The blockchain music platform RECORD (18+) announced the registration of its RCD tokens on the CoinBene and LATOKEN exchanges. According to the press release of the Singapore company, the tokens will be admitted to trading on popular exchanges in July this year. Thanks to the confidence of CoinBene and LATOKEN in the stable technological capabilities of the existing RECORD platform, the registration of tokens will take place despite the fact that the company has not yet implemented the initial offer of the crypto currency (ICO).
The platform rewards its users through an intuitive payment system that analyzes the activity of listeners (for example, the number of votes given by them for a particular content), in contrast to the traditional centralized algorithm for collecting royalties used by most existing streaming music services. According to the general manager of the RECORD Foundation, Harrison Shin, this model is an “obvious solution”, given the company’s desire for transparency and fairness of payments.
“Paying the right amount to performers and authors of music content is still a fundamental principle for us, but we are convinced that listeners who provide activity in the music world, voting and commenting on the compositions they like, must also be rewarded.” After all, they are an inalienable and an indispensable part of a stable ecosystem of the entertainment sector” – Mr. Shin said in his statement.
“This project is not just another illusory idea, doomed to remain on paper, we consider it to be something like an inverse ICO. Having a proven, working product allowed us to enlist the support of musicians, record studios and listeners,” he added.
In addition to the extensive database of active users, the stability and popularity of the existing online platform RecordFarm, now containing blockchain technology, is confirmed by numerous awards, including MWC Asia Top 3 Music App, Facebook FbStart and the Global Star Venture award given by the Korean government.
The company is halfway to completing the ICO process of its RCD tokens and positioning its business model as an alternative and truly revolutionary way to solve problems with copyrights, royalties and agreements with authors and performers.
RECORD (RCD) tokens can be purchased on the official websites of the platform (www.recordfoundation.org) and the LATOKEN exchange (wallet.latoken.com/market/ICO/LA/RCD-LA) until June 30 by GMT. Source: tass.ru