Viberate is a platform that joins the entire live music ecosystem under one roof. Currently it acts as IMDB for live music, where profiles are ranked according to their online popularity. It is built and curated by the Viberate user community.
Our end game is to disrupt the music industry as we know it by becoming the biggest global talent marketplace where event organizers will be able to book musicians directly through our service using cryptocurrencies. They will pick them up from the massive selection of profiles using our social media metrics and after the gig is over, the event organizer will review the musician and vice versa.
Listing both, demand and supply of the live music market, Viberate represents a great sales channel for already established acts, but more importantly – a priceless tool and an excellent sales showcase for millions of unrepresented (long-tail) musicians from all around the world. It’s a matchmaking platform that digitizes the job that talent booking agencies have done for over a hundred years with one more important difference – any musician can join, regardless of genre, country, fame level or gig history.
We will utilize the advantage of smart contracts during the negotiation process. Crucial information about the booking will be negotiated and then written into the smart contract:
date and time of performance
venue and event organizer details
duration of performance
technical and hospitality requirements
Viberate will use smart contracts, sourcing the above mentioned variables directly from the artist booking backend, where every artist will set their own booking requirements and preferences. Once agreed, the terms will be written into the smart contract, which will then be sealed with a timestamp and put onto the blockchain. Any additions or alterations will result in voiding the old contract and replacing it with a new one, provided both parties confirm the alteration on the blockchain.
When it comes to payments, one of the biggest advantages of using the blockchain technology in the artist booking process is the ability to offer escrow. It’s the safest way for both parties when dealing with artist bookings. However, fiat currencies escrow in most countries requires a set of licenses from centralized authorities such as central bank or the Ministry of Treasury and Finance. Using a cryptocurrency with a combination of a smart contract solves this issue and allows for effective and safe escrow.
Bookings on Viberate will be made using Ether (ETH) and our own Vibes (VIB) and following these steps:
Upon digitally signing the contract, the event organizer (buyer) pays the agreed number of ETH or VIB plus a service fee to a specially created wallet that holds the coins until the event is fully executed.
The event organizer has 24 hours to file a complaint in case the artist has breached the contract in any way (no show, cutting the performance short for unexplained reason, excessive behavior, etc.) and after that period ends, the artist fee is released to the artist’s wallet.
In case of a breach, a dispute is triggered, which is handled by a trained tribunal of music business experts who give the verdict, based on provided evidence (photos, exchanged e-mails etc.). The members then vote and decide whether to return the withheld fee to the organizer or clear the payment into the artist’s wallet.
When the booking is fully executed and the event is over, both parties will review each other and the reviews will be published on their profiles.