CryptoCurrency : What is the best cryptocurrency for micropayments?
I posted something similar last week but my idea has changed a little now – so I have some new questions. Would be grateful if anyone can offer any thoughts.
[My website](https://crowdsound.net/lyrics) ([https://crowdsound.net/lyrics](https://crowdsound.net/lyrics)) is generating a song (melody and lyrics) from the microvotes of over 100,000 participants (writers). Eventually this will turn into a song-creation platform where contributions are paid with cryptocurrency micropayments.
– Each song created by Crowdsound (including this first one) will have a number of shares (represented as points).
– Every person receives more “shares” depending on how many votes they make or how many referals they make (to artists or other voters)
– This song will be have all copyright removed and put into the public domain (for any artist to freely make commercial use of)
– The song generates “dividends” when artists “donate” to the writers (even small amounts). Or if someone purchases an MP3 (for 50c or whatever) of an artist from the CrowdLounge.
– “Dividends” are received by myself via Paypal or Credit Card but I then disperse them (in proportion) to all the shareholders as CrowdCoin.
– CrowdCoin will have a fixed value – e.g. $1 = 10,000 coins. It will not be crypto – it will just be a centralized internal coin.
– CrowdCoins can be automatically exchanged into Ripple / IOTA (and perhaps some others) at any time
– CrowdCoins can be combined with other users to donate to a charity of their choice
– Decisions about the direction of the song can be voted for by the shareholders if they wish
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So I will need to give people crypto which is valued at a fraction of a cent (e.g. 0.0001c). From my brief research, Ripple and IOTA seem to be good coins to use for this.
Can anyone see any problems with this idea (legal or technical)? Do you think this is a good idea?
Looking forward to your thoughts.
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Author: datadelivery
Score: 4
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