Any suggestions from this incredibly smart community is welcome of course.
Actually I'm not from the smarter part of this community but if you would ask me...
I'd like to see MUSE launched as a separate Wallet/Website on the Graphene based BitShares Blockchain.
"Combine the extremes, and you will have the true center."
That's a fair suggestion.
I mean why wouldn't PeerTracks want to leverage the industrial grade graphene blockchain without having to pay for it? From what I understand, MUSE blockchain will be licensed by CNX for a price if it has its independant blockchain, and free to use if it integrates directly on the Bitshares blockchain.
You create your own wallet/trading interface for whatever artist coin that will be created and use the Bitshares blockchain as the backend and voilĂ ! PeerTracks won't even have to maintain a blockchain, and nobody will have to short bitUSD on another blockchain. That kinds of frightens me to know that there will be two types of bitUSD backed by different assets on different blockchains. Why not have it all on a single blockchain, increasing liquidity and utility? Notes would be an asset on Bitshares (as it currently already is) and have the artist tokens as UIA.
Am I missing something, cause from my perspective it doesn't make much sense with BTS2.0 to have an independant blockchain for MUSE.
I see at least two big problems with having music as a UIA on the main Bitshares blockchain.
1. Greater risk. Putting everything on a single chain would unnecessarily concentrate risk. If (heaven forbid) something disastrous happens to BTS like being crippled by onerous regulations, malicious actors, bad publicity, security breaches, etc., that could jeopardize the music chain as well. By having a separate chain, this type of risk is spread out to some extent.
2. Loss of control. Ultimately, a UIA on the Bitshares blockchain is subject to the control of BTS holders because they control/vote over the parent chain. What if a major disagreement arises in the future between bts and note about who gets BitUSD transaction fees? Also, what if, in the future, the music chain needs to be modified at a fundamental level to adapt it to changes in consumer tastes, technology, or regulation? It's hard to predict where the music entertainment industry might be going in the future and what changes in muse might need to occur. Note holders are better off having control of their own independent chain so that the system is flexible enough to respond to future (unforeseen) contingencies. UIAs may be good for relatively simple tokens, but something as important, complex, and multi-functional like MUSE would be best as its own independent chain.