What Is Somesing (SSX)?
Somesing (SSX) is a blockchain network created for singers and music lovers. Somesing works on the concept of “sing verse,” a “song universe” which connects all music lovers. The platform allows users to create music individually and in teams on a patented recording method. The content management system uses smart contracts on blockchain for security.
According to the whitepaper, Somesing plans to enhance the remix or recreation of music and employ a fair rewarding system for the users. The platform aims to work as an ecosystem for producing and listening to music, creating a unique network for music lovers. Somesing employs the power of cryptocurrency and blockchains to make music creation rewarding to the users.
Somesing operates on the Klaytn network. Klaytn is a platform that combines the advantages of both public blockchains and private blockchains through an efficient “hybrid” design. Somesing aims to design a transparent token distribution by encouraging community participation and employing a unique reward system. Somesing works on a user-centered reward system wherein the platform distributes 70% of accumulated tokens to the creators of each song.
SSX is the token offering of the platform. Each time a user creates a song, the platform creates a block, which acts as a song wallet. The SSX tokens get added to the song wallet when contributions come in appreciation and participation.
The staking of SSX tokens takes place with a one-time token deposit by the creator and during the distribution of rewards. The distribution of accumulated rewards takes place according to the below statistics:
Singer or the creator gets 50% of the tokens.
The ecosystem gets 20%.
30% goes to community, network, the source of music, and copyrights.
The platform aspires to create a community-specific ecosystem that can grow with its users and reward creators for their participation.
History of Somesing (SSX)
The launch of Somesing (SSX) was in March 2019. A team of twenty-five members is responsible for creating the platform, with Heuibae Kim as CEO and founder at the helm. Somesing aims to distribute a total of Six Billion SSX.The whitepaper was published in July 2020.
