Nigerian Award winning music superstar David Adedeji Adeleke popularly known as Davido has teamed up with a crypto company, OmeGoat, a subsidiary of fintech provider, Bitsika, to create a social token named “Echoke”.
This comes after the popular musician recently raised over N200 million from his friends within two days to clear his car. He later changed his mind, added N50 million and stated that he was donating the money to various charities to celebrate his birthday.
According to him on his Instagram handle, Davido,
“Happy to finally announce this thing we’ve been working on for a while. It’s the ‘Echoke Social Token’. Use the hashtag #EchokeForHere. Everyday, millions of fans create value that is captured by a few execs in a boardroom. Not any more. We’re giving the power back to the fans.”
“I built this with @bitsikaafrica ‘s new crypto company @omegoat on the Binance Smart Chain (BEP-20). Make sure to follow them. The tokens will give you free access to giveaways, NFTs, backstage passes, jobs, festivals, exclusive merchandise, media, and hospitality benefits.”
“In the spirit of democracy, we will not be selling the tokens to the public. We will release the tokens to the fans through periodic giveaways throughout the next 12 months. First giveaway on NOV 28th. Check @omegoat for more details.”
According to omegoat in a white paper, “With $ECHOKE token, fans can become influencers and drive the next generation entertainment industry.”
The paper predicts that By 2022, the current entertainment landscape will be shaped by the artists and companies that draw the highest audiences and those that can effectively monetize the audience by putting their fan base in the driving seat. Based on this, a universal platform capable of creating community ownership of value will drive fans’ engagement.
The paper goes on to add that blockchain technology provides the infrastructure to create such a project with the concept of cryptocurrencies.
With $ECHOKE tokens powering our entertainment ecosystem, the intention is to turn millions of music and entertainment fans from spectators into influencers and decision-makers. The fans become stakeholders in the entertainment industry.
The white paper expanciates:
$ECHOKE partners with artists, festivals, streaming apps, fin-techs, parties, hotels, clubs and more to offer giveaways and discounts on their services. These partners are provided $ECHOKE tokens, and in return, they offer giveaways in exchange for the tokens as well as exclusive discounts on services.
Those that will hold $ECHOKE tokens are high stakeholders in the entertainment industry. They may be super-fans of an artiste, a frequenter of a party series, a massive user of a streaming app, or a combination of both. The discounts and giveaways given to these users will provide them with more benefits for less money.
This entire process is made possible via the novel application of a scalable, blockchain-based token with purchasing and utility infrastructure deployed through a secure, trustless smart contract on the Binance Smart Chain (BSC) network.
$ECHOKE tokens are finite in the amount that will be issued, and as holders get incentivized, we expect more people to want to acquire the tokens. Holders of the token will patronize partners’ services more, which will drive the use-cases.
$ECHOKE tokens are not sold anywhere. The only way for you to get it is from our periodic giveaways on our Omegoat website (https://omegoat.com). This way, greedy rich people don’t buy up all the tokens on the first day. Only true fans (in their great numbers) can have access to these tokens and gain the benefits from it.
The total number of tokens created is 2,500,000,000.00 (2.5 billion) and no new tokens can be created after this.
Token allocation breakdown is listed below:
- Public sale – 12.5%
- Private sale – 5%
- Team ownership – 35%
- Echoke Foundation – 10%
- Product & marketing – 5%
- Partnerships – 15%
- Giveaways / Faucets – 7.5%
- Community Treasury – 10%
