Tune.fm - The First Token On Hedera Hashgraph

 

Introduction

Tune.fm is a new music streaming platform launched by the company hearo.fm, with a mission to help artists earn a living wage from their music. This is made possible by the native JAM token which enables micropayments for every second of streaming. Powered by Hedera Hashgraph.

About Tune.fm

tune.fm has officially deployed to mainnet a new token protocol for Hedera Hashgraph. This new protocol utilizes an unprecedented sharding architecture that is necessary to scale token smart contracts on distributed public ledger provider Hedera Hashgraph. This represents an evolution of the ERC20 standard token protocol built for Ethereum since it adapts to and builds upon the unique architectural differences of the Hedera DLT versus Ethereum blockchain. Some of the advantages of Hedera over Ethereum are bank-grade security through its aBFT (asynchronous byzantine fault tolerant) consensus algorithm, lightning fast throughput speed, and minimal fees which are all possible utilizing a DAG (directed acyclic graph) architecture instead of the blockchain. Since the DAG differs from the blockchain in significant ways, the vanilla ERC20 standard smart contract is not sufficient to operate and scale tokens on Hedera Hashgraph.

Thus tune.fm developed a new token protocol architecture for the JAM token to make it possible to scale token smart contracts on Hedera Hashgraph in a decentralized way. A token on Hedera offers unique advantages like finality and fairness for consensus ordering, fast transaction time and consensus speed necessary for dApps, and low fee structure making micropayments possible. The JAM token is specifically built for micropayments for every second of music streaming so when the music gets played the artist gets paid.

The JAM token is the cryptocurrency developed and used by tune.fm to allow listeners to support artists directly by simply streaming their music. Artists can earn JAM tokens as their music is streamed and they can also promote their music to first time listeners using JAM tokens to incentivize discovery. Fans can earn 100 JAM tokens for signing up and spend JAM by streaming music or earn additional JAM tokens for discovering promoted music.

What Is Tune.fm?

tune.fm is a decentralized application for music streaming developing a global music economy and decentralized marketplace for artists and fans. tune.fm features over 5K artists from around the world including grammy award winning artists from Mathew Knowles’s label Music World Entertainment featuring Beyonce live instrumentals. When the MWE catalog was first launched on tune.fm the surge in new signups caused the original smart contract to max out its state state size and not accept additional user wallets. This put the team back to the drawing board to re-architect the token smart contracts and develop a new protocol for scaling smart contract tokens on Hedera. The new architecture involves a ‘parent’ smart contract which wraps around various ‘child’ smart contract shards. As the state is filled for individual shards, new child shards are added to the parent smart contract, which intelligently maps and routes all incoming transactions to the relevant child shards.

This groundbreaking new token protocol architecture makes it possible to bring tokenization to Hedera the way ERC20 brought tokenization to Ethereum. With a much stronger technological foundation and compelling governance structure, Hedera can prove to be the more stable and scalable public distributed ledger technology that enables decentralized applications to scale and tokenize. With the new Hedera token protocol developed by tune.fm for the JAM token, decentralized tokens on Hedera are now possible and they solve a lot of the issues associated with Ethereum tokens involving speed, fees, security, and scalability. It is possible through widespread adoption that tokens on Hedera utilizing a similar sharding architecture could become the standard for future dApps looking to tokenize. tune.fm represents a critical use case for micropayments and cryptocurrency, allowing the JAM token to act as an ‘in-game currency’ for streaming micropayments as part of a novel ‘pay-as-you-go’ business model. Since payments happen seamlessly and automatically, micropayments allow the user to pay continuously for their real time usage of the application and compensate creators proportionally for their consumption of media.

Tokenomics

Standard: HTS (Hedera Token Service)

Symbol: JAM

Supply: 1,000,000,000

JAM Token on Hedera Hashgraph

The native digital cryptographically secured token of Tune.FM (JAM) is a transferable representation of attributed utility functions specified in the protocol/code of the Tune.FM, and which is designed to be used solely as an interoperable utility token on the platform. JAM is a native asset minted on Hedera Token Service (HTS) running on the Hedera Hashgraph DLT. The token will enable creator and curator rewards to artists and fans in the form of borderless micropayments for streams and reviews.

For the first time, artists will be able to monetize individual streams directly from fans around the world via seamless micropayments in the form of JAM token cryptocurrency. No longer will credit card & banking fees get in the way of real earnings. The JAM token will operate as a democratized value exchange between artists and fans around the world.

For more information, please visit Tune.fm

Website: https://tune.fm/

Whitepaper: https://tune.fm/public/landing/images/Tune.FM(JAM)WhitepaperV3.pdf

Twitter: https://twitter.com/tunefmofficial

Facebook: https://www.facebook.com/tunefmofficial

Telegram: https://t.me/tunefm

Author

Bitcointalk Username: cryptopico

Bitcointalk Profile: 

https://bitcointalk.org/index.php?action=profile;u=2645700

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