Spotify competitor Audius is throwing $ 8 million in tokens at...

Spotify competitor Audius is throwing $ 8 million in tokens at...
Spotify competitor Audius is throwing $ 8 million in tokens at...
The crypto-powered Spotify competitor Audius has retrospectively distributed 50 million of its native AUDIO tokens to artists and listeners via the platform.

The distribution took place together with the introduction of the AUDIO governance token in the Audius mainnet, whereby 5% of the initial offer of one billion tokens was distributed to the “Top 10,000 artists and fans”.

Audius is committed to rewarding content creators and listeners with their governance token and giving them voting rights for the future development of the protocol. The project plans to use blockchain technology to increase transparency and reduce the number of middlemen across the musical supply chain.

However, the native token currently only has two uses. It allows AUDIO holders to access an exclusive Discord channel and the token can be used with 1.4 million AUDIO currently blocked.

The team celebrates its mainnet start with a Twitch stream with deadmau5 and RAC.

The algorithm for determining the token distribution strongly favored artists over listeners. 75% of tokens issued were assigned to creators based on the number of streams they generated. The number of followers was used to allocate another 10% of the tokens, while preferred playlists, number of songs republished, and number of favorite songs were used to determine 5% each.

For the Audius team and consultants, including well-known artists deadmau5 and RAC, 40.6% of the token’s offer has been made available, with 36% earmarked for distribution among the platform’s investors and 17.8% of the offer for a state treasury administered by the municipality.

The offer of the token will be increased by 7% every year for future distributions to users.

Since AUDIO is currently trading for $ 0.16, the airdrop was valued at around $ 8 million. The token has a 24-hour volume of $ 6.6 million, almost 86% of which changed hands from Binance.

AUDIO / USD: CoinGecko

In his whitepaper, Audius criticizes the existing dominant structures in the music industry and claims that he wants to use blockchain technology to pay rewards to content creators and to increase transparency with regard to payouts to artists, structures of publication rights and other licensing issues that prevail in the music sector.

Since launching last September, Audius has attracted more than 750,000 active users per month and generated more than a million streams every month.

The platform intends to support third-party stablecoins in the future. Audius also plans to make it easier for content creators to mint “artist tokens” on Ethereum (ETH) to offer fans unique utilities.

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