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Live music marketplace Viberate, in line with its continuous growth since it initially set out to transform the live music industry as we know it, recently announced the launch of its community rewards system that will allow its users to earn VIB tokens for contributing the platform’s development in various ways.
Viberate, which aims to help musicians sell gigs to event organizers in exchange for cryptocurrency, had a very successful ICO as the tokens sold out in under five minutes. At the time, Viberate revealed that after adding its tokens to exchanges, a rewards program was next on its to-do list.
Keeping up with its promise, Viberate has now announced the launch of its rewards program, as its VIB token, inherent to the platform’s ecosystem, is already listed on five cryptocurrency exchanges, including Binance and Bittrex, with additional solutions for wider adoption underway.
Viberate’s rewards system
The platform’s rewards system essentially rewards users who contribute to the platform’s development, by adding new artists, venues, or events to its database, by promoting the platform on social media or on the Bitcointalk forum, or by referring new users to the platform.
Each confirmed database entry, user registered through a referral link, or tracked promotion will result in a token reward, calculated based on the number of active users for each particular participation option. Viberate initially started to fill up its bounty pool on October 5, when it started transferring 5,000 VIB tokens to the pool every day for the next 2,0000 days, equaling about $1.2 million at the end.
Vasja Veber, COO of the Slovenian-based company, stated:
“Investing a 1.2 million dollars’ worth of tokens to repay our contributors’ efforts not only means that some of them will be able to quit their day jobs, but also gives our token the utility value not a lot of blockchain projects have.”
The newly implemented mechanism, one of many more to come, will reward users who curate Viberate’s database of musicians and event organizers, and who promote the platform and helps it grow.
The company has also recently announced that supporters will “very soon” be able to use their credit cards to purchase VIB tokens through popular cryptocurrency exchange Changelly. Moreover, they’ll be able to store their tokens on the popular Jaxx wallet. By the words of Addison Cameron-Huff, the President of Decentral Inc.: “Jaxx will be the wallet supporting the VIB community. Viberate members will be able to interact with the platform on a regular basis with our easy-to-use interface. I look forward to seeing the Viberate leadership team and community use Jaxx”.
It’s worth noting that the music industry may already be huge, but is set to grow in the coming years. As such, Veber invites users to join their community and grow with them, so as to become a part of “a movement which is fundamentally changing the music business.”
Regarding the potential rewards users can receive, Veber clarified that some may earn more than expected:
“Our research shows that more than a half of Viberate’s users participates in co-creating and promoting the platform out of pure enthusiasm for the company’s vision and their love of music. Since users play a crucial role in helping us change the music industry, we want to reward them for their efforts, as they are actually a part of the team. Moreover, the Viberate points of our existing contributors were transformed into VIB tokens, their number being multiplied by 6.5.”
Veber added that the company’s biggest contributor’s points therefore equal 42,000 VIB tokens. At press time, that translates to over $9,000. In Veber’s words: not bad for roughly one month of work.