Viberate is a blockchain platform for live music and it has just announced a new reward model, which will enable its partners to receive incentives by means of a token called VIB. This token was created for internal purposes and it has been made available for public by the ICO (Initial Coin Offering) executed in September this year.
All the people who contribute to the growth of the Viberate platform will be compensated in VIBs. We are talking about an investment of around 1.2 million dollars by the team behind the project, which will give value to the VIB token.
The tokens are to be released continuously during 2000 days, with 5000 tokens distributed to contributors every day. Token owners can later exchange the VIB tokens in exchanges such as Bittrex and Binance. VIBs can also be kept in wallets such as Jaxx.
Rewards will be paid to all the contributors that add and edit profiles of musicians, event venues and event organizers in the platform’s database. Moreover, the people who promote Viberate will also receive rewards. On the other hand, you can also buy VIB tokens using credit cards or through the platform called Changelly.
Vasja Veber, the Director of operations and co-founder of Viberate, said they have come to the conclusion that more than half of the platform’s users are participating in the promotion and growth of the platform out of pure enthusiasm. Because of the crucial role its contributors play in the development of the platform, the company wants to reward them for their effort because they form the part of Viberate’s team.
Contributors earn Viberate points and these point will be multiplied by 6,5 to calculate the number of VIB tokens each contributor will receive. This means the biggest contributor will receive more than 42000 VIBs with a total value of around 7000 US dollars at the beginning.
The music industry is expected to continue growing in the next years. According to PricewaterhouseCoopers, the profits of the industry will rise by 3-3.5% and reach 26.5 billion dollars in 2018. This is why Viberate is asking people to join their platform and take part in the movement that’s fundamentally changing the music business.
The current value of one VIB token is 0.22 US dollars, the market capitalization is around 36 million dollars and there are more than 162 million tokens in circulation.