Viberate Rolls Out System that Allows Music Fans to Earn Cryptocurrency Tokens

VIB Tokens can then be exchanged for bitcoins and ethers.
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Viberate has rolled out a new system that allows music fans to earn cryptocurrency tokens.

Viberate is a crowdsourced live music ecosystem and a blockchain-based marketplace, where musicians are matched with booking agencies and event organizers. The aim is to list and map the global live music industry, deliver more transparency, increase payment discipline, and enable under-the-radar artists to gain exposure. In effect, their goal is to develop a comprehensive marketplace where musicians will be able to get paid in cryptocurrencies while giving event organizers a set of tools to find and book performers in an easier way. The platform is already up and running, currently listing more than 130,000 profiles of various musicians from all over the globe.

The company is now completely decentralizing their operations. “We are rolling out a mechanism which will allow our contributors to receive a reward for helping us grow,” said Vasja Veber, COO and co-founder. This means that everybody that either expands their database, keeps it up to date or helps grow the community and promote the service will get paid in VIB tokens. All the activities which will get you a crypto reward are listed here. The company says they will distribute 5,000 VIB tokens among the contributors each day, or a $1.2 million dollars' worth of tokens in the following 2,000 days.

Veber also points out that, according to their research, more than a half of the existing users have contributed to the project out of support for the project and their love of music. “Since those very 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, Veber suggests that since Viberate will invest over a million dollars’ worth of tokens into the community, some of the contributors will be able to quit their jobs: “Our top contributor has earned over 42,000 VIB, which translates to app. $7,000 at press time—not bad for roughly one month of work.”

Viberate has gained the world’s attention in September, when they successfully raised $10.7 million dollars in under five minutes, becoming one of the most successful crowdfunding projects to date. The company has issued their own crypto token VIB that can be exchanged for bitcoins and ethers.

“We believe anyone interested should be able to participate in shaping the future of the music industry,” Veber explained. It is worth noting that the music industry—already a huge one—is poised for additional growth in the coming years. That is another reason why Viberate is confident of the potential of their business. “And we urge people interested in music to join us and become a part of the movement.”

More information on Viberate and the cryptocurrency tokens can be found here.