RecordFarm announced that it plans to establish a reward-based music platform that uses blockchain technology. A reward-based music platform refers to not a traditional system that collects royalty but a system which provides reward based on the activity of platform users. It is a model where not only artists but also listeners receive profit.
Ensuring transparency and the management of copyright on the blockchain, RecordFarm added music curating and voting function as well.
Haeyong Shin, CEO of RecordFarm said that “the exchange of contents within RecordFarm will be accelerated by providing compensation to not only musicians but also users who share, post and vote for music, thus maintaining a sustainable ecosystem.”
With Record Foundation, a Singapore based company, RecordFarm is currently working on its initial coin offering (ICO). The RECORD(RCD) token will be officially announced in early June. Find more details on RecordFarm here.