Global music marketplace hearo.fm has announced on August 21, 2018, that it is looking to launch its JAM token on the Hedera Hashgraph distributed ledger technology platform, to enable users to send micropayments when they stream music on the platform and also get paid with JAM tokens when they curate trending music.
JAM on the Blockchain
According to a PR Newswire report Hearo.fm Inc. has selected the Hedera Hashgraph blockchain platform as the best launching pad for its JAM token, which would function as the native altcoin for its global music streaming system.
Per the press release, JAM token will facilitate all transactions on hearo.fm’s tokenized music economy called tune.fm, enabling artists to get paid in real-time when their music gets streamed.
Interestingly, music fans are not left out, as they will also be rewarded with JAM tokens when they curate trending music on the platform.
Super Fast Hedera Hashgraph
Hedera Hashgraph, a Texas-based blockchain technology startup claims to be creating a DLT system that would offer users a super fast, secure and reliable distributed ledger that is capable of handling hundreds of thousands of transactions per second in a single cluster of computer.
This excellent feature, coupled with the fact that Hedera Hashgraph supports micropayments with meager transaction fees, has made it the blockchain of choice for Hearo.fm.
“Hedera Hashgraph is the only platform that will truly fit our technological need to enable lightning fast micropayments for music streaming around the world,” said the Founder of hearo.fm Inc., Andrew Antar, adding “When the music gets played, the artist gets paid.”
While blockchain projects like Ethereum and several others serve as a foundation for the launching of decentralized applications as well as new blockchain projects, these networks have often come under criticisms for their scalability issues.
The Hedera Hashgraph alternative distributed ledger is primed to succeed where other blockchains have failed, by utilizing the virtual voting consensus algorithm to confirm transactions on the network.
Hedera Hashgraph boasts its virtual voting consensus algorithm has all the strengths of Bitcoin’s proof-of-work algorithm but shares none of its weaknesses.
“Enabling artists to benefit from their work directly is a perfect use case for the Hedera Hashgraph public distributed ledger,” said Global VP of Business Development at Hedera, Jordan Fried.
On August 1, 2018, reports emerged that the Hedera Hashgraph project had raised a whopping $100 million through a future token sale organized for institutional investors only, in a bid to take its platform to the next level.