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Viberate is described as “your chance to enter into the booming live music industry.” The team aims to develop a thriving ecosystem for musicians and event managers creating a social media and gig booking platform. In short, “a smarter way to explore live music.”
Viberate’s place in the cryptosphere
There are definitely other players in the blockchain-music space – the team do not hesitate to acknowledge them, commend their vision and clearly outline Viberate’s target demographic in response. Co-founder and COO Vasja Veber states that “the only thing we have in common [with other blockchain music startups] is that we’re all trying to solve problems today’s musicians are encountering on a daily basis”. Viberate wants to “do for the music industry what AirBnB did for tourism.”
The main differentiation between other projects (such as Musicoin which we’ve covered recently) is that Viberate focuses on the “live segment” as opposed to the “recorded music segment”. Despite this new approach, they do not claim being the “first” at anything – which is often seen as a catch-all phrase to get people’s buy-in to a project.
Hear from the team
Viberate’s arguably most high-profile figure on board is Charlie Shrem. When Shrem isn’t off celebrating milestones in Bitcoin development, he’s evangelizing projects that he believes have the potential to “enhance and change the world” using blockchain technology:
When Bitcoin came out, we had finance… Now we’re moving onto other ideas. How can we use blockchain technology to change the world and use it for disrupting things like the music industry and social media? That’s where Viberate comes into play
Founder & CEO Matej Gregorčič supplements Shrem’s passionate but abstract prose with some concrete information on Viberate’s game-plan: “We want to give every musician a chance to sell their gigs through Viberate and charge for their services in cryptocurrencies”
Everything music under one roof
The crux of the Viberate platform is centered around the Vibe token which powers the network. This aims to concentrate the entire music ecosystem into one place.
The two main players are talent (such as DJs, musicians, and artists) and event organizers. Artists gain exposure via the Viberate social media platform, and consequently sell their services at venues to earn Vibes. At the same time, promoters and event organizers can spend their Vibes by booking artists they find on the platform. Other than these primary functions, there are a myriad of other ways Viberate aims to allow all stakeholders to spend and earn Vibes.
Envisioning a healthy and thriving ecosystem is only 10% of the battle though – actualizing it is the other 90%. It’s important to recognize that creating a new cryptocurrency and developing the projected use cases for it is always a difficult undertaking. Many projects springboard off already established (insofar as it is possible to be established in the crypto space) cryptocurrencies such as Ethereum. Creating the Vibe token grants the project more control, but it could lead to a slow start (have a read of the network effect for more on this).
However, in stark contrast to many other ICOs, Viberate have already got something to show for their platform and have considerable activity. They currently boast over 50 thousand music venue profiles as well as 200 thousand event profiles present and active on their databases.
The call for fundraising is a sign of intention to develop the platform further and faster. Vasja acknowledged that investors should be wary of uncapped ICOs with little-to-no proof of concept. In response, he stated the Viberate platform aims to run a tight ship and only promote crowdfunding insofar as its essential to kickstart the service. This, according to their estimates, rounds up to $6 million for development of features and an equivalent $6 million for launching a global ad campaign.
Shrem’s final words on Viberate paint an ideal picture that, if fully actualized on the blockchain, would have powerful implications for functionality of appcoins:
Now we have an idea where we can pay, and get paid [for] artists, music, content, ideas and build a whole community around the music industry… Check out Viberate.