Viberate, the blockchain start-up that raised 10.7 million dollars in one of the most successful ICOs to date, has rolled out a rewarding mechanism solution. This means that everybody who helps grow their live music platform will get paid in their VIB crypto token.
“Investing a 1.2 million dollars’ worth of tokens to repay our contributors’ efforts not only means that some of them will be able to quit their day jobs, but also gives our token the utility value not a lot of blockchain projects have” claims Vasja Veber, COO and cofounder of the Slovenian-based company.
For 2,000 days, money will be evenly distributed among the contributors, which translates to 5,000 VIB tokens daily. It is worth pointing out that the token, inherent to Viberate’s ecosystem, is already listed on five crypto exchanges, including Binance and Bittrex, while additional solutions for an even wider token adoption are underway. Viberate has just announced that supporters will “very soon” be able to purchase VIB tokens using only their credit cards via Changelly as well as start using the popular Jaxx wallet.
The newly implemented mechanism will reward everybody who curates their database of musicians, venues and event organizers (adding or editing profiles) or promotes the platform to the outside world. For more information regarding the listed activities, you can check Viberate.com.
“Our research shows that more than a half of Viberate’s users participates in co-creating and promoting the platform out of pure enthusiasm for the company’s vision and their love of music. Since users play a crucial role in helping us change the music industry, we want to reward them for their efforts, as they are actually a part of the team. Moreover, the Viberate points of our existing contributors were transformed into VIB tokens, their number being multiplied by 6.5. Our biggest contributor’s points will, therefore, result in more than 42,000 VIB, which translates into approximately $7000 at press time – not bad for roughly one month of work.” Veber explained the reasoning behind the solution.
It is also worth noting that the music industry – already a huge one – is poised for additional growth in the coming years. According to a report from PWC, revenue is expected to grow 3-3.5 percent and reach 26.5 billion dollars in 2018. Veber, therefore, urges people interested in music and crypto technologies to join them and “become a part of the movement which is fundamentally changing the music business”.