The music industry has come a long way. Indeed, it is one of the oldest industries in human history. With the advent of blockchain technology, it is not lagging behind. This is why Rhythm, formerly BeatPlaylist, has decided to bring blockchain to the industry.
What is BeatPlaylist?
BeatPlaylist is a desktop music player, and the famous YouTube powers it. The application has an in-app web browser that directly connects to YouTube. This enables users to search through the billions of music content on YouTube and create personalized playlists. Additionally, the users can synchronize their Google accounts and BeatPlaylist accounts for more customized services.
Ryan Davern founded the platform and the entire project. He has overseen the project from its birth to where it has reached. Decentralization as the whole is just a bid to remove middlemen. For example, banks, record labels, streaming apps, and payment processors are middlemen. They take hefty fee cuts for every transaction. However, almost all forms of blockchain cut out the middlemen. This is the main reason why traditional finance does not like crypto.
What is Rhythm?
Rhythm is the native token of the BeatPlaylist platform. The token has been issued on the Binance Smart Chain (BSC) because of its low fees and fast transaction speeds. One of the uses of the token is to purchase premium memberships on BeatPlaylist. There is a total of 20 billion tokens. 1.7 billion have been burnt out of circulation, while 750 million tokens belong to the team.
The team aims to make the music industry decentralized end-to-end. This means the removal of the middle man; such as record labels that milks artists dry. The rhythm team will build a Centralized Decentralized Finance (CeDeFi) app. Through the app, artists can create NFTs of their music called NFT Pins and sell them to their followers. To enable this, Rhythm is also building an NFT marketplace.
Rhythm Token Tokenomics
The burn mechanism will continue until there are only 1 billion tokens left. At this point, there will be a vote to decide whether to continue with the burn or not. Every transaction incurs a 10% tax. 5% of this tax goes to the liquidity pool, 3% goes to holders in reflections, and 2% goes to the artist.
There are Goodies for All Who Participate
The team over at BeatPlaylist ave some nice things in store for their community. All RHYTHM holders get 3% of every transaction made. Moreover, the first 10k holder will receive ‘Early Adopter’ Non Fungible Tokens (NFT). There is still a chance to join because there are 2,472 holders of the RHYTHM token.
There are three tiers of holders of the Rhythm token: Silver, Gold, and Diamond. Silver-tier holders have 1 million tokes or more, Gold tier has 10 million tokens or more and Diamond tier members have 50 million or more tokens. Currently, there are 45 Diamond users, 92 Gold users, and 0ver 350 Silver users.
Rhythm (RHYTH) price sits at $0,000064884 with a market cap of $1.2 million.