FAQ
What is Bitsong?
BitSong is a Blockchain based Ecosystem fully designed to empower the music industry. It’s a decentralized ecosystem of services providing the global community of artists, fans and music providers with a trustless music marketplace that becomes the industry’s point of reference.
What problem does BitSong solve?
The leading streaming music companies have been routinely accused of treating artists poorly through duplicitous contract structures and low payments. All of that has created a low-trust environment and confused artists and fans over whom to support.
What’s the BitSong goal?
Give back the power to the music! Our mission is to decentralize the music sector by simplifying the bureaucracy to offer artists a meritocratic, transparent, fast and intermediary-free earnings model while users gain a new way to listen to music and earn.
Who is BitSong for?
- Fans;
- Artists;
- Record Labels;
- Crypto investors;
- Investors;
- Developers.
Why should fans listen to music or take part in BitSong?
BitSong it’s a new way to engage with your artists. Users have a single platform for streaming/downloading music products, receive rewards for their activity, interact with artists and support them, buy NFTs, buy and sell Artist Fan Token and become music investors.
Why should Artists join BitSong?
Artists can tokenize their music and restore a new equilibrium where art, real engagement, and passion wins. They now have royalties in real-time and new revenue streams since they own an economy based on tokens and NFTs.
Why should a Record Label join BitSong?
In BitSong Labels and distributors are entirely decentralized. Opening a new label, managing talents and recruiting new artists is now easier and more efficient. Thanks to the blockchain technology now Labels and Artists earn real-time royalties and Create & sell NFTs.
Why should I invest in BitSong?
BitSong is an ecosystem of services aimed at the global community of artists, fans and music providers with a trustless music marketplace. BitSong aspires to become the main landmark in the music industry. You can invest in music projects, selling and buying shares, being part of the governance of BitSong and of course buying and selling BTSG crypto currency.
I am a developer. What can I do in BitSong?
You can build your own dApp using high level blockchain development tools available in the BitSong Console. Follow us on Github.
I am a validator. What can I do in BitSong?
You can run a full node to earn BTSG for validating transactions, and vote on governance proposals.
What is a FanToken?
It’s the Artist Coin! Artists and Labels can tokenize themselves and create their own economy in the BitSong ecosystem.
Why should users invest in Artist or Labels FanToken?
Engagement becomes a currency of exchange between musicians and fans who establish a relationship of trust and contribute together to the success of musical projects and products.
Why should Artists or Record Labels create their own Fan - Token?
Through the Fan Token system, the Artist earns everything they have always wanted and claimed: close contact with fans, having the opportunity to independently finance their own projects, acquiring the right notoriety based on the success of their brand and songs, and get the right rewards for hard work.
Has a FanToken an economic value?
Yes, it works the same as crypto currency! The economics value follows the BTSG index and of course the Artist progress.
What is Staking?
Staking is like entrusting your BTSG. You can gain interests just putting your BTSG into staking and earning passive incomes from it.
Can I claim my earnings whenever I want?
You can immediately claim your rewards anytime or request to collect your BTSG from staking, this request will be accepted in 21 days.This parameter follows the BitSong community rules.
Is staking for everyone?
Everybody can hold BTSG funds in their wallet, stake their coins and start to earn rewards.
Who are Validators?
A Validator is like a big decentralized notary for the blockchain. In BitSong we have more than 50 Validators, a really huge number compared to other blockchains. For example, if you are trying to do an incorrect action or give a wrong input, Validators will block you to protect all the BTSG owners.
What is the Governance?
The governance is a form of direct democracy through on-chain voting mechanisms. In BitSong rules are made by the community, who is part of the ecosystem, proposes and votes on the BitSong laws.
What is the Community Pool?
The Community Pool is a fund composed of 2% of the total amount of BTSG.
Last modified 1yr ago