- Feedbands rewards users with bitcoin when they stream and share music on the site
- The platform says artists get paid streaming royalty at a fixed rate
- Feedbands says its beta testing the Lightning Network for superfast cost-efficient bitcoin payments
Feedbands, a crowd-sourced record label, and music streaming platform has integrated bitcoin (BTC) into its system to enable artists and streamers to earn more per stream than on Spotify, reports Micky News on March 14, 2019.
Feedbands Joins the Bitcoin Movement
In a bid to offer users better incentives for streaming and sharing music they love, Feedbands has adopted the world’s flagship cryptocurrency bitcoin.
Founded in 2012, Feedbands has reportedly hinted that musicians and music lovers can now earn bitcoin just by using the platform and it offers users more incentives than its direct competitor, Spotify.
Also, Feedbands has put in place a robust referral program that allows artists and music streamers to easily earn bitcoin when someone signs up on the platform with their unique referral link and stream content on the site.
Feedbands Trialing Lightning Network for Faster Payments
Reportedly, users of the platform are required to set their preferred payment thresholds, and once their bitcoin earnings reach the specified amount, the funds are sent to their bitcoin wallets.
Feedbands says it is now beta testing the Bitcoin Lightning Network in a bid to carry out faster and more cost efficient payments.
Graham Langdon, Founder, and CEO of Feedbands said:
“We’re experimenting with the lightning network, which will allow us to make streaming royalty payments instantly and at near-zero cost.”
He added:
“The Lightning Network makes it possible for Bitcoin to power economies that need to make instant micropayments. It’s the perfect payment technology for the music streaming ecosystem.”
Feedbands Creatively Fighting Climate Change and Promoting Bitcoin Adoption
In addition to revolutionizing the music ecosystem with bitcoin, Feedbands says it has partnered with Trees for the Future, a U.S.-based nonprofit that helps communities across the globe plant trees, to promote a greener environment and curb climate change.
Langdon says the initiative is focused on making bitcoin critics understand that the digital asset is not entirely environmentally unfriendly after all.
He said:
“We are poised to create a working use case not only for bitcoin to power the music streaming economy, but also to demonstrate that bitcoin can help improve the environment by making it easy for users to have a positive impact.”
At press time the price of bitcoin sits at $3,907, with a market cap of $68.73 billion and a 24-hour trading volume of $9 billion.