Blockchain Project For Distribution Of Music Is Launched
Audius, a blockchain project for the exchange of music, has attracted $5.5 million during the series A funding round under the leadership of General Catalyst and Lightspeed Capital, according to the press release.
The launch date for the site is not indicated in the press release, but some technical characteristics are known. According to the document, the Audius' team uses a blockchain to help musicians manage the process of distributing their own compositions. The developers seek to provide the performers with the opportunity to interact with the audience, distribute the music without violating the intellectual right and without fear of piracy on one universal platform.
Screenshot from Audius official website
The project is created by a musician Ranidu Lankage together with Roneil Rumburg and Forrest Browning. Among the investors are Kleiner Perkins, and 122West, Ascolta Ventures and Pantera Capital companies. The developers also attracted consultants, including the chief engineer of BitTorrent Greg Hazel, Augur creator Jeremy Gardner and a musician 3LAU. According to the musician, the distribution of copyright content is an important part of professional activity, and requires a special participation and control by the author, therefore, the Audius platform is an elegant and efficient model that includes decentralized technologies, tokens functioning, and a voting system.
As previously reported, the Indian authorities and the Tech Mahindra IT company started cooperating in a joint project for the construction of a blockchain district in Hyderabad, the capital of the Telangana state.