Celody is an open-sourced music platform which plays ‘infinite streams’ which are unique whenever you play them and it is based on the IOTA platform. It was subsequently launched Sixty days ago and gives ‘brain music’, that is certainly music that you can play as music, and which may be synced to the tempo to somewhat of a podcast you are using, or even to your heartbeat.
Like Staking
The platform just announced a updates that have already occurred since v1.0 was introduced, and this includes the innovative concise explaination ‘like staking’, so this means users are able to use their IOTA cryptocurrency tokens to stake their likes, giving value to if he or she approve of an artist’s work. This essentially causes them to be transferring tokens to their personal staking address. Streams that contain more staked likes be visible on the ‘Popular’ page, it will more exposure.
One reason given for this mechanism tends to be that ‘liking’ on platforms just like Facebook and Youtube do not possess a “scarce resource” behind the experience, and can be done without spending a dime. This allows agents for taking advantage of the service, by using bots. Moreover, by staking a symbol which is worth real cash, such as the IOTA cryptocurrency, you will find theoretically more ‘approval’ behind other snack food. The more tokens a person transfers, the better they signal the fact that stream is good quality.
A critical feature in this service is that users can control, use, move and spend their staked tokens whenever they want. Celody, therefore, argues that and not keeping tokens stored in a wallet, they might hold them using them for purposes in the coming years, while also using them to signal human eye a stream. Crucially, Celody cannot access a user’s tokens, staked you aren’t. They state:
With like staking, you’re simply transferring your tokens from 1 for yourself addresses even to another. You create the staking address simply you should have handling of the credentials. Celody just queries the publicly available information on the Tangle to detect your stake.