Why it is important that RECORD Foundation offers Reverse ICO
Excessive amount of ICO information are pouring in every single day. Launching an ICO event is indeed a trend now and in fact very easy. That’s why among those ICO projects it’s increasingly hard to distinguish which projects are promising and which might be a scam.
Well no one knows until the end but, if the companies are offering reverse ICOs would it be a little different?
What is reverse ICO?
Initial Coin Offering known as ICO is a crowdfunding event in which companies (usually start up ventures) offer their cryptocurrency token in return for investment. You can think of the regular IPO just that the tokens act as the shares company investors obtain during transactions. It is “Initial” coin offering as most of the ICO events take place before any substantial result but based on each company’s whitepaper, neatly written about their plan and solution. ICO is a chance to be a part of something that in the future might be big, but as appealing as it is seems, is also a gamble.
Reveres ICO, as the words says for itself, works in reverse direction. Companies offering reverse ICOs have their running solution but seeks to take advantage of the new blockchain technology. RECORD Foundation aims to implant blockchain in their music platform RecordFarm1.0 to make the world’s first reward-based music platform.
Introducing Blockchain to RecordFarm1.0
RECORD Foundation already has its running platform called, “RecordFarm1.0.”
::RecordFarm1.0
RecordFarm1.0 is an artist-based open music service that allows anybody to share and sell music. Explore its website or download it: android and iOS.
RecordFarm already has 1,000,000 monthly active users, 10,000 registered artists, 160,000,000 cumulative music played, and 270,000 likes on RecordFarm. This shows notable amount of users compared to other blockchain based music platforms planned, and already made.
Not only the users approve but RecordFarm has been awarded several times to be a successful music platform.
RECORD Foundation possesses some key technologies including social network technology, machine learning based personalized contents and contents market service technology.
I’m not talking about previous glory here, this is what RECORD Foundation is building on for the new blockchain-based music platform, RecordFarm2.0. RecordFarm1.0 will be a reassuring cornerstone for RecordFarm2.0.
::RecordFarm2.0
RecordFarm 2.0 would be a decentralized platform based on Ethereum that empowers artists to take full ownership of their content and finances. Utilizing smart contracts, artists can interact with listeners directly in the absence of intermediaries. The information regarding copyrights and royalty management will become transparent and easily accessible, enabling to prevent illegal use of registered music. In this newfound RecordFarm ecosystem, the listeners will make the distribution. Listeners can accumulate significant power through curations — listening, sharing and voting for the music. In return for their active participation, we will reward them with RECORD token.
“As a champion of independence my entire career, RECORD Project lays a groundwork for Artists to remain creatively and economically free”
-Denzyl Feigelson, CEO of Platoon
Our goal is to protect the value of creative works and develop a decentralized sharing platform. RecordFarm1.0 with blockchain (RecordFarm2.0)would be a more aggressive step RECORD Foundation take to change the current music industry. To empower the artists and protect their creative works.
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RECORD Foundation runs the first reward-based music service platform, RecordFarm. A solution to the traditional music industry, it creates the healthy environment where creative works are valued, curations from users are rewarded, and transparency is ensured. The new ecosystem, driven by blockchain technology and RECORD token, simplifies the process and eliminates unnecessary intermediaries.
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RECORD Foundation runs the first reward-based music service platform, RecordFarm. A solution to the traditional music industry, it creates the healthy environment where creative works are valued, curations from users are rewarded, and transparency is ensured. The new ecosystem, driven by blockchain technology and RECORD token, simplifies the process and eliminates unnecessary intermediaries
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