Viberate aims to build a blockchain-based music ecosystem. Based on the Ethereum platform, the platform uses smart contracts to solve age-old problems in the industry, which are reflected in live music performers in developing markets, determining the value and price of performances, negotiating contract terms, enforcing agreements and getting paid. . The main pillar of the Viberate platform is a new database of millions of artist profiles, where artists are ranked based on their popularity on social media; at the same time, the platform also has a token rewards program for singer fans, A set of procedures for booking singers, and a blockchain-based contract and payment system.
Project Highlights
The Viberate platform provides better services for different roles in the music ecosystem compared to traditional markets to reshape the entertainment industry.
1. Supplier: Singer
Singers need to rely on their agents to get enough gigs to make a living. However, most singers don't have the opportunity to gain attention. Only a very small number of singers in the world have suitable managers. They are lucky to have music as their main source of income. The rest of the singers are left alone, struggling to survive in an already saturated market, dealing with marketing, sales, social, legal, tax and debt collection issues alone, unable to focus on music creation.
In many cases, these artists do not sign contracts, and often do not get paid after working, or cannot work legally at all (such as paying cash, tax evasion). Without the support of strong and honest intermediaries, artists often run into trouble in these areas. For those artists who cannot enjoy management services, they urgently need companies that can provide management services effectively and safely. Blockchain technology provides the best tool for this task.
2. The demander: the performance organizer
The demand side is the performance organizer. They have to keep abreast of live music trends and are constantly looking for the right singers to add to their lineup. In a prosperous city, a good performance organizer can arrange for multiple singers to hold performances three to four times a week. Such a high frequency will soon cause the organizer to not know which singer to book next. The product of show organizers is tickets, and their main goal is to sell as many tickets as possible. To do this, they need good shows and good ticket sales channels. In addition, when the singers booked do not have an agent or company representing them, the organizer may have problems with payment unless they agree to pay cash, which is often illegal from a tax perspective. Dealing with lesser-known singers can also lead to issues like absentee gigs, poor performances, other issues related to poor booking processes, and lack of clear and exhaustive contracts.
The Viberate platform provides a complete solution for performance organizers, ranking singers based on their popularity on social media.
The Viberate analytics engine handles data analytics for social media and streaming sites, analyzing billions of data points every day. For each profile, the analytics engine is plugged into the analytics channel's public and private APIs to process and store data on online artist popularity and fan reviews. The data is then compared to the previous period and presented in a simplified diagram. This enables the organizer to easily select singers and formulate blockchain-based smart contracts to regulate the behavior of both parties.
Token value
1. Rewards
The Viberate platform uses VIB to reward contributors for the following behaviors: registering services (welcome rewards), introducing friends to the platform, promoting services, adding new data to the database (points will be awarded after the editorial team verifies the data), managing existing data ( Points will be awarded when the editorial team accepts proposed changes), writing editorial content.
At the beginning, the bonus pool will be funded by the funds raised in the ICO, and the bonus amount will be 5% of the total issued tokens (10 million VIB). In addition, Viberate's profits from its operations will also fund the prize pool. A portion of the profits in ETH will be used to buy back tokens from various exchanges from time to time. Tokens will then be put into the bonus pool for further rewards.
2. Pay
Fans can crowdfund funds to pay for an artist's performance, or they can buy tickets for existing shows through Viberate's DTX ticketing system. All performance fees can be paid using VIB, including venue fees, technical fees, artist appearance fees, etc.
In addition to paying for VIB during performances, artists can also use it to buy exposure, get the contact information of big coffee, etc. It has a variety of uses, covering various spending behaviors in the entertainment industry.
