As of 10/24/2014, 41 days remain to participate in the Note pre-sale. The BitShares Music Foundation is auctioning 5 million Notes — Notes are a unit that is required to use BitShares Music, a technology ushering in the future of music. The funds will go towards launching the BitShares Music blockchain, ‘the first blockchain to be used by the masses.’
The genesis block will be distributed to BitShares Protoshares (PTS), Angleshares (AGS), pre-sale participants, and the BitShares Foundation.
“35% of the Notes are going to the holders of BitShares PTS;
35% of the Notes to those who donated to the BitShares AGS address;
20% of the Notes to those that participated in the pre-sale;
10% to the BitShares Foundation*”
The funds going to the Foundation will be used to cover initial start-up expenses and to improve the BitShares Music ecosystem by investing in marketing, publicity, growth opportunities, legal, compliance, and compensating developers.
The BitShares Music technology is being leveraged by PeerTracks, the first front-end service that provides a user friendly way of interacting with BitShares Music.
BitShares Music is a Decentralized Autonomous Corporation that uses the same technology as BitSharesX and creates a peer-to-peer connection between artists and fans enabling instant and direct value transfer. Decentralized Autonomous Corporations or DACs are a concept first introduced Sept. 2013 by Stan Larimer, CEO of Invictus Innovations (the company behind BitShares). In Stan’s words:
“Invictus makes unmanned companies like the aerospace industry makes unmanned vehicles. We release these autonomous entities into the wild and then do business with them like any familiar brick and mortar and flesh and blood (BMFB) company.”
Photo Source: BitShares Music Foundation