Viberate aims to create a blockchain-based music ecosystem. The platform, built on the Ethereum network, uses smart contracts to address longstanding issues in the industry, such as live performers struggles with developing markets, determining the value and pricing of performances, negotiating contract terms, executing agreements, and receiving payments. A key component of the Viberate platform is a new database featuring millions of artist profiles, ranked based on their social media popularity. Additionally, the platform includes a token reward program for fans, a booking process for artists, and a blockchain-based contract and payment system.

Project Highlights

The Viberate platform enhances the music ecosystem by offering superior services to various stakeholders compared to traditional markets, reshaping the entertainment industry.

1. Suppliers: Artists
Artists often rely on agents to secure enough gigs to make a living. However, many artists struggle to gain attention. Only a tiny fraction of artists have suitable representation, and they are fortunate to earn a primary income from their music. The rest must operate independently in an already saturated market, handling marketing, sales, social media, legal, tax, and debt collection issues themselves, which distracts them from creating music. Often, these artists dont have contracts and frequently go unpaid after performing or cant work legally (such as cash payments and tax evasion). Without strong and trustworthy intermediaries, artists face numerous challenges in these areas. For artists without representation, there is a pressing need for a company that can provide effective and safe agency services. Blockchain technology offers the best tools for this task.

2. Demand Side: Event Organizers
Event organizers need to stay on top of live music trends and constantly search for suitable artists to book. In bustling cities, good organizers can schedule multiple performances by different artists several times a week. This high frequency can quickly overwhelm organizers, leaving them unsure about whom to book next. Their product is tickets, and their main goal is to sell as many as possible. To achieve this, they need quality lineups and efficient ticketing channels. When booked artists lack representation, organizers may encounter payment issues unless they agree to pay in cash, which is usually illegal from a tax perspective. Dealing with lesser-known artists can also lead to problems like no-shows, poor performances, issues related to subpar booking processes, and unclear contracts. The Viberate platform provides event organizers with comprehensive solutions, ranking artists based on their social media popularity. Viberates analytics engine processes data from social media and streaming websites, analyzing billions of data points daily. For each profile, the engine accesses public and private APIs from analysis channels, processing and storing data on online artist popularity and fan feedback. The data is then compared to previous periods and visualized, allowing organizers to easily choose artists and establish blockchain-based smart contracts that govern both parties behavior.

Token Value

1. Rewards
The Viberate platform uses VIB tokens to reward contributors for actions such as registering for the service (welcome bonus), referring friends, promoting the service, adding new profiles to the database (awarded after editorial team verification), managing existing profiles (awarded when the editorial team accepts changes), and writing content. Initially, the rewards pool will be funded by a portion of the ICO proceeds, representing 5% of the total issued tokens (10 million VIB). Additionally, profits generated by Viberate will contribute to the rewards pool. A portion of these profits in ETH will be used to periodically buy back tokens from exchanges, which are then added to the rewards pool for further distribution.

2. Payments
Fans can crowdfund to cover the fees for an artists performance or purchase tickets for existing shows through Viberates DTX ticketing system. All expenses associated with events, including venue fees, technical costs, and artist fees, can be paid using VIB tokens. Beyond event payments, artists can use VIB tokens to buy exposure, obtain contact information for influential figures, and more. VIB tokens have diverse applications across various entertainment-related expenditures.