RHYTHM is a cryptocurrency based on the CeDeFi music streaming platform with over 100 million songs, videos, and podcasts. CeDeFi is the merger of centralized and decentralized finance that aims to have the functionalities of both systems for quicker transactions at lower fees and lower risks. Besides powering premium service, NFT albums, playlists pins, and the artist partner program, Rhythm (RHYTHM) seeks to provide perks and rewards to wallet holders. The native token of the RHYTHM platform is used as a payout currency for artists in the partner program and NFT community market.
Further, the Rhythm platform claims that the music industry has barely touched the market in the crypto space because of a lack of funding and payments to the artists to use the platform. Therefore, Rhythm brings the innovation back to the music industry and solves this problem by seeking to improve the token utility and platform's user interface. That means the project aims for DeFi to enter the music industry with a blockchain ecosystem. This DeFi space aims to contain NFT-hosted music and the music hosted on other platforms such as YouTube, Spotify, and Apple Music. Building CeDeFi/DApp allows artists to create NFTs of their music and albums. The DApp version of Rhythm aims to enable the community to voice their opinion on Rhythm development with votes regarding new feature ideas, more use-cases /new projects for Rhythm, and much more.
Rhythm intends to be the DeFi ecosystem for all music projects with a partnership program. The platform aspires to grow by partnering with multiple successful DeFi projects and artist partner programs. That means Rhythm accepts all partnered tokens as a payment for the project's premium subscription service.
Rhythm protocol allows tokenizing the entire YouTube platform. Moreover, artists can link their crypto wallet to their Rhythm account and open a new avenue of revenue per month with tracked streams, NFTs, and more. Rhythm aims to employ an automatic liquidity pool algorithm (AutoLP) in the token contract to minimize price movements. The network collects 5% from each transaction to add to the liquidity pool, thereby seeking to benefit holders with a stable price floor.
Further, projects' business information is displayed on the portal to assure traders’ safety. The Rhythmsmart contract seeks to be safe and secure as the project uses the Safemoon contract as a base and goes through Safemoon's CERTIK audit to eliminate the issues/bugs found during the audit. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on blockchain.
Lastly, users can trade NFTs through Rhythm's community market, connect their crypto wallets, and unlock wallet perks besides tipping their favorite artists. Other platform features aim to include full access to over 100 million songs, music videos, and podcasts, creating NFT pins, playlists, singles, and albums, and listing new releases as a limited edition NFT on the community market. These NFT playlists, NFT albums, and singles are also tradeable on the community market.
