Spotify’s competitor, Audius has retroactively distributed 50 million of its native AUDIO tokens to artists and listeners who use the platform.
The distribution took place in connection with the start of the AUDIO governance token in the Audius mainnet.with 5% of the initial offering of 1 billion tokens distributed to the “Top 10,000 Artists and Fans”.
Audius wants to reward the creators and listeners of content with its governance token and give them voting rights for the future development of the protocol. The project plans to use blockchain technology to increase transparency and reduce intermediaries in the music supply chain..
However, your native token currently only has two uses. It allows AUDIO owners to access and stake out an exclusive Discord channel with 1.4 million AUDIO currently blocked.
The team celebrates its start in the mainnet with a twitch stream with deadmau5 and RAC.
The algorithm that determines the distribution of tokens favors artists over listeners. 75% of tokens issued are assigned to creators based on the number of streams they have generated.. The number of followers was used to assign an additional 10% tokens, while the preferred playlists, the number of songs repositioned, and the number of favorite songs were used to determine 5% each.
40.6% of the token offer was allocated to the Audius team and its advisors, including well-known artists deadmau5 and RAC, with 36% to be distributed to the platform’s investors and 17.8% of the offering going to a community-administered treasury.
The token offer is increased by 7% every year for future distributions to users.
How AUDIO is currently trading at $ 0.16 with the Airdrop valued at around $ 8 million. The token has a 24-hour volume of $ 6.6 million, almost 86% of which changed hands from Binance.
In your white paper Audius criticizes existing dominant structures in the music industry, claiming that it wants to use blockchain technology to pay rewards to content creators and increase transparency in payments to artists., Publication rights structures and other license issues prevalent in the industry.
Since its introduction in September last year Audius has attracted over 750,000 active users monthly and generated over 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” in Ethereum (ETH). To offer fans unique utilities.