The crypto-powered Spotify competitor Audius has retroactively distributed 50 million of its native AUDIO tokens to artists and listeners utilizing
The crypto-powered Spotify competitor Audius has retroactively distributed 50 million of its native AUDIO tokens to artists and listeners utilizing the platform.
The distribution got here alongside the launch of the AUDIO governance token on the Audius mainnet, with 5% of the token’s preliminary one billion provide distributed to its “high 10,000 artists & followers.”
Audius seeks to reward content material creators and listeners utilizing its governance token, affording them voting rights over how the protocol will evolve in future. The challenge plans to make use of blockchain expertise to extend transparency and scale back middle-men throughout the musical provide chain.
Nonetheless its native token at the moment solely has two makes use of. It permits AUDIO holders to entry an unique Discord channel and the token will be staked, with 1.four million AUDIO at the moment locked up.
The workforce is celebrating its mainnet launch with a Twitch stream that includes deadmau5 and RAC.
The algorithm figuring out token distribution closely favored artists over listeners, with 75% of the issued tokens allotted to creators primarily based on the variety of streams they generated. Follower counts had been used to allocate one other 10% of tokens, whereas favorited playlists, variety of songs reposted, and variety of songs favorited, had been used to find out 5% every.
A fairly giant 40.6% of the token’s provide has been allotted for the Audius workforce and advisors, together with in style artists deadmau5 and RAC, with 36% set for distribution among the many platform’s traders, and 17.8% of provide allotted to a community-governed treasury.
The token’s provide is ready to inflate by 7% every year for future distributions to customers.
With AUDIO at the moment buying and selling for $0.16, the airdrop was valued at roughly $Eight million. The token has a 24-hour quantity of $6.6 million, practically 86% of which modified palms on Binance.
In its whitepaper, Audius criticizes the present dominant buildings within the music business, and claims it seeks to leverage blockchain expertise to pay rewards to content material creators and to extend transparency relating to payouts to artists, buildings of publishing rights, and different licensing points prevalent within the sector.
Since launching in September final yr, Audius has attracted greater than 750,000 month-to-month energetic customers and generated a couple of million streams every month.
The platform intends to help third-party stablecoins in future. Audius additionally plans to facilitate content material creators minting “artist tokens” on Ethereum (ETH) to supply distinctive utilities for followers.