Blockchain & Music: Global Streaming Service Issues Coin on Minter, Accepts for Payments | Business

The Minter Development Foundation announces that​  FLAT.FM, an electronic music streaming service that brings together artists and listeners from all over the world, issued its own cryptocurrency on the Minter network under the name “FLATCOIN.”

Aside from accepting FLATCOIN for payments and offering a 50-percent discount on the subscription plans, the platform also aims to start paying all authors a certain fee each time someone listens to one of their mixes. In addition, FLAT.FM plans to utilize the coin to enable organizers of parties and other thematic events to sell tickets worldwide, and guests, to return them with no limitations.

The team behind the service also announced its intention to set up and run its own masternode on the Minter network at some point in the future.

“For two years, we have been seeking a technology-driven way of settling with musicians. Even modern tools of traditional money killed any decision at the evaluation stage due to the size of commission fees and issues with cross-border payments. Minter has become a fundamental infrastructure solution for us,” said Maksim Anisimov, company’s CEO. “Instant transfers that do not depend on the location of the recipient coupled with low transaction costs allow us to build an efficient system of compensating authors in our own coin. Absolute liquidity will enable artists to instantly spend FLATCOIN within other Minter-based services or convert it into fiat currencies. And through the atomic swap mechanism, it will become possible to exchange the coin for other cryptocurrencies. All these and many other advantages of the Minter network have already been implemented or are getting ready to be introduced into the FLAT.FM operations and future products of the broader FLAT.DIGITAL ecosystem.”

Minter Development Foundation is a U.S.-based entity supporting the development and adoption of the Minter blockchain ecosystem that allows individuals…

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