Satoshi Nakatomo founded the Bitcoin network 2009 kick-starting what has now become one of the biggest global financial revolutions in the area of financial transactions and transfer of assets. Close to a decade later, the cryptocurrency ecosystem is experiencing immense churn with various similar digital currencies being introduced. The newest kid on the block is Beatzcoin, a digital token that utilizes blockchain technology and is traded on VibraVid, a multi-chain, decentralized platform. This article aims to strengthen the cognizance about Beatzcoin amongst blockchain enthusiasts and potential investors, and the overall blockchain community. Let’s delve into what this newest cryptocurrency has to offer.
What are VibraVid and Beatzcoin?
It is the need of the hour today for businesses to take their service offerings and products on the mobile platform to cater to a growing consumer pool that needs everything to be accessible in the palm of their hands. From insurance purchases to movie bookings, every service is now packaged into a convenient application. Music is no different.
With thousands of applications, platforms and websites available, over 5,00,000 hours of music video content is uploaded daily from across the globe on this wonder that is the internet. Add technological advancements, better mobile data connectivity and superior streaming services to the mix, and we notice a steady shift from conventional music platforms to digital music. While this is a boon for the music industry at large, it certainly creates a difficult situation for emerging talent to gather resources to fund their content as well as be noticed in the online space among a herd of creators. Added pressure is also on the content creator/artist to shoulder the mantle of promotion and marketing, thus taking their focus away from pure content creation. Existing platforms also focus on marketing and revenue generation as their primary motives, failing to incentivize new content creators or users who give fresh content a chance. Here’s where VibraVid and Beatzcoin come in.
VibraVid is a platform that taps into this space, offering a free peer to peer desktop and mobile streaming application that enables viewers to view and listen to content in the form of videos and audios. Content creators can upload, store, market, lease and sell their content to the users of this app alongside activities such as crowdfunding and sell merchandise and event tickets.
Beatzcoin is a cryptocurrency which is the value of exchange on the VibraVid platform. This ecosystem created by Beatzcoin and VibraVid provides creators and users with a means of exchange to share and purchase content. Users and creators are bestowed with Beatzcoin which they can use to purchase tickets, content and merchandise as well as promote their own content. In such a setup, the content creator is incentivized for their efforts, while the user too gains from giving new and exciting content a listen. Such a system encourages talented artists to go out there and create fresh music, while also giving them a chance to generate a fair income based on how catchy their content is.
VibraVid aims to create 3,000,000,000 Beatzcoin which can be purchased/exchanged using Tron (TRX). For the uninitiated, Tron is a blockchain-based decentralised platform that aims to build a free digital entertainment system that allows easy sharing of content and provides a distributed storage technology. Tron attempts to bridge the gap between content creators and content consumers. Both VibraVid and Tron work on the same shared principles of secured content and providing creators a platform to showcase and leverage their talent. Tronscan.org and Beatzcoin.io will be the only two platforms on which Beatzcoin can be traded.
Now that we have understood the business model of this revolutionary application, let’s understand how exactly users can earn Beatzcoin on the VibraVid platform. The beauty of this application is that at every point a user and well as a creator has the chance to earn Beatzcoin which they can use for a wide plethora of activities on the platform. A user earns Beatzcoins by signing up on the app, participating in bounties, watching paid to view advertisements, completing daily weekly/challenges and much more. On the other hand, creators cash in when someone watches/listens to their content, allowing paid to view videos ads on their content, crowdfunding among other activities. VibraVid has effectively tapped into a gaping market gap that is certain to benefit and reward video creators, record producers, musicians, music enthusiasts and the entire industry at large. VibraVid & Beatzcoin certainly make for a fun experience for one and all!
How Secure is VibraVid?
VibraVid is conceptualised around a reward structure for accessing, watching and listening to content while also allowing the creator of the content to hold the licensing control and ownership rights. Leveraging the IPFS protocol, a file system that makes it possible to distribute high volumes of data with high efficiency, VibraVid ensures that data security and sanctity is maintained. The IPFS protocol supports fast bandwidth speed by splitting large volumes of data into logical chunks for easy transmission through a pre-existing network structure. In order to nullify any possible loophole in the IPFS system, VibraVid encodes its videos with an overlay layer, making sure that either a Beatzcoin wallet or a node is required to decode it. This comprehensive framework protects the content of the creator ensuring their rights and ownership of work is upheld.
The problem of pirated content is plaguing the entire global music industry. Due to some bogus and spam links, pornographic materials too find their way into legitimate platforms. Their problems are tackled by a comprehensive watch and control system that identifies and blacklists the hash or the code of such videos rendering them unwatchable.
The Future of Beatzcoin
The creators of this one of a kind music platform have done their best to fashion a platform to streamline creative content and give deserved recognition and monetary benefit to talented creators. However, they plan on leaving the future of VibraVid and Beatzcoin to be decided by market dynamics and sentiment. A small percentage of the value of the transaction will be rolled back into the VibraVid platform as an operational fee, in order to fund the functioning and operating costs of the platform.
The creators aim to see VibraVid as a go-to platform for all entertainment needs as well as a space where upcoming talented creators can showcase their work without feeling the pinch of limited resources of the hassle of dealing with middlemen. The enthusiasm and involvement of creators, as well as users of this platform, will largely shape the future trajectory of Beatzcoin as a digital currency and VibraVid as a successful platform.