What is the Muze Network and How Does it Enable the Creation of a Community Economy?
Muze Network is an innovative new ecosystem for building, managing and growing an online community economy. It’s built for creators of all kinds, and provides those curating an online community of fans and followers the ability to leverage the power of their own digital currency. Muze Network allows for better engagement and monetization opportunities which surpass what’s possible with current social media and web-based approaches alone. Community builders can now form their own digital economy, under their control and management. We solve a problem for those looking to apply the power of the crypto and Defi (decentralized finance) revolution to their online, social community efforts. We give community managers the ability to “tokenize” their work, their creations, and their community engagement, in a way not previously possible. Our mission is to help millions of creators and community builders realize the power of their own community economies without having to be a cryptocurrency developer, or expert.
What Problem Does Muze Network Solve?
The blockchain technology revolution is a driving force of the next-generation internet. WIth the developments and popularization of the Ethereum network smart contracts and dApps, the ERC-20 standard, among others, and the introduction of Defi platforms such as Uniswap, the opportunity for applying the promise of token economics to a whole host of project domains has never seemed more attainable. The ability to create tokens at a low cost, relatively effortlessly is a game changer, because it has become economically feasible to represent certain types of assets in a way that was not feasible before.
This includes online communities, which have been a dominant social phenomenon on the Internet, almost since its inception. According to a 2020 survey by GovLabs, 70% of respondents said the most important group they were part of now operates online. In 2019 an estimated 76% of internet users engaged with online forums, blogs and/or vlogs. Online communities are a cultural and economic force of the Internet which in many ways, provide an ideal opportunity to apply new blockchain and next-generation internet technologies.
What would this mean? How could this be implemented? Even given the relative ease with which a token can be deployed on a blockchain network and listed on a Defi exchange, this alone won’t do much for the vast majority of community managers. Coding a smart contract, deploying a token, and developing what would essentially be dApps is well beyond the reach of almost all online community builders. In order for the token revolution to be successfully applied to online communities there needs to be a solution layer, empowering community creators of all kinds.
This is where Muze Network provides such a solution. We’ve engineered an ecosystem that allows those managing online communities to essentially “tokenize” their communities, like an asset, making exciting new monetization opportunities a reality. This ecosystem is built on three foundational pillars.
- Community Platform — A full-featured community software platform that allows managers to develop or extend an online community with the power of their own digital currency.
- Energy Coin — The digital currency system for all communities within the Muze Network.
- MUZE Token — A BEP20 token, on the Binance Smart Chain, which serves as a utility and gateway token for the entire collective of Muze Network communities.
Muze Network Design, Requirements and Challenges
The Muze Network Ecosystem is designed from the ground up, to provide community builders with the power to create and manage their own digital economy. When considering the overall design requirements and challenges, we applied a framework of key project principles, which informed our decision-making, development and planning for later phases. These principles are:
Community Building Platform is Required
We believe that those building and managing an online community economy should have a powerful set of tools at their disposal. That’s why we created and will continue to develop and expand a powerful community management platform that integrates the purchase, use and circulation of a native digital currency, Energy Coin. Obviously just minting and having control over a “coin” or token, does not create an online community economy. What’s required is a host of tools that allows community managers to creatively build and energize their community economy. Just making pleas to “buy my coin” doesn’t cut it.
User Experience — Community Management Focused
A central tenet of the Muze Network project is to make the user experience for community builders and members as efficient, seamless and transparent as possible. Those managing a community shouldn’t have to be developers or coders, or have to understand complex descriptions of tokenomics and crypto theory and jargon, or be forced to suffer through immature and arcane dApp user interfaces, if not necessary. In order to bring on board the average, ambitious community builder, what’s needed is a project that is community management and curation focused. That is, blockchain technologies, and decentralized finance platforms are foundational, and an integrated utility layer that are shielded from and simplified for community managers and their members. The Muze Network leverages the incredible power that the blockchain revolution has made available, for online community building purposes, while striving to focus on user experience best practices.
On-Chain Challenges, Off-Chain Solutions
The revolutionary changes that the Ethereum platform and its clones and competitors have ushered in are groundbreaking. It’s clear however that transaction and gas fees, as well as arcane complexities and poor user experience are still commonplace. Projects built on the promise of the Ethereum blockchain and the ERC20 standard have died or withered on the vine due to gas fees alone. For the foreseeable future, this is not changing. To solve these challenges we employ a novel but necessary approach, which involves an off-chain, internal digital currency for use by all Muze Network communities, supported by and bridged to a BEP20 token (MUZE Token) on the Binance Smart Chain. By employing an internal, off-chain, digital currency for communities we can keep the user experience efficient and straightforward, transaction fees essentially non-existent, and the system secure and safe from crypto hackers and abuse.
Collective Community Capitalization — Network Synergy
By unifying a collective of communities within the Muze Network, each with unique, branded digital currencies tied to and supported by the MUZE Token, all community managers and members realize a unified stake in the health and growth of the MUZE utility token. Active, vibrant community economies will mean an active, vibrant, healthy MUZE Token. Instead of disconnected competitors, it will be readily apparent to Muze Network communities that their journey forward is united by their common use and connection to MUZE Token.
Decentralized, Distributed Future
While the phase one launch of Muze Network employs a community building platform via muzenetwork.io, phase two and beyond moves to a distributed, decentralized approach for community builders. Our community platform is built on top of WordPress, the most popular and widely used CMS in the world, with tens of millions of users and online communities. With phase two, we will release version 1.0 of the Muze Network plugin, which will allow WordPress websites to safely and securely connect to and participate in the Muze Network foundational infrastructure we’ve built. Community managers with established websites and communities will be able to plug in to the power of community economies that the Muze Network ecosystem enables. Anticipated release date for Muze Network phase two is the first half of 2022.