CYBERFM AND MFTU: SECURING THE INTERESTS OF MUSICIANS AND ARTISTS THROUGH BLOCKCHAIN TECHNOLOGY

flezy (40)in #mftu • 6 years ago (edited)

INTRODUCTION

No doubts, everyone loves music, especially, good ones because it is soothing to the soul. We listen to music using several means and one of the commonest devices used today in listening to music is smartphones.
Our mobile gadget and the internet world has revolutionalized the manner in which music is broadcasted all over the globe. Many countries have adopted a royalty means of compensation through government-enacted laws to ensure that music-makers and Artists are well-paid for the use of their works.
For instance, SoundExchange which is a US-based music company has assisted in retrieving online broadcast for their members. Big broadcasting stations have leveraged on this valuable system with the subscription network, membership perks and conventional broadcast advertising in a bid to counter the fees imposed by the laws.
MFTU has developed a free virtualized royalty payment system using peer-evaluated information accessible all over the globe via a shared ledger system. This multiple token networks is termed CyberFM CYFM token and the MFTU token which stands for Mainstream For The Underground.

CYFM TOKEN

The CYFM token stands for a regulatory-based cryptocurrency and digital coins for music-makers that are presently documented with local representation. As stated above or for instance the SOCAN in Canada.
The MTFU token looks just like that too but stands for the world’s really digital, fair, legal and digital cryptographic Performance Right Organization for Independent Artists. Securing their interests and ensuring that they are well-paid all over the world.
The duo of the utility tokens is ERC20 standard token deployed on the Ethereum blockchain which is used in producing the universal payment system that allows collection of royalties for every performance at every time in the entire countries.
The MFTU and CYFM tokens will as well first be used alongside fiat payment for virtual radio membership, credits for in-app purchases and as registration fees.
The MFTU network stands for a generic, global currency that will be used to reward every artists and performer all over the globe. The aforelisted will be rewarded irrespective of individual membership to their particular Performance Rights Organization. Nevertheless, the additional perks, compensation and revenue will be open immediately the members accept the MFTU system.
The duo of CYFM and MFTU tokens stands for a broadcast currency that will be utilized in the ecosystem for users, fans, and music-lovers. For instance, listeners can get MFTU tokens by participating in quizzes organized by the radio station and with the tokens received, they can buy a premium membership for skipping songs, on-demand downloads, free commercial music streaming and other advantages.
The MFTU and CYFM tokens are created with the intention of using it as a generic, universally-tenderable currency. The token plays no role in the benefit and success of the over a decade-old CyberFM company website.
Again, the tokens are not to be sold at any CyberFM oriented website. No initial coin offering are planned or required for either of the tokens.

MFTU SMART CONTRACTS

The MFTU Smart contracts execute the ERC20 standard token through the use of OpenZeppelin that has been conscientiously evaluated and checked. Besides, the token contract has been checked professionally by experts at Quantstamp.

CONCLUSION

The MFTU platform has come to ensure that musicians and artists get adequately compensated for the use of their music in commercial radio stations. Artists register with MFTU using the local tokens while MFTU assists in retrieving their payment for them.

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