Hierocoin BAR: Evolution of the Music Industry Through Block...
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Hierocoin BAR: Evolution of the Music Industry Through Blockchain Technology

Hierocoin BAR is a Binance Smart Chain-based community token (BSC). Its purpose is to establish the Hierocoin DAO, the first legal decentralized autonomous organization (DAO), for musical arts.

Hierocoin was one of the first cryptocurrency initiatives to appear on the market in 2014. It was established as a fork on Litecoin by artist Jonathan “Casual” Owens and developer Brooks. Casual has since become the first “rapper with a blockchain.” In addition, the original beta testing group on Facebook is still active.

Hierocoin’s presale on Unicrypt was recently concluded successfully. It assisted it in presenting a DAO platform to the hip-hop community to transform the music business. In this Hierocoin review, we take a deeper look at one of the market’s most ambitious projects.

Features of the Hierocoin BAR

Hierocoin BAR is a BSC community token. Our community is built on preserving the arts and the creation of new artistic enterprises. Here are some of its feature:

Staking and Incentives

BAR is the project’s native asset, and it operates on the Binance Smart Chain. The major use case for BAR is to develop a DAO system that enables the token market scarcity.

It allows investors to stake coins and earn incentives in exchange. Individuals may also utilize BAR in Hiero farms to earn extra BAR tokens. The staking amount of the users and the pool’s staking rates will affect their payouts.

Metaverse

The Hierocoin Bar token’s objective, according to the network, is to assist, embrace art and support forthcoming artistic ventures. Users may also use their BAR tokens in the project’s metaverse environment, Hierovr.com. As a result, BAR functions as regular money, allowing users to purchase and have various experiences in the metaverse. It also offers a game network in which players participate in missions for hidden tokens and can bridge virtual things with real-world purchases.

Music Group

Hierocoin is named after the iconic music group Hieroglyphics. On the other hand, the platform assures that its milestones and failures are not associated with Hieroglyphics and Hieroglyphics LLC. To that effect, the Hieroglyphics music group is given 9 million tokens according to the distribution chart. 

BAR Tokens in Circulation

On May 01, 2021, Hierocoin was released on the Binance Smart Chain, with 93,000,000 BAR tokens generated at genesis. In Hieroglyphics, the band will hold just 9% of the entire supply.

On September 06, 2021, Hieroglyphics conducted a small public airdrop, distributing 100 BAR to early backers. Hiero farms have been given 300,000 BAR as first staking incentives. 3,207,200 BAR is the current circulating supply.

BAR Token Distribution

Initial liquidity Offering: 50,000,000 BAR (53.76%)

Liquidity: 33,810,000 BAR (36.35%)

Hieroglyphics Band: 9,000,000 BAR (9.68%)

Hierocoin Farms: 300,000 BAR (0.32%)

Airdrops: 7500 BAR (0.00806452%)

Hierocoin’s Presale and Auditing

The project successfully had its presale from November 25 until December 08, 2021. BAR is presently on PancakeSwap for purchase. KYC and auditing procedures ensure security for startups’ investors. 

As a result, Hierocoin has two audits reports from well-known security organizations, SolidityFinance and OpenZeppelin. SolidProof, a German-based startup that provides blockchain security solutions, performed an additional KYC assessment. Both techniques provide people with a sense of confidence and security in their investments.

GameFi and Metaverse Integration

By making BAR accessible on Hieroglyphics’ metaverse world, Hierovr.com, Hierocoin hopes to get into the developing metaverse industry. Users will purchase and enjoy unique items in return for their BAR tokens. They will be able to purchase real-world or virtual products through the metaverse in this manner.

At the moment, GameFi and Metaverse are taking centre stage. Hierocoin intends to participate in this trend by holding one-of-a-kind virtual world adventures for hidden tokens. This functionality should appeal to the growing group of cryptocurrency players.

Pros 

  • GameFi and Metaverse Integration: The project incorporates these two currently booming. Hierocoin aims to join this movement by hosting unique virtual world quests for hidden tokens. This feature should engage the increasing community of gamers in the cryptosphere.
  • Community Token: The Hierocoin team specifies that BAR is not a governance token like most DAOs use. Instead, it is a token by and for the Hierocoin community. 
  • Secure: The project obtained a successful contract audit from the industry-leading auditor, Solidproof.

Cons

  • Based on Another Project: The token is based on Hieroglyphics, which could affect its price in the future as the crypto market is volatile. 

Roadmap

Hierocoin had already fulfilled the first part of its plan at the time of publishing. It signifies that BAR has already been implemented on Binance Smart Chain. It has also created a robust marketing strategy for the subsequent stages.

Hierocoin completed the second phase after completing the liquidity lock and presale on Unicrypt. Solidproof, the industry’s leading auditor, successfully audited the project’s contract.

Hierocoin will also list BAR on Coinmarketcap and CoinGecko in December 2021. The team is now concentrating on further building and releasing the Hierocoin DAO. 

Final Thoughts

The Hieroglyphics team understands that the usefulness of a cryptocurrency determines its success. In this sense, it seeks to provide its 25-year fan base with a high utility token with multiple use cases. The team also depends on branding consistency, appropriate tokenomics, and a proven trustworthy workforce to make BAR stand out. 

Social Media Contacts

Website: https://hieroglyphics.com/hierocoin/

Twitter: https://twitter.com/hierocoin

Telegram: https://t.me/herocoinioMedium: https://medium.com/@HEROCoin

coinmag

Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.