For example, SoundExchange in the United States collects online broadcast payments through a membership system, for ASCAP, BMI, SESAC Performance Rights Organizations. Large online radio networks have monetized this valuable content with subscription systems, membership perks and traditional broadcast advertising in attempt to offset the fees enforced by the laws.
We have created an open-source online royalty payment model with peer-reviewed information available worldwide through a distributed ledger system. This Dual Token Ecosystem is named as the CyberFM “CYFM” token and named as the “MFTU” token for “Mainstream For The Underground.”
Song: No Surpize
Album: Night In The Ruts
Songwriters: Joe Perry / Steven Victor Tallarico (Steven Tyler)
The MFTU Token is similar, but represents the world’s first truly digital, fair, legal and cryptographic Performance Rights Organization for Independent Artists. Protecting their rights and payments across the entire globe!
Both utility tokens are an ERC20 asset registered on the ETH blockchain used to create this universal payment system that enables royalties to be collected for all performances, at all times, throughout all countries! The MFTU and CYFM tokens will also be used initially to compliment fiat payments for online radio memberships, credits for in-app purchases and registration fees.
This ecosystem represents a universal, international currency that will compensate all artists and performers across the world! The aforementioned will be compensated regardless of individual membership to their respective Performance Rights Organization. However additional perks, rewards and income will be available when these members fully adopt our system.
Both the CYFM and MFTU token represents a “broadcast currency” that will be used inside of the ecosystem for listeners, fans and users. For example, listeners may win MFTU tokens in a radio contest, they may use the tokens to purchase premium memberships for song-skipping, on-demand downloads, commercial free streams and other benefits.
Based on the Howey Test, the intentions of both tokens are strictly to be used as a universal, internationally accepted currency. This token has no role in the profit and success of the 10 year old “Cyber-FM” Company located at any of our websites. Additionally, these tokens are not for sale at any CyberFM based website. No Initial Coin Offerings (ICOs) are planned or needed for either token.
Our smart contract implements the ERC-20 token standard using libraries from OpenZeppelin, which have been thoroughly reviewed and tested. Additionally, our token contract has been professionally audited by the experts at Quantstamp.
We protect against all common attacks and store only hashed passwords using bcrypt. Our website traffic runs entirely over encrypted SSL/TLS (https). The source code has been independently security-reviewed by third party security engineers. Hunter2 has also reviewed the codebase and provides ongoing security training to our engineering team to stay up-to-date on best practices in security.
Feel free to view the block explorer for both the CYFM token and also the Independent MFTU Token.