Awesome introduction. Really explains the key benefits in an easy to understand way.
The % for the coin buy back can be set by the artist? If so is it ensured that the rate can't be decreased after the coin was issued?
The DAC will most likely allow that rate to be decided by the issuer, but on PeerTracks, we are planning on having a set rate for better user experience. We don't want to overload the user with a million different moving parts to account for.
So the DAC will allow flexibility is amount of artistcoins issued, and the % of income going to artist and artistcoin holders.
On PeerTracks though, since it is kind of a stepping stone to introduce the masses to this entirely new concept, we want to make it a set # of artistcoins and a fixe % for the buy back mechanism.
This way when you look at the top 100 charts, even a 10 year old will be able to get it.
Imagine if someone issued 700 billion artistcoins and the buy back was 0.1% and some guy makes 4 artistcoins with a 50% buy back.
One will be in decimal world, the other in Zimbabwe land, one coin willl be worth 5 million BitUSD and the other 0.0007 pennies.
We want to avoid that AT LEAST at first, while we want to ensure a good user experience.
The DAC will allow anything though. Front end sites / apps can choose the model they want.