Blockchain technology is the trending technology in this current era, which can be attributed to its unique features such as decentralization, smart contracts etc. With these features, many developers have succeeded in creating unique and amazing projects, with the aim of solving one problem or the other in this current era, thus having their own token which represents the idea or powers the idea behind each blockchain based project and one of such project is CYBERFM AND MAINSTREAM FOR THE UNDERGROUND, thus it's tokens CYFM and MFTU.
CYFM and MFTU token ecosystem were created for artists, to protect their rights and payment irrespective of their location anywhere in the world.
In simple terms, CYFM and MFTU are used for collection of royalties, now it is worthy to know that in most countries royalty payment method was introduced by the government thus duly regulated. The main purpose is to encourage artists to do more, owing to this and in order to meet up with the expectation, large Radio stations Introduced membership perks, subscription systems.
AN ECOSYSTEM-BASED ON BLOCKCHAIN TECHNOLOGY (Review)
Being based on blockchain technology, dual tokens were minted;
a. CYFM token from CyberFM: A token which represents regulatory compliance. This regulatory compliance comes in digital form, also this token is used for artists that are registered within a local representation and also used for payment to all government regulation bodies anywhere in the world.
A good example where CYFM is used is in BMI based in the USA, SOCAN based in Canada.
b. MFTU token from Mainstream For The Underground: Unlike the CYFM token, MFTU represents an internationally recognised token. It is digital, fair, legal and cryptographically represents Performance Rights Organization and Reward System For Independent Artists, protecting their rights and payments worldwide.
Also, by introducing Distributed Ledger Performance Rights Organization, the rights of artists anywhere in the world is protected in addition, strict compliance is enforced to ensure they are duly compensated; all occurring in a decentralized manner under Rights Owners Control.
Listeners and fans, on the other hand, are rewarded with both tokens when they tune in to a song, these tokens can then be used for song downloads etc.
As earlier stated, blockchain technology Introduced decentralization, thus in CYFM and MFTU token ecosystem,
i. MFTU will be Politically and Architecturally decentralized,
ii. CYFM will be Logically decentralized; in all, copyright protection will be upheld.
As it is with every blockchain-based platform, it's associated cryptocurrency will have a maximum supply, and as such, the maximum supply of CYFM will be 100 billion while that of MFTU will be 1 billion. Furthermore, both CYFM and MFTU are ERC-20 standard token built on the prominent Ethereum blockchain and as such utilizing its smart contract. The smart contract utilized is open source using libraries from OpenZeppelin and audited by Quantstamp. With Howey test, the tokens are strictly to be used as a universal token for the protection of the rights and payments of artists worldwide: in addition, no ICO is planned for this tokens.
CONCLUSION
Since music means a lot in the world today, and as such there is a need to safeguard the rights and payments of artists, CYFM and MFTU were created to fulfil such. By leveraging on blockchain technology, the ecosystem will be transparent in its dealings.
The ecosystem mobile application is available both for Android and iOS platforms.
GET INFORMED ABOUT MFTU AND CYBERFM THROUGH THE LINKS BELOW
Website;
MFTU: https://mftu.net/site/
CyberFM: https://cyber-fm.com
Telegram Group: https://t.me/joinchat/EgF1dkxE_N0efcR_ff5gYA
Twitter: https://twitter.com/mftu_currency
Facebook: https://www.facebook.com/cyberfm
ANN Thread:https://bitcointalk.org/index.php?topic=4511705.0
Whitepaper: https://mftu.net/site/whitepaper/
Author's Bitcointalk Username: Flezy
Author's Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2187485