With access to smartphones and the Internet, Individuals can enjoy good music effortlessly irrespective of their location. This has totally changed the music industry and as such leading numerous nations into embracing royalty methods for remuneration through government-ordered laws to guarantee that music-producers and Artists are generously compensated for the utilization of their works.
A good example is a US-based music industry known as SoundExchange, which has helped tremendously to recover online broadcast for its members.
Huge broadcasting stations have utilized on this profitable framework with the membership perks, subscription network and ads in order to counter the expenses enforced by the laws.
MFTU has built up a free virtualized royalty payment framework utilizing Peer-to-Peer information which can be freely accessed. This is made possible through the use of a distributed ledger system. Being based on blockchain technology, the tokens of the ecosystem thereof is;
a. MFTU ( Mainstream For The Underground),
b. CYFM (CyberFM).
CYFM AND MFTU TOKEN UTILITY
The CYFM token is a legally compliant cryptocurrency used by music-creators or artist within a local setting. A good example is SOCAN in Canada.
The MFTU token looks simply like that as well but used as the world's legally regulated cryptocurrency, which is digital and fair; thus representing Performance Rights Organization for Independent Artists. It is used to anchor the interests of artists and guaranteeing that they are generously compensated everywhere throughout the world.
In addition, both are utility tokens based on Ethereum blockchain, that is to say, they are ERC-20 compliant.
They;
- Are used in universal payment systems thus collection of royalties for performances is made possible.
- Will be used alongside payment occurring with fiat either for registration fees, in-app purchases, membership etc.
Furthermore, about MFTU; MFTU will be a global currency used in rewarding artist all over the world not taking into consideration their membership to Performance Rights Organization while full incentivize are only available for members of the platform.
But on the other hand, both CYFM and MFTU tokens represents a broadcast currency used within the ecosystem by users, fans etc. Users can earn MFTU tokens by participating in activities hosted within the platform, the earned token can then be used for on-demand downloads etc.
CONCLUSION
MFTU is a blockchain platform with the aim of guaranteeing that artists and musicians get satisfactorily rewarded for the utilization of their music in radio stations.
By leveraging on Ethereum blockchain, use of smart contracts was made possible therefore MFTU will be able to use smart contracts to execute its ERC20 token via "OpenZeppelin". Furthermore, to ensure competent smart contracts, Quantstamp experts were leveraged on.
The mobile app is available both for Android and iOS platforms.
Furthermore, it is worthy to know that there is no ICO (Initial Coin Offering), more information can be gotten from the Telegram group.
IMPORTANT LINKS
MFTU Website: https://mftu.net/site/
CyberFM Website: 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 Details;
Author: Chuky92
Author's Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2084586