BitSong brings musical artists and their fans together strategically in a blockchain based system where they gain control over their revenue stream, have access to Web3 growth tools, and enjoy opportunities within a mutually beneficial earnings model. This decentralized economy for the musical industry creates a digital market that will transform the ways artists, music providers and fans interact with each other.
Our mission is to decentralize the tools that are useful to the music industry by simplifying the bureaucracy so that artists experience a meritocratic, transparent, fast, and free-of-intermediaries earnings model that favors communication between artists and investors while giving users a new way to listen to music and be rewarded.
BTSG is the native token of the BitSong Network. It is used by the BitSong governance system to vote on blocks and improvement proposals. The amount of BTSGs staked as well as the duration of the validator’s staking term defines their voting power on improvement proposals.
BitSong is used not only for staking, but also for paying fees and for exchanges between artists and their fans, music providers and investors. BTSG is the fuel for running BitSong’s entire ecosystem.
The BitSong Network relies on a set of validators that are responsible for committing new blocks to the blockchain. Validators participate in the consensus protocol by transmitting votes that contain cryptographic signatures signed by the private key of each validator.
Validators own BTSG and can also receive further delegations from other users. Initially, the governance of BitSong will be composed of the top 64 validators. But at any time the governance can open a proposal and vote to increase the number of active validators.