Notice of Full Refund in ETH from Maestro Project’s Token Sale
Dear Supporters of Maestro Project,
Maestro Project has aimed to build a blockchain-based music streaming platform for artists and listeners. We have been wrestling to innovate the music industry, starting from South Korea’s K-pop industry and onto the the rest of world.
Due to the uncertain state of the blockchain industry and legal issues surrounding it, we have been consulting various law firms regarding Maestro Project’s legality, specifically whether our token (MAE) is a security token. After weeks of consultation and much deliberation, we have reached the following conclusions.
First, the South Korean government has announced its policy regarding Korean ICOs, stating that those that fail to comply by the regulations will be strictly reprimanded. This has been extended to include Korean ICOs based abroad. Maestro Project, under Rightchain Labs LLC based in Singapore, also falls under this category.
Second is about the government’s policies regarding security tokens. With our current whitepaper and token economy, the firm’s advice is that we would have to revise them in a fundamental manner. Our deepest concern was that we put the risk of postponing our project not only to us, but to the investors who have already participated in our private and 1st public sale process.
We, Team Maestro, have regretfully decided to end our ICO immediately in effect with this announcement.
We will refund all Ether raised through the Private and 1st ICO according to the funding record on the blockchain. For those who partook in our ICO through NEXT ICO, we will also return all the funds through the NEXT ICO homepage.
The refund process will take place from today (July 12) to July 27. We will take any questions regarding the issue on our official Telegram and KakaoTalk channels.
We promise to resolve the matter smoothly and would like to apologize again for any inconvenience caused by our decision.
Thank you for your support thus far.
Team Maestro
Roadmap
Proceed with advanced marketing for artists
May, 2018
Private sale for investment companies and early adopters
1st, 2nd ICO
June, 2018
Sign MOUs with major collaborating companies
July, 2018
Get listed on exchanges
Release demo version v1.0
Complete 100 artist funding companies led by Maestro
November, 2018
Launch official Maestro platform
May, 2019
Maestro is primarily composed of two parts: "Symphony," the streaming service, and "Ensemble,"
the crowdfunding center. Artists can raise funds for their project prior to production through
Ensemble. After completing the project, they can then distribute their creations and generate
revenue through Symphony. The distribution and handling of rights, copyright, and transactions
are all transparently executed through Symphony in accordance with data recorded on Maestro's
blockchain.
Maestro will become the new paradigm for the music industry. We at Maestro will provide an
environment that allows for unhampered creation as well as an ecosystem that fairly divides rights
of songs between artists and investors, and profits among all token holders. Maestro aims to
revolutionize the bureaucratic media industry and to cooperate with existing parties to ultimately
aid and nurture a greater diversity of artists.
The Emergence of Blockchain and Its Issues
With the birth of Ethereum and its revolutionary smart contract, numerous attempts are being made
to apply this technology in the music industry as well. We are seeing more and more instances of
blockchain being used, such as "Opus," an Ethereum-based music service; "Resonate," a service
that offers a unique profit allocation structure, and “Choon,” a platform that focuses on profit
distribution.
Most blockchain-based music platforms focus on obtaining copyrights, music profit allocation
issues, and improving the transparency of the structure. The Maestro team also agrees on these
three areas of improvement. However, we have doubts on whether the copyright or profit
distribution-focused approach can indeed revolutionize the music industry and establish an
environment which artists can boldly move to from existing labels.
Currently emerging are the following issues that accompany blockchain-based services:
Agony for Consumers: A Lack of Music from Existing Labels
New platforms are enticing artists into blockchain-based services to secure their rights. This is a
positive change, as it allows them to secure and operate their copyrights without unnecessary
intermediaries. Listeners have different issues, however. As customers desire mainstream music
from famous artists, most streaming services feel the need to make substantial investments into
supporting as much content as possible and so cater to a variety of tastes. Blockchain technology
is the basis of many innovative attempts , but due to the difficulty of obtaining rights to mainstream
music from label companies, it is not easy to satisfy the needs of many customers.
Agony for Production Companies and Artists: Defiance Toward the Existing
Structure
To establish a new structure, the production company or artist must abandon their current label.
However, failing to maintain business with the current label could lead to problems with production
costs. It is not easy for production companies to wholly abandon their relationship with labels, defy
the established structure of the industry, and join a new paradigm.
Overall structural diagram of Maestro
MAESTRO TEAM
ADVISORS
MAESTRO PARTNERS
Maestro Project has aimed to build a blockchain-based music streaming platform for artists and listeners. We have been wrestling to innovate the music industry, starting from South Korea’s K-pop industry and onto the the rest of world.
Due to the uncertain state of the blockchain industry and legal issues surrounding it, we have been consulting various law firms regarding Maestro Project’s legality, specifically whether our token (MAE) is a security token. After weeks of consultation and much deliberation, we have reached the following conclusions.
First, the South Korean government has announced its policy regarding Korean ICOs, stating that those that fail to comply by the regulations will be strictly reprimanded. This has been extended to include Korean ICOs based abroad. Maestro Project, under Rightchain Labs LLC based in Singapore, also falls under this category.
Second is about the government’s policies regarding security tokens. With our current whitepaper and token economy, the firm’s advice is that we would have to revise them in a fundamental manner. Our deepest concern was that we put the risk of postponing our project not only to us, but to the investors who have already participated in our private and 1st public sale process.
We, Team Maestro, have regretfully decided to end our ICO immediately in effect with this announcement.
We will refund all Ether raised through the Private and 1st ICO according to the funding record on the blockchain. For those who partook in our ICO through NEXT ICO, we will also return all the funds through the NEXT ICO homepage.
The refund process will take place from today (July 12) to July 27. We will take any questions regarding the issue on our official Telegram and KakaoTalk channels.
We promise to resolve the matter smoothly and would like to apologize again for any inconvenience caused by our decision.
Thank you for your support thus far.
Team Maestro
Proceed with advanced marketing for artists
May, 2018
Private sale for investment companies and early adopters
1st, 2nd ICO
June, 2018
Sign MOUs with major collaborating companies
July, 2018
Get listed on exchanges
Release demo version v1.0
Complete 100 artist funding companies led by Maestro
November, 2018
Launch official Maestro platform
May, 2019
Maestro is primarily composed of two parts: "Symphony," the streaming service, and "Ensemble,"
the crowdfunding center. Artists can raise funds for their project prior to production through
Ensemble. After completing the project, they can then distribute their creations and generate
revenue through Symphony. The distribution and handling of rights, copyright, and transactions
are all transparently executed through Symphony in accordance with data recorded on Maestro's
blockchain.
Maestro will become the new paradigm for the music industry. We at Maestro will provide an
environment that allows for unhampered creation as well as an ecosystem that fairly divides rights
of songs between artists and investors, and profits among all token holders. Maestro aims to
revolutionize the bureaucratic media industry and to cooperate with existing parties to ultimately
aid and nurture a greater diversity of artists.
The Emergence of Blockchain and Its Issues
With the birth of Ethereum and its revolutionary smart contract, numerous attempts are being made
to apply this technology in the music industry as well. We are seeing more and more instances of
blockchain being used, such as "Opus," an Ethereum-based music service; "Resonate," a service
that offers a unique profit allocation structure, and “Choon,” a platform that focuses on profit
distribution.
Most blockchain-based music platforms focus on obtaining copyrights, music profit allocation
issues, and improving the transparency of the structure. The Maestro team also agrees on these
three areas of improvement. However, we have doubts on whether the copyright or profit
distribution-focused approach can indeed revolutionize the music industry and establish an
environment which artists can boldly move to from existing labels.
Currently emerging are the following issues that accompany blockchain-based services:
Agony for Consumers: A Lack of Music from Existing Labels
New platforms are enticing artists into blockchain-based services to secure their rights. This is a
positive change, as it allows them to secure and operate their copyrights without unnecessary
intermediaries. Listeners have different issues, however. As customers desire mainstream music
from famous artists, most streaming services feel the need to make substantial investments into
supporting as much content as possible and so cater to a variety of tastes. Blockchain technology
is the basis of many innovative attempts , but due to the difficulty of obtaining rights to mainstream
music from label companies, it is not easy to satisfy the needs of many customers.
Agony for Production Companies and Artists: Defiance Toward the Existing
Structure
To establish a new structure, the production company or artist must abandon their current label.
However, failing to maintain business with the current label could lead to problems with production
costs. It is not easy for production companies to wholly abandon their relationship with labels, defy
the established structure of the industry, and join a new paradigm.
Overall structural diagram of Maestro
MAESTRO TEAM
ADVISORS
MAESTRO PARTNERS
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