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August 16 2017

ICO Alert Report: Viberate

ICO Alert Report: Viberate

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What is Viberate?

Viberate is currently a kind of “IMDB” for music, featuring profiles of over 120,000 musicians. These profiles are found at the Viberate website and act as a musician’s ID, containing everything that matters: daily updated social media stats, gig dates, recent content and even contacts for agents and managers. In a couple of days the team will introduce similar profiles for music venues from around the world. Having the supply and demand side of the live music market in one place, Viberate will gradually introduce marketplace features where it will match musicians with event organizers. The project aims to become the Airbnb for musicians.
Further, Viberate is nothing like other blockchain based music platforms. Unlike all of them, Viberate does not operate in the recorded music segment (royalties), but in live music segment (live performances).
Vasja Veber, Founder and COO

Crowdsale Information
The crowdsale will begin on September 5th, 2017 at a block number specified a week in advance.

There is a minimum goal of $1,000,000. If this is not hit the funds will be refunded to contributors. There are two phases the Viberate team is aiming to reach. The first stage ($0–6,000,000) will be the development phase. The second stage ($6,000,000–12,000,000) will be the marketing phase. The hard cap is $12,000,000.

The Viberate token (Vibes) is an ERC-20 token and only Ether can be contributed to the crowdsale. The crowdsale is rewarding those who contribute early. The following bonuses are available:
 — 1st 48 hours: 12% bonus
 — 1st Week: 9% bonus
 — 2nd Week: 6% bonus
 — 3rd Week: 3% bonus
 — 4th Week: No bonus available

Token Distribution Information
Tokens will be issued immediately after the crowdsale through the smart contract. There will be 200,000,000 Vibes generated. 120,000,000 will be available during the crowdsale, and the rest will be allocated to initial investors, advisors, team members, bounties or reserved for future partners.

Allocation
The Viberate tokens are allocated as follows:
 —60% of tokens will be sold in the ICO to secure funds for further product development, operations and international expansion. 
 — 16% of tokens will be held by project founders and the rest of the team that helped to bring the project to life. 
 — 4% of tokens will be given to early stage angel investors. 
 — 5% of tokens are intended for the initial stocking of the bounty pool to award contributors, who help build and curate our database of entities. 
 — 8% of tokens will be awarded to our advisors and ambassadors. 
 — 7% of tokens will be reserved for future partners who will join the project at a later stage.

Use of Crowdsale Proceeds
The Viberate team plans to use the development phase contributions ($0-6,000,000) as follows:
— 40% of contributions are intended to cover the technical development costs of the upcoming service features, starting with implementing marketplace functionalities and additional entity features. 
 — 15% of contributions will cover the costs of non-technical product development, including project management, team management and business development. 
 — 15% of contributions will be allocated to cover the costs of adding new entities into the database, internally curating existing ones and setting up a support center. 
 — 20% of contributions will fund the first marketing phase, covering basic marketing operations, including advertising campaigns for user acquisition and branding. 
 — 10% of contributions will cover day-to-day operations, office rent, office equipment, travel expenses and legal fees.

The Viberate team plans to use the marketing phase contributions ($6,000,000–12,000,000) as follows:
 — 25% of contributions will cover the costs of direct sales to our target audiences, including direct calls and personal meetings. 
 — 15% of contributions will finance a global, ongoing PR campaign, targeted towards specialized and mainstream media. 
 — 60% of contributions will cover the costs of an ongoing global ad campaign covering all relevant media outlets, designed to increase our user base and assure marketplace liquidity.

Team
Matej Gregorcic, Founder & CEO
Linkedin
Matej has been an entrepreneur for most of his life. He founded one of the biggest event management agencies in the country. His company won numerous awards for marketing festivals and did some innovative work in the digital marketing space. He specializes in team leadership and strategic planning.

Vasja Veber, Founder & COO
Linkedin
After earning a Master’s degree in marketing, he joined Matej to found a music management agency. Since then, he has been managing one of the most popular techno DJs in the world, UMEK. With more than 10 years of experience in the music industry, Vasja has managed to create for himself an impressive network of influencers within the music industry.

Bostjan Zakelj, CTO
Linkedin
Bostjan is an well versed senior engineer. He has been a lead tech force at Viberate since the very beginning and is responsible for building a social media analytics engine that is capable of analyzing billions of data points daily.

Kristian Gorenc, CMO
Linkedin
Kristian specializes in digital marketing and PR. He has worked for a variety of different international brands, strategically planning and executing successful marketing campaigns. Kristian is a skilled PR professional, having taken care of the social media presence, advertising and press relations for a superstar musician and his label.

Andrej Plankar, Blockchain Specialist
Linkedin
Tired of his career in management, Andrej decided to utilize his math and strategic skills and became a full-time poker player. He soon took interest in cryptocurrency and joined his friend Tomo in his blockchain consulting firm, Netis. Andrej will bring these skills to Viberate.

Tomislav Mucic, Blockchain Consultant
Linkedin
Soon after he discovered the world of cryptocurrency, Tomo quit a promising career in the pharmaceutical industry and founded a blockchain consulting company, Netis. Tomo is also a founding author of Creditbit (CRB).

Rok Babic, Senior Blockchain Developer
Linkedin
Rok’s true passion is developing DApps on the Ethereum platform. He cofounded Spartan Solutions, and is aiming to become a leading decentralized solutions provider and integrator in the space.

Rok Bavec, Senior Developer, Data Scientist
Linkedin
Rok graduated with a degree in applied mathematics and specializes in data analytics, where he developed a series of algorithms for measuring online popularity among musicians.

Matic Magister, Head of Sales Support
Linkedin
Matic studied economics and has a strong passion for music, which makes him a perfect person to run Viberate’s sales support department.

Ina Veber, PhD, General Counsel
Linkedin
Ina is a lawyer with a PhD in international business. She specializes in international law and is currently researching the implications blockchain technology on intellectual property.

Matjaz Muhic, UX & Design (AV)
Linkedin
Matjaž developed his first website at the age of 13 and has previously worked for Arnoldvuga+. He earned a degree in graphic communication from the University of Ljubljana and is currently working on his masters thesis.

Tanja Bivic, Public Relations
Linkedin
Before joining Viberate to take care of the project’s PR, Tanja had a 14-year long career as a TV reporter, presenter, creative consultant and editor-in-chief at Slovenia’s national television station, RTV Slovenia. She has extensive knowledge in content creation and marketing, and has a degree in Social Services from the University of Ljubljana.

Social Media
Facebook: https://www.facebook.com/viberateOFC/
Twitter: https://twitter.com/viberate_com
Linkedin: https://www.linkedin.com/company-beta/10428955/
Slack: https://www.viberate.io/en/team#
Bitcointalk: https://bitcointalk.org/index.php?topic=2029450.0
Medium: https://medium.com/viberate-blog
Telegram: https://t.me/joinchat/F-zeng3flJHfWK0XXgDcwg

The above ICO information can be found on the Viberate website and in their whitepaper. (1)(2)

Q&A

ICO Alert: How does the Viberate token (Vibe) function within the Viberate ecosystem?

Vasja Veber, Founder and COO: A very detailed description of the token’s utility value can be reached at https://www.viberate.io/en/token-value
But in short: musicians will have a chance to charge their artist fees in Vibes, while contributors to our platform (anyone can add new profiles) will earn them by adding profiles, curating the content in existing ones, writing articles, promoting the service etc. Further down the road we will also offer a ticketing service, where users will be able to spend Vibes to buy concert tickets.

ICO Alert: What unique advantages does Viberate have to bring to event organizers and musicians in order to incentivize them to use the Viberate platform? Is Viberate easier to use than the traditional process between musicians and booking agents and how difficult is the setup process for both booking agents and musicians?

Viberate: First of all we offer an unparalleled discovery experience. All of a sudden you have all the musicians you want in one place, filtered by genre and country, and ranked by their social media popularity. It’s an ideal tool to find the next big star or to just book that warm-up band you were looking for.
For artists, Viberate is a dream tool to get some extra exposure and stand out. As soon as we introduce the marketplace features, we will become everyone’s favorite digital booking agent. For event organizers, Viberate is an almost unlimited resource of inspiration and a perfect tool to follow trends. Fans can use it to track the content and gig dates of their favorite acts and of course earn Vibes by adding new profiles into the database.

ICO Alert: The Viberate database boasts over 120,000 musicians, 40,000 music venues and 60,000 events. How long has this database been up and contributed towards, and what amount of each platform component (musician, venue, booking agent, etc.) do you believe you’ll need to achieve a ‘waterfall’ moment for platform adoption?

Viberate: The database you’re seeing now was built with the help of 50 thousand contributors, who got nothing in return for their work. Now they will have a chance to earn Vibes for their contributions. It’s hard to say where the tipping point is, but the adoption of the platform is growing very fast, especially if you keep in mind we haven’t even started advertising the platform yet. We have acts like Robbie Williams and Linkin Park claiming their profiles and new bands and individual artists are joining them on a daily basis.

ICO Alert: Viberate plans on incorporating a ticket sales platform in 2018. How will this function within the ecosystem and how important is the success of this piece to the entire Viberate platform? Does it hold unique benefits compared to traditional ticketing sites or does it just make sense as an additional function of the platform?

Viberate: Yes, we plan to allow event organizers to issue event tickets as ERC20 tokens. In a way they will have a chance of doing their own “mini ICO” for each event. We think this will bring a revolution into the live music industry, because we will allow organizers to issue tickets in a matter of seconds, with only a few clicks. With those tickets being stored on the blockchain, we will also ensure much more security than traditional ticketing systems currently have.

ICO Alert: Effective marketing seems to be a huge need for a music-related platform’s success. How do you plan to compete locally, regionally and internationally with platforms (cryptocurrency and non-cryptocurrency related) that may have more money and a larger user base?

Viberate: The founding team has a lot of experience in this field. We used to own a successful marketing agency, working for big international clients such as Philip Morris, HP, Vodafone, Microsoft and many others. We learned a lot about doing excellent marketing campaigns with very limited budgets and we can be as effective as possible. I think this is already very much noticeable with the campaign we’re currently running for Viberate’s crowdsale. Also, we noticed that a lot of blockchain based companies don’t take things seriously. We’ve read one too many badly written whitepapers, ICO websites are built on unreliable platforms that are feeding hackers one by one, and companies raise crazy amounts of money for really nothing but a badly pitched idea. We think that as with any new industry, this will eventually cool down and only projects with a great vision and perfectly prepared investment documents will deserve to raise a lot of money.

ICO Alert: There have been a variety of different music based blockchain projects taking off recently, or gaining in popularity. Why do you think this is, and do you think the space is too crowded already?

Viberate: The live music segment isn’t crowded at all. It’s us and maybe two more ticketing services (although Viberate is far from being only a ticketing service). The recorded music market is the one that’s saturated with blockchain-based solutions. Getting paid royalties using the blockchain seems like a great idea, but in reality I think they will need to tackle a lot of problems. The recorded segment is heavily centralized by a couple of major labels and publishers have all of the control. I don’t think they will let that slip away and just give such a lucrative business to a couple of blockchain companies. However, as a music manager by profession, I would be more than happy to see this happen as this is something that very badly needs changed.

ICO Alert: As a non-Viberate question, do you or any of the team members have any fun or insightful predictions for the cryptocurrency industry?

Viberate: The other day I saw a title of an article in a local newspaper that says it all. It went: “Our parents have pensions. We have cryptocurrency.”

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View the Viberate Website here.

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References
(1) Viberate Website, Viberate, (2017)
https://www.viberate.io/

(2) Viberate Whitepaper, Viberate, (2017)
https://www.viberate.io/pdf/Viberate.io_Whitepaper.pdf

Topics: Blockchain