The need to reward artists for work done can't be overemphasized. Think about it, no artist, no music; less reward leads to low motivation and thus no music. The truth is, no human can be working or producing something without anticipating a favourable reward unless the person is running a charity organization. But in the line of music, rewarding artists goes a long way to encourage them to do better. Music adds colour to life, music stirs up imaginations and thanks to the internet and smartphones, with both, one can access music effortlessly.
Like earlier stated, the need to reward musicians and artists can't be overemphasized and to ensure such, most countries in the world adopted "royalty payment system or model". Through this system, artists are properly incentivized to do more. In order to make this method available to a greater few, a dual token ecosystem based on blockchain technology was created known as;
- CYFM (CyberFM): This token is used to represent a regulatory compliance in digital form, thus used for artists registered within a local representation such as SOCAN in Canada and BMI in the USA. The token is used for payment to government regulatory authorities worldwide.
- MFTU (Mainstream For The Underground): This token is similar to CYFM but in this case, it represents a cryptographic Performance Rights Organization and Reward System For Independent Artists. It's internationally accepted, fair, digital, legal and transparent. It is also used to protect the payment and rights of artists all over the world.
ATTRIBUTES OF CYBERFM AND MFTU ECOSYSTEM
- They Aim To Go Viral: MFTU system will get artists in front of CyberFM Radio fans who are already subscribed to their different social media accounts, in addition when these artists songs go on air, their fans in various social media networks will be notified. By leveraging MFTU and CyberFM social media accounts, artists, musicians will have access to a wide range of audience.
- Implementation Of D.L.P.R.O: This stands for Distributed Ledger Performance Rights Organization. The team behind this token ecosystem understood that the future of the music industry lies on D.L.P.R.O, thus it's Implementation as it is legal, fair, digital and cryptographic: through this, the rights and payment of artists anywhere is protected while their membership can be local.
- Presence Of CyberFM Airtime: MFTU artists within this ecosystem will be granted airtime and rotation in the CyberFM network as well as its channels. Through this, artists are exposed to online radio listeners, all these come for free.
- Implementation Of A Unique Strategy: Keeping true to their motto " we are not online Radio, we are Radio online" the team developed an algorithm which plays artists music in the same genre as that of mainstream artists.
- Based On Blockchain: By leveraging on blockchain technology, a dual token ecosystem was created for listeners and artists; and can be used by the government or anyone as they are regulatory compliant.
- No Initial Coin Offering (ICO): The team aims to airdrop their tokens to all who are involved. The blockchain utilized is the Ethereum blockchain thus a universal payment system was created which makes it possible for royalties to be collected for all performance irrespective of the location anywhere in the world. Furthermore, the Howey test ensures these tokens are only used as a universal, internationally accepted reward system.
- Exceptional Open Source Code: The token being built on Ethereum blockchain uses a smart contract which is open source and utilizes libraries from OpenZeppelin while this token contract is professionally examined by Quantstamp. Also, the source code, smart contracts and wallet all came from Hexel.
CONCLUSION
The team behind this project aims to accommodate all artist irrespective of their location anywhere in the world, thus creating CYFM and MFTU tokens.
The ecosystem already has a successful business plan, an outstanding user and customer base, dedicated wallets and already developed mobile app which is available on Playstore and App Store.
MORE INFORMATION ABOUT CYBERFM AND MFTU CAN BE GOTTEN VIA THE FOLLOWING LINKS
Join the Telegram Group: https://t.me/joinchat/EgF1dkxE_N0efcR_ff5gYA
Follow on Twitter: https://twitter.com/mftu_currency
Follow on Facebook: https://www.facebook.com/cyberfm
Website;
MFTU: https://mftu.net/site/
CyberFM: https://cyber-fm.com
ANN Thread:https://bitcointalk.org/index.php?topic=4511705.0
Whitepaper: https://mftu.net/site/whitepaper/
Writer's Bitcointalk Username: Emmy92
Writer's Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1329140