tune.fm, a platform self-described as one that “provides seamless value exchange between music listeners and creators. Pay for what you consume and get paid for listening to promoted music around the world,” has launched a new token protocol on the Hedera Hashgraph, according to a press release from the group.
The release describes this protocol as one that “utilizes an unprecedented sharding architecture that is necessary to scale token smart contracts on distributed public ledger provider Hedera Hashgraph.”
Allegedly, this is an “evolution of the ERC20 standard token protocol” built for the Ethereum network.
Apparently, the Hedera network is more suitable than the Ethereum one in terms of security and speed thanks to the network’s asynchronous byzantine fault-tolerant consensus algorithm, the release also states.
This new protocol for tune.fm’s JAM token will ensure it can scale its smart contracts on the music network. The addition of Hedera will ensure all consensus is more fair for everyone, as well as lowering the fees for users on the platform. This means that more artists will get the money that’s owed to them.