The hearo.fm JAM Token is an ERC20 utility token for music that will run on the Hedera Hashgraph network. The token will be fully integrated with the hearo.fm platform to provide an ecosystem for decentralized cryptocurrency micropayments to artists and fans. We embarked on this mission to create a global independent music marketplace for artists to collaborate, share their music, and connect directly to their fans.
Our goal is to democratize access to music and level the playing field for artists around the world. Today, hearo.fm is a thriving music marketplace where you can discover great independent music from all around the world.
We explored accepting cryptocurrencies like Bitcoin and Ethereum, and then creating a credit system based on the fiat value across exchanges. Ultimately the current state of blockchain technology imposed serious limitations. High volatility made it impossible to rely on a stable price and transaction fees are exorbitant, sometimes $3 to $30 depending on network congestion. Finally the throughput was very low (3-7 TX/s) on the whole network which would not meet our needs. Clearly blockchain technology is in its infancy, and the idea of slowing down the platform to incur high fees with a volatile asset did not solve any of the original problems caused by fiat.