What is our crypto currency GTHC?
Our cryptocurrency GTHC is a means of digital exchange of value. It’s designed to be very simple and transparent, you don’t need to be a crypto currency expert to earn it or use it. We will use it to:
- reward members for their actions and content contributions
- offer a reward to members for their affiliate sign-ups
- in phase 1, affiliate sign-ups will be rewarded in GTHC
- once members pay to use the platform affiliate rewards will be paid in USD
- value each member’s contribution to the platform
- use each member’s value in association with their trust score
- pay members loyalty bonuses/interest – for continuing to work with us
Cryptocurrencies in general.
A cryptocurrency is a medium of exchange designed for the purpose of exchanging value or digital information. A cryptocurrency is defined by Investopedia.com as a decentralized “digital or virtual currency that uses cryptography for security” making it difficult to counterfeit. Cryptocurrencies are increasingly used as currency because they are:
- transparent for all users via blockchain technology
- exceedingly difficult to forge or manipulate
- built using digital contracts which are impossible to change, adapt or repudiate once they are set in place.
- immutable which means that no matter what, bad actors or poor governance cannot change the finite supply of the currency – this is very different to conventional currencies which are constantly devalued by banks and governments adding to the supply.
What will we be using GTHC for?
Good crypto currencies have 2 things, a fair & wide distribution and utility. Our crypto currency has both.
- Today – a crypto currency reward system to help fairly, transparently, and widely distribute crypto currency rewards to our members. Rewards for working with us to make the music industry and particularly music streaming & distribution a fair place for all.
- Soon – a crypto currency to be used as an actual currency on the platform to help members pay for music, goods and services. Used like real money but with far less friction, far more transparency and far lower transaction costs. We aim to facilitate the lowest transaction costs in the industry this way. Unlike FIAT currencies such as the US dollar or GB pound, our coin is not inherently designed to devalue over time, it’s fair to say our ambition is the opposite.
- In the future – a transparent blockchain voting system –a protocol giving members voting power on the future direction and development of the platform. Voting would be loosely based on how much of our crypto currency any member holds, at the time, of any vote. Our ethos has always been to build a platform for the members, ultimately run as the members require for their profit.
- In the future – a blockchain based crypto licensing system – a system which allows music to be secured and licensed for all music users. Starting off using Go To Hear platforms to demonstrate the principles of block chain tracking and licensing but eventually released in to the wild for others to use.
What we are NOT using GTHC for
Unlike other music platforms that have tried to use cryptocurrency as its main form of reward, we will not limit earnings or rewards to just our cryptocurrency [GTHC]. We will offer some payments and earnings in US dollars as well.
Some rewards may be paid in GTHC only, but the core of our business, music sales, pay-as-you-go streaming payments, music sales commission payments will all be paid in US dollars.
How can you acquire our cryptocurrency GTHC?
There will be several ways that you can acquire or earn GTHC.
- GTHC is now being distributed to members as a Go To Hear reward for performing certain tasks or helping us build out the platform with music and other content. For example, many members will note that they have already received an ‘early bird reward’ paid in GTHC. This is a thank you for signing up with us during our early days, helping us with feedback and supplying content as we built the first phase of our platform.
- As we continue to grow, we will pay out further rewards so that at least 75% of our cryptocurrency goes into the hands of our members. We want to be a member-driven organisation, not dictated to by a minority of enormously powerful individuals.
- Once our platform has grown sufficiently, we will also offer the sale of GTHC to our members via an initial offering (likely to be an IDO – initial DEX offering – but this may change). We plan to perform our sales offering to help with the continued funding rapid growth and development of the project without taking money from artists income or from corporate investors. Our ambition is that the power and direction of Go To Hear remains with the people who have musicians and fans interests at heart – our members.
- Once our IDO is completed our currency will be available to purchase via cryptocurrency decentralised exchanges and other crypto currency exchanges (to be confirmed).
How do you convert our cryptocurrency GTHC in to money?
Once our ICO has completed and our currency is available on cryptocurrency exchanges for trading GTHC will establish a value in the marketplace. Members will be able to withdraw their GTHC to private wallets or to exchanges where our cryptocurrency is traded. You will be able to sell GTHC on an exchange in return for US dollars and other currencies.
We will soon be releasing our GTHC Whitepaper to interested parties. It will contain a comprehensive guide to all aspects of our cryptocurrency. In this whitepaper, we will be publishing details including:
- Distribution and ownership of GTHC
- Go To Hear rewards and GTHC
- Utility and economic drivers
- Usability and functionality
- Initial Coin Offering
- Security and transparency
- Regulatory standards
- Future and ambitions
If you have any enquiries about our cryptocurrency GTHC, our whitepaper or our ICO please contact Mike Butler directly..