One of the issues faced by the music industry is that information about artists is diffused in several locations. The idea of Viberate is to create a one stop shop with artists, shows, album releases, music shows and any other information connected to this ‘music-verse’. The Viberate platform joins the entire live music ecosystem under one roof. It is a database for live music, where musicians and user’s profiles are ranked according to their online popularity. It is built and curated by the Viberate user community.
Viberate (VIB) is a platform that joins the entire live music ecosystem where profiles of musicians are ranked according to online popularity. It is a public decentralized system that is based on the Ethereum Blockchain. It is developed and curated by the 50,000 Viberate community users. The platform operates on the VIB token.
History of Viberate
Viberate was first developed in 2015 in Slovenia by MatejGregorčič and VasjaVeber as an online live music platform. It was started by 50,000 Viberate community users who developed the system and help in curating it. In September 2017, Viberate introduced its own token that would enable the protocol to function smoothly and repay the early developers in the Viberate community base. Its ICO sold out in under 5 minutes raising a total of $10,714,285 from 627 investors.
How does Viberate work?
Viberate is a decentralized system that uses the Ethereum Blockchain technology to crowdsource the curating of the musician’s information, event information, ticket sales, album releases and live shows. Using the Blockchain technology, users update the information on the musician’s profiles in a bid to keep the information relevant and up to date. The system also ranks the musician’s profiles according to their online popularity. It offers the opportunity to book a musician of any genre or country in real time and pay the commission in terms of the VIB token. The VIB token may be exchanged to any other cryptocurrency in the various crypto exchanges.
VIB tokens (ERC20) were first offered in September 2017, with the total number of tokens capped at 200,000,000. The early contributors, Viberate community, were rewarded with 5% of the total number of coins for their efforts in developing and curating the platform. The token is not mined is multiplied through a reward system. Users earn tokens in return for curating profiles on platform. Tokens are offered to curators and developers of the system. Tokens can also be bought directly on crypto exchanges that support the coin.
Benefits of the VIB token
The token serves as an incentive for using the Viberate platform and curating the protocol. The token serves various purposes in the live music industry. First, the token is used as an incentive for event organizers and artists during booking of the musician. The VIB tokens will also be one method of payment used by users to purchase event tickets, merchandise and albums through the Viberate platform. The token also enables the musicians to advertise their art through chart exposure which will be purchased with VIB or ETH using smart contracts to detail terms, such as price and duration, and execute payment.
Price volatility of Viberate
VIB tokens were first priced at a value of $0.10 per token in September 2017 during the initial coin offering. During its initial coin offering, the coin had an average market capitalization of $18,663,700 across various exchanges that accepted trading the token.