Due to the recent advancement in technology, it has also impacted the music world by changing how music is transmitted throughout the world. In some countries, they enforce a royalty payment mechanism through government regulation to enable Artists and Musicians receive rewards for the use of their performances or contents. For instance, SoundExchange based in USA utilizes a membership system for the collection of online broadcast payments and they perform this task for several organizations including BMI, ASCAP, and SESAC Performance Rights Organizations. Large online radio platforms are looking for a viable way to offset these royalty fees by monetizing the content with membership perks, subscription systems and conventional broadcast advertising.
In order to revolutionize the music world and solve the challenges that come with royalty payment, we developed an open-source online royalty payment system which provides peer-reviewed information via a distributed ledger system. The MFTU token also referred as “Mainstream For the Underground” represents the first cryptographic, fair legal and digital Performance Rights Organization to protect the rights of independent artists across the globe. The utility token is powered via the ETH blockchain and is an ERC20 form of asset. The token is a comprehensive token system that facilitate the collection of royalties for performances and contents supplied in different parts of the world. At the initial stage, the MFTU token will be used to facilitate fiat payments for registration fees, online radio memberships and credits.
MFTU token is a decentralized system and a dual-token network for Independent and Mainstream Artists as well as Radio platforms. The token is put into effect on an integrated ecosystem to facilitate its operation and performance. Also, the token acts as a “broadcast currency” that will be of use in the ecosystem for participants, fans and listeners. For instance, listeners may be rewarded with MFTU tokens via a radio contest. These tokens can then be used to acquire premium memberships for commercial free streams, downloads and other activities. Asides this, rewards, income and additional perks are made available to active members.
The ecosystem has an ultra-security feature to protect stakeholders from attacks and ensure that the passwords are stored with the use of bcrypt. The website traffic is managed via the encrypted SSL/TLS (https). In addition, the source code has undergone intensive reviews and tests to ensure that they are not tampered. These security features are incorporated into the ecosystem for a seamless operation and to protect the stakeholders.
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Author - Coltpython
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