to be a great summer!