Hearo.fm is launching the Jam token cryptocurrency, which will be fully integrated with new music streaming service Tune.fm.
The cryptocurrency is built upon Hedera Hashgraph’s distributed ledger technology (DLT). The rise of blockchain was covered in-depth at the inaugural Music Week Tech Summit.
Hearo.fm allows fans to discover and stream music, while ensuring that artists are compensated for their work. It is currently running as a fully functional demo platform with over 5,000 artists already making use of it.
Both a social media and music streaming platform, Hearo.fm allows fans to discover local music from different countries, regions, and cities around the globe. Artists receive Jam tokens when fans stream their tracks, which can be used for on-site marketing or cashed out.
Fans are rewarded with Jam tokens for helping curate the music experience, such as reviewing albums and crafting playlists. Hedera Hashgraph enables hundreds of thousands of transactions to take place per second with virtually no fees. This allows micropayments for every stream and artists to keep 90% of the proceeds.
Andrew Antar, founder of Hearo.fm, said: “With micropayments on Hedera Hashgraph, we can change the game for the music industry and pay artists directly for every second of a stream in a fully gamified music economy. Hedera Hashgraph is the only platform that will truly fit our technological need to enable lightning-fast micropayments for music streaming around the world.”
Hearo.fm is currently in the public presale phase of launching their Jam token cryptocurrency, ahead of their Initial Coin Offering (ICO) in Q1 2019. The fully tokenised streaming platform will launch as tune.fm in Q4 2019.