The thing I’m often missing when reading whitepapers of numerous ICOs is the utility value of the token.
Here’s how we’ll send the Vibe to the moon.
1. DISTRIBUTION
After the initial supply put on the crowdsale is sold out (which we don’t doubt it will be), we will keep distributing tokens to our users who will contribute content to Viberate.com. Each time they will add a new profile of a musician and later even venue or even organizer, they will earn Vibes. They will also be rewarded for curating the information in existing profiles (in case they stumble upon a broken link or some outdated info). This way we will ensure a wide distribution of the token.
The current database was built with the help of 50 thousand contributors. Picture each one of them holding some amount of Vibes.
2. BUYBACKS
At the beginning the fund for rewarding our contributors will be sourced from the initial supply of the tokens. We will assign 5% of the total supply into the fund and will release them equally into daily budgets for the first couple of months.
Later, when we’ll start generating revenue from our business models, a portion of the proceeds will be used to buy back Vibes from the market. Although unannounced, those buybacks will positively influence the volume and token liquidity on the exchanges and will drive the price up.
3. ACCEPTING THE VIBE AS PAYMENT FOR OUR SERVICES
Besides acting as a marketplace for matching musicians with event organizers, we will also excercise a number of other business models. Two of them will be implemented quite soon:
- contacting VIP users (agents, managers) and
- advertising (profile exposure)
Right now we have around 5 thousand premium music industry contacts in our database. Getting to them is a great asset, but it won’t be free. You’ll have to go get Vibes and pay to e-mail them through our form.
As a up and coming musician, you’ll also have a chance to rub shoulders with the giants. For a fee (in Vibes of course), musicians will be able to buy premium positions on various charts, pretty much like they can buy Google AdWords to pop up on the top of search results.
4. PAYING FOR GIGS
Eventually, the Vibe will become the go-to currency for booking live acts. Of course from the very beginning we need to ensure that the ball starts rolling, so aside from the Vibe, users will be able to book artists in other major cryptocurrencies as well as fiat.
But gradually, we’ll start pushing users towards using the Vibe for bookings. Artists who will allow bookings exclusively in Vibes will be incentivized by getting free exposure and popping up higher in search results.
Not only they will be protected by the smart contract’s escrow, they will benefit in terms of promotion and visibility.
We believe we can drive the value of the Vibe into unimaginable heights.
Afterall, we believe it so strongly that the founders and existing investors will reverse vest their tokens for 24 months, which is a standard for VC investing, but definitely not for ICOs.
No one forced us to do it, but we think that putting our tokens away for two years is the smartest move we’ll about to do. At least for the next two years.