Audius Distributes 50 Million Of AUDIO Tokens To Artists And Listeners
Audius Distributes 50 Million Of AUDIO Tokens To Artists And Listeners
October 28, 2020
Audius Distributes 50 Million Of AUDIO Tokens To Artists And Listeners
Audius Distributes 50 Million Of AUDIO Tokens To Artists And Listeners
October 28, 2020

Audius, the blockchain-enabled streaming service, has distributed 50 million of its native AUDIO tokens to artists and listeners using the platform.

It has been reported that the distribution came alongside the launch of the AUDIO governance token on the Audius mainnet, with 5% of the token’s initial one billion supply distributed to its “top 10,000 artists and fans.”

However, Audius seeks to reward content creators and listeners using its governance token by affording them voting rights over how the protocol will evolve in the future.

The project plans to use blockchain technology to increase transparency and reduce middle-men across the musical supply chain.

Currently, the native token only has two uses: it allows holders to access an exclusive Discord channel and can be staked, with 1.4 million AUDIO currently locked up.

The report said that the team is celebrating its mainnet launch with a Twitch stream featuring popular artists Deadmau5 and RAC.

ALSO READ :  Kenya’s Golf Stablecoin YENTS Enters Into Testing Under Local Regulatory Sandbox

It has been analyzed that the algorithm determining token distribution heavily favored artists over listeners, with 75% of the issued tokens allocated to creators based on the number of streams they generated. Follower counts were used to allocating another 10% of tokens, while favorited playlists, number of songs reposted, and number of songs favorited were used to determine 5% each.

A rather large 40.6% of the token’s supply has been allocated for the Audius team and advisors, including Deadmau5 and RAC, with 36% set for distribution among the platform’s investors and 17.8% of supply allocated to a community-governed treasury. The token’s supply is set to inflate by 7% each year for future distributions to users.

Moreover, with AUDIO currently trading for $0.16, the airdrop was valued at around $8 million, as the token has a 24-hour volume of $6.6 million, nearly 86% of which changed hands on Binance.

Likewise, in its white paper, Audius criticizes the existing dominant structures in the music industry and claims it seeks to leverage blockchain technology to pay rewards to content creators as well as increase transparency on payouts to artists, structures of publishing rights, and other licensing issues prevalent in the sector.

ALSO READ :  Jack Dorsey: Africa Will 'Define' The Future Of Bitcoin

Audius has attracted more than 750,000 monthly active users and generated more than one million streams each month.

Thus, the platform intends to support third-party stablecoins in the future. Audius also plans to facilitate content creators minting “artist tokens” on Ethereum (ETH) to offer unique utilities for fans.

Source: Cointelegraph


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Money on Chain Launches TEX With A Unique Twist

Money on Chain Launches TEX With A Unique Twist

Money on Chain (DeFi protocol), a lending platform and stablecoin issuer based on Bitcoin (BTC) sidechain RSK, has announced the launch of TEX, an automated token swap platform based on an order book, with a unique...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.