What Is Viberate (VIB)?
Viberate (VIB) is a crowdsourced live music ecosystem powered by the Ethereum platform. According to its whitepaper, Viberate functions using a blockchain-based protocol and has contributed to developing a marketplace where anyone can participate. The Viberate platform unites the entire live music ecosystem under one roof, allowing a larger opportunity for both creators and listeners.
According to its website, the mission of the network is to provide an equal opportunity to every musician on the planet to showcase their talent. Th network aims to revolutionize the way musicians are represented worldwide, so that it can open up the world of live music to all who want to participate and build a career in music. Further, musicians can materialize this approach by decentralizing discovery and booking methodologies using blockchain technology, thus allowing the Viberate network to create a platform that can represent talents from worldwide in a single marketplace.
In addition, the Viberate platform seeks to solve decades-old problems live performers face; getting demand, negotiating terms, determining their value, managing agreements, and getting paid. These problems are solved by employing smart contracts that allow musicians to showcase their talent on the platform and determine the price at which they want to sell their music. Further, to support this overall operation of the network, the platform introduced its cryptocurrency, the VIB token.
The VIB is the native token of the Viberate ecosystem developed using Ethereum blockchain technology represented as an ERC20 standard token. The token fulfills many different utilities with the Viberate ecosystem, including:
Used for participating on the platform
Used to pay transactions and gas fees of the platform
Used to purchase music from the platform
Used for marketing and further development of the platform
These utilities of the token have helped develop a sound operational structure within the platform's ecosystem.
History of Viberate (VIB)
Matej Gregorcic (CEOr), Vasja Veber (COO), and Uros Umek are the co-founders of the Viberate ecosystem. The platform was launched on December 9, 2015. The platform's token has a total supply of 200,000,000 VIB. The Initial Coin Offering (ICO) of the VIB token took place on September 5, 2017.
