Audius – Spotify competitor – retroactively distributed $ 8 million in AUDIO to musicians and listeners
Audius – the crypto-powered Spotify competitor – has distributed 50 million AUDIO tokens to artists and listeners who use the platform. This is information revealed after Audius released the AUDIO governance token to mainnet Audius. 5% of the token’s initial one billion supply was distributed to its top 10,000 artists & fans.
We did it.
🎧 $AUDIO – the Audius platform token – is officially live!
Check your Audius dashboard to see if you’re one of the 10,000 power users who now own a piece of Audius 👀
Read all about it 👇https://t.co/D70WGr8Hvw
— Audius Music 🎧 $AUDIO (@AudiusProject) October 23, 2020
Audius retroactively distributed $ 8 million in governance tokens AUDIO to musicians and listeners
Audius seeks to reward content creators and listeners by using its governance token, giving them voting power on how the protocol will evolve in the future. The project plans to use blockchain technology to increase transparency and minimize middlemen in the music supply chain. Its native token, however, currently has only two uses. It gives AUDIO owners access to an exclusive Discord channel, and a token can be staked, with 1.4 million AUDIO currently locked.
The team is celebrating the mainnet launch with a Twitch thread with deadmau5 and RAC.
The algorithm for determining token distribution is preferred by artists over listeners, with 75% issued tokens allocated to creators based on the number of streams they have created. The number of followers is used to allocate another 10% of tokens, while the favorite playlist, the number of songs re-posted, and the number of songs loved is used to determine 5% of each number.
A sizable 40.6% of the token supply has been allocated to the Audius team and advisors, including famous artists deadmau5 and RAC, with 36% set to be distributed to investors 17.8% of the supply is allocated to the community-managed treasury.
Token supply will increase by 7% per year for future distribution to users.
With AUDIO currently trading for $ 0.16, the airdrop is valued at around $ 8 million. The token has a 24-hour volume of $ 6.6 million, almost 86% of which has been transferred to Binance. In its official report, Audius criticized existing dominant structures in the music industry. They stated that they seek to leverage blockchain technology to pay content creators rewards and increase transparency about payments to artists, publishing rights structures, and other common licensing issues in the field.
Since its launch last September, Audius has attracted more than 750,000 monthly active users and generated more than a million streams per month.
The platform intends to support third-party stablecoins in the future. Audius also plans to facilitate content creators to mint “artist tokens” on Ethereum to provide fans’ unique add-ons.
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