Tune.fm Taps Cryptocurrency Startup Hedera Hashgraph for Fast Payments
Tune.fm has tapped blockchain startup Hedera Hashgraph to enable fast payments for artists. Hedera is based on the “theory of everything” called fundamental scalability, which posits that digital data could one day represent the universe itself.
One day, when data isn’t stored in silos, but instead in a decentralized credit network, it could process trillions of transactions per second, much faster than current payment networks.
What’s that? You want to listen to music from these artists but have been holding off on buying a single because of the cryptocurrency gold rush? Well, you can now. In a partnership announced today, Hedera Hashgraph will be powering Tune.fm’s new proprietary cryptocurrency system — a way to quickly pay for songs or other content from music creators — which will enable artists to connect with their fans and increase their revenues.
And this is all part of a mission to create a new streaming ecosystem where artists and fans engage through the ‘live-streaming’ of music and other content.
Tune.fm, a music discovery app for streaming ad-free music on the go, has launched a new partnership with Hedera Hashgraph to enable fast payments for artists via its blockchain-based system. Tune.fm will use digital tokens issued by the Hedera protocol to directly pay artists rather than relying on third party distributors or intermediaries.”
On Wednesday, Tune.fm announced that it has partnered with Hedera Hashgraph, which develops distributed ledger technology to securely store sensitive data in a decentralized fashion, to enable faster payments for its music programming.
You will soon be able to pay for songs using cryptocurrency via Hedera’s distributed ledger technology. Users can also “tip” their favorite Tune DJs and singers by paying with Hedera cryptocurrency tokens. The virtual currency will be available through the full-featured Tone token wallet on Tune.fm.
Play your favorite tunes in the cloud without installing an app, thanks to Tune.FM’s new partnership with cryptocurrency startup Hedera Hashgraph. As part of the deal, artists will be able to retrieve royalty payments through their Hedera hashgraph wallet at any time in real-time, all in real-time.
This partnership enables artists to access their entire music catalog, including their unreleased songs or works in progress for streaming or download, in minutes.
Hedera Hashgraph is different from other implementations of distributed ledger technologies because it’s designed to scale without losing security. Tune.fm says it can help artists free up their time by offering real-time payments, which results in fewer missed opportunities to sell tickets and merchandise.
Tune.fm, which lets you pay for legally-purchased music with your mobile phone, has tapped cryptotechnologies firm, IOTex Technologies to be part of its future payments system. The Hedera Hashgraph blockchain will be used to increase speed and efficiency of payments made by Tune users.
Hedera Hashgraph is a leading distributed ledger platform for building high-performance, secure communications systems. The company’s Hedera Hashgraph technology can process millions of transactions per second, with zero fees. The partnership will be the first time that Tune.fm has kicked off an initial coin offering, or ICO, for a new cryptocurrency.
Tune.fm is a global platform for independent artists to make a living from their creativity. A fast-growing leader in Spotify’s emerging Audio-Only tier, Tune boasts more than 16 million listeners and is on track for over 50M listeners by the end of 2018.
In late 2017 Tune began exploring ways to serve their expanding audience with a sustainable, artist-friendly solution as they saw significant demand from the community as they increasingly sold off new players. They quickly identified Hedera as the best possible choice to enable fast payments between Tune and its users — and we couldn’t be more excited to be
All the Tune.fm paid subscription streams are now paid-for using Hedera Hashgraph, which was founded by Lucas Duplan, who previously collaborated with musician Deadmau5 to take advantage of blockchain technology.
Hedera is named after Syrian public domain term that means horizontal agreement or allegiance. “”We don’t have the capacity to handle lots of transactions right now,””” says Duplan, “”so we’re looking for partners.””
When you pay for your song with tune.fm, the money is put in escrow to be transferred to the artist when delivery of the track is confirmed by the artist. Tune.
fm claims that, in contrast to most major streaming platforms, artists are able to retain 100% of their revenue while receiving royalties when consumers pay for their songs when it suits them, instead of only when the consumer happens to be listening at that time.
Hedera, the leading distributed ledger that manages secured, private, distributed apps is being used by Spotify, IBM, Qtum, Cooley LLP and others to build decentralized applications. Hedera is the first open-source distributed ledger to power a live digital marketplace built on blockchain technology.
For more information:
Website : https://tune.fm/
Telegram : https://t.me/tunefm
Facebook : https://www.facebook.com/tunefmofficial
Instagram : https://www.instagram.com/tunefmofficial/
Medium : https://medium.com/hearo-fm
Twitter : https://twitter.com/tunefmofficial
Bitcointalk username: Aiko Ryzuka
Prolfile Bitcointalk link: https://bitcointalk.org/index.php?action=profile;u=3397304
Hedera Account ID: 0.0.577843