StarCoin AMA with MultiChain Apes
Monday, October 25th we hosted an AMA with our friends from StarCoin Network. The team was very helpful, specially Christian who answered all the questions in a very professional way. AMA consisted on Introduction of the team, technicals on the project and marketing.
Here you will have a summary of Q&A from the AMA
AJCrypto: May we start?
I would like to welcome StarCoin Team to our telegram for a quick AMA about their newest project!
Thank you for joining us today.
~ Can you please introduce yourself? What is your background? When did you start crypto and for how long you know the rest of team?
Christian: Thank you for having me, I’m excited to share Starcoin with you all. my name is Christian and I’ve been involved in crypto for close to five years now. I met a majority of the guys involved with StarCoin about 7 or 8 months ago. Prior to crypto, I worked in the music industry as an audio engineer and an educator.
AJCrypto: ~ Is this your first project with the core team?
Christian: It isn’t! Some of the guys I am currently involved with I met while over at Save the World. The rest of the team is full of amazing, talented people who care about crypto and the people in it. When coming together to do something as big as StarCoin, these are the guys I trust to get the job done. You can view the rest of our team up on our website at www.starcoin.network
AJCrypto: ~ Are you guys located in the same time zone or different time zones?
Christian: Different time zones but we manage pretty well! We have 4 team meetings a week and we’ve done a pretty good job of bringing people together no matter how far apart we may be geographically.
AJCrypto: ~ And you are fully doxxed, right? I see linkedin profiles for most of the team members.
Christian: That is correct. Myself, a few other team members, and the record label executive are all doxxed. After all, if we’re going to fly someone out to sign a record contract, they have to know who we are :) It shows you we are here to truly building something.
AJCrypto: ~ You launched StarCoin recently, are you looking to hire more people in the future as the project grows? Do you have any position opened at the moment?
Christian: Great question. We’re always on the lookout for new talent. Whether you want to be an ambassador for Starcoin as a musician, a developer or a marketing creative, we’d love to hear from you. You can send in your CV/Resume to contact@starcoin.network
AJCrypto: Awesome! Thank you, whoever is looking to be part of a great team here is your chance
~ You got the code audited today from Solidity, is that right? Can we have a link of the audit?
Christian: Yessir. We got it completed earlier this week. Let me grab the link for you. Thanks! Here it is: https://solidity.finance/audits/Star/
AJCrypto: ~ What is your main goal for Star Coin? What are you trying to achieve with this platform?
Christian: We have quite a few things in the works. Here are just a few one of things we are doing:
StarCoin is going to be the first crypto backed project to work with a real record label to give someone a life changing record contract. We’re running a competition where musicians can upload their music on our website on starcoin.network beginning on launch day, and our holders will be able to vote on tracks they think deserve a record label contract.
A winner will be chosen in about 6 weeks, and flown out to sign a contract and begin recording their album. We also plan on releasing additional features in November including:
- The Star Pass NFT. Given to people to stake their StarCoins on our website, this pass will grant you perks like meet and greets with famous celebrities, free merch, access to events like our launch party happening in Miami or our artist signing events. You’ll also have priority access to exclusive artist NFTs when they launch on our NFT marketplace in November.
- Music NFT Marketplace. This will allow any musician to create their own musical NFTs with the click of a few buttons and begin selling them via our marketplace.
- Top musicians dropping exclusive music as an NFT on the StarCoin platform with music that can only be heard through owning that NFT.
AJCrypto: ~ Can you share with us the label you’re working with at the moment?
Christian: We can! BMU Records approached the StarCoin team about six months ago with the intent to build a platform for musicians to be discovered and signed and to change the way the music industry operates and treats new talent.
Peter, the CEO, has experience in the music industry from working as an A&R Rep, as well as different sectors in the industry from touring, management, and eventually, Record Label Executive.
Peter’s experience includes working with Sizzla, Jo Mersa Marley, 2 Pistols, Tory Lanez, and much, much more.
As the CEO, Peter will also be joining the StarCoin team to oversee its development and to work alongside us as we find the next STAR.
We couldn’t be more excited for what this means for our musicians. This deal will include full development, from production, mixing, and mastering in top studios, promotional and marketing support, as well as features with prominent artists in the industry. This could not be possible without the help and connections Peter has established over the last few decades of being in the music industry. Someone may be able to copy the contract, but they can’t copy the connections that took decades to create and foster.
AJCrypto: Wow
Some big names there
~ As a musician, what are the benefits holding StarCoin?
Christian: Yes! We are super excited to have these musicians backing us with their support. As a musician, there are quite a few:
- You can use StarCoin to mint and sell your own NFTs of your newest album or single through our marketplace.
- You can use StarCoin to vote in the competition for winning a record contract. *hint hint* you can vote for yourself :).
- You will also be able to stake it to earn the StarPass and receive extra perks.
We are currently working with our partners in the music industry to offer additional perks and opportunities to musicians who are part of the StarCoin platform and have committed to the long term viability of the project. More info on that very soon.
AJCrypto:~ StarCoin hodlers will pick the winners of each competition says on your website. Do you have a DAO in place for that? Is there ranking for votes?
Christian: Correct. So through a modified DAO, holders can go to our website, connect their wallet, and cast their vote using their StarCoin for the artist they think deserves to get signed. Voting will open in a couple of weeks. Currently, 1 STAR = 1 vote but we are looking at adding additional features that will reward long term holders and give their tokens more weight when it comes to voting.
AJCrypto: ~ Are you planing to have a marketplace for NFTs in your platform or you are thinking to use a different platform?
Christian: We are going to be creating our own marketplace. BUT what I can tell you is we are looking at connecting our own marketplace to a bigger network of artists which will allow our musicians to display their work on our partnered websites and vice-versa. What we are looking to create is an easy-to-use marketplace where musicians who have never touched NFTs can mint their own in less than 15 minutes, while also giving those artists a platform to expose new listeners to their music. With our own marketplace that’s connected to a larger network, we’ll be able to achieve both of those goals.
AJCrypto: ~ How many genres do you have available at the moment?
Christian: For our competition, ANYONE can submit their music and win a record deal! It doesn’t matter if you rap, sing pop, country, or kpop. We would love to hear it all and have our community ultimately decide who deserves this life-changing experience!
AJCrypto: ~ Tokenimics, 9% tax (5% artist development & 4% marketing/liq/operations). Can you please explain what do you mean by operations? I know team tokens is 0 but how is the team behind StarCoin getting rewarded for the work they do?
Christian: That’s correct. 5% of the tax goes towards artist development which will be used to sign the artist that wins the competition. The remaining 4% is used to retain the talent we need and have in order to run an operation of this magnitude, while also using those funds to pay for additional marketing and development such as our Android and Iphone apps we are looking to build. The last thing we wanted to do was pay everyone and everything in STAR, causing people to simply dump it in order to get BNB. We removed that step entirely so it does not affect the market.
AJCrypto:~ How do you plan staying competitive in the market long term? What is your strategy for the product development?
Christian: My favorite haha. Well I do have some sweet news I can share with you all this evening that not many people know just yet. We just closed a deal with Luna PR which will oversee our entire marketing division from social media, to news outlets and press releases, to hosting live events, and much more. We’re officially announcing this tomorrow but I figured you guys would appreciate it.
We are also working with some of the biggest musicians in the space to offer opportunities to StarCoin holders like meet and greets at concerts, or access to our exclusive events and parties. We’re having one in LA tomorrow evening that we’ll be there for, and are planning a big event in Miami and LA for when we sign our first artist. All of this, tied in with the usual routes of influencer marketing and normal shilling, we believe StarCoin will stand out as not only a big crypto project, but as the biggest thing to shake up the music industry.
AJCrypto: Thank you for sharing with us this great news! This is awesome, we should see more marketing these upcoming days. Congratulations! I’ll try my best to spread the word around as well.
Christian: Much appreciated AJ. We have a lot of great partners involved who know this will succeed, and hopefully you guys will join us on the journey!
AJCrypto: ~ Can you give us a short summary about the Q4 roadmap? What is the most exciting upcoming event you’re looking forward beside the marketing deal with Luna PR?
Christian: Definitely. So for Q4, in addition to our competition, staking, the NFT marketplace, and exclusive music from big musicians are dropping.
Event wise, we plan on hosting a signing event in LA that we’re super excited for. We’re going to fly the contest winner out, have them meet the label and the StarCoin team, have them sign their first record contract, and then throw a huge party with famous celebrities in downtown LA. Our StarPass holders will be granted free access to the event when it happens later this year.
AJCrypto: I think we will stop here with the marketing questions since you got a big company that will take care of that. If there is anything you would like to add please feel free
Christian: I want to give a big thank you to your community and to you personally for taking the time to host us this evening.
I do want to mention one more thing. If you’re a musician, or you like good music, join our TG where we have daily open mics. We’ve been having them all week and not only is our record label exec there to give advice to performers who come on, but we also have some cool people like Bob Marley’s Grandson, Drake’s Producer, Lil Nas X’s brother, and a bunch of other awesome people who come on and just hangout with us. Definitely stop by!
Questions from the Community
- Question from @Sarika_4088
“How will #StarCoin company issues smart contracts with musicians that directly state their royalty stipulations without the hassle of confusing third parties or contingencies?”
Christian: Pretty easily actually! Through our NFT marketplace, musicians will have the opportunity to set their royalty fee for each trade when they mint their NFT. Once they set their royalty percentage and mint their NFT, the smart contract will automatically collect and disperse to the creator the exact amount equal to the fee set by the creator during each trade. This allows the musician to collect their fair share without having to track down each individual seller.
- Question from @Gomti_19
“Starcoin will help musician to build their NFT’s and sell them. One can sell their exclusive genre of songs to their audience.✨ Will artist earn from secondary sales that a first buyer sells to? How smooth and transparent system will be made?”
Christian: Yes! As mentioned in my previous answer, the smart contract will automatically collect the royalty. If I bought an Album from you directly for $10, and then sold it to my friend for $20 but you set a royalty fee of 5%, you would earn the $10 from the initial sale plus an additional $1 for the third party sale.
- Question from @pramod045
“Decentralised Voting of the artist will give the community more power to support top talented artist in a fair manner. Kindly brief us out how will one be eligible to vote? Is their minimum staking criteria to be part of the Starcoin GOVERNANCE?”
Christian: Yes. While we are currently finalizing the voting mechanism, I can tell you that a minimum number of StarCoin will be necessary in order to cast your vote. More information on that will be coming out next week as we get closer to the voting phase of the competition.
- Question from @manj_19
“The total supply of the $STAR token is set to 100 million [100,000,000]. Around 4.56% is held by top holders. So, is there anti whale mechanism or not? Measures taken with regard to unpredictable dumping and price fall?”
Christian: On launch we did have a max transaction buy limit. We also have a max sell limit currently in place for 250,000 tokens per txn. We also did our best at launch to prevent additional bots from participating but you can only do so much. We aren’t concerned with the few top holders as the rest of the project is nicely distributed, with the long term investors of the project being involved in the music industry and are looking towards the long term success of the project.
