Everyone knows that the technological world is constantly evolving and has brought about superb innovations, technological transformations, and has also impacted greatly into our life. This technological transformation has changed the music world through the innovations of mobile devices and the utilization of the internet. Presently, music is now being transmitted through different mediums. So, how do artists and musicians benefit from this? Most countries initiated a royalty payment method enforced by government law and regulation to ensure that Musicians and Artists are duly compensated for the use of their contents and performances. In view of this, large online radio platforms have devised means of offsetting the fees by monetizing their contents through payment of subscription systems, conventional broadcast advertising and membership perks.
An ecosystem termed as the CyberFM “CYFM” token was developed to revolutionize the music industry and positively transform the system. The ecosystem is built on an open-source online royalty system which made available comprehensive information powered via a distributed ledger system. The CYFM Token acts as a cryptographic form of currency for stakeholders including artists and musicians registered under the local regulatory body. The token will be used to facilitate fiat payments for registration fees, online radio memberships and credits. In addition, it ensures that royalties and other rewards are collected and distributed fairly to the stakeholders. Another distinguishing feature of this ecosystem is that it utilizes a universal payment system powered via ETH blockchain.
The ecosystem seeks to compensate all performers and artists across the globe by using an integrated currency system. Regardless of their affiliation to different organizations or regulatory bodies, these stakeholders will be compensated and rewarded fairly and equally. Another plus is that rewards, income and additional perks will be made available to members when they become an active participant on the platform. In short, this token represents a “broadcast currency” that will be put into use inside the ecosystem for fans, users and listeners. An ultra-security feature has been incorporated into the ecosystem to prevent cyber-attacks, theft and to ensure that the website traffic is well-managed and controlled. In addition, the smart contract utilized on the ecosystem is powered via the ERC-20 token standard developed by OpenZeppelin, which has passed through intense test. Same also applies for the token contract which has been thoroughly reviewed by the professionals at Quantstamp.
CyberFM was founded in 2007 by James Tylee and have been consistent in their operation. They offer their listeners access to music that are unavailable on the mainstream media. Other members of the team include; El Borja (Head of Project), Scott Shane Holt (Business Advisor), Tim Card (Director of On-Air Support) and Gemini (On-Air Personality).
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Author - Coltpython
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