Audius Blockchain Startup To Issue Its Own Token Pair
The representatives of the Audius blockchain startup, which specializes in the music distribution, reported about the principle of the future platform immediately after the completion of the round of financing, during which they managed to collect $5.5 million, Coindesk reports.
The launch of the decentralized platform is scheduled for 2019. It will allow performers not only to track the spread of their intellectual property but also to keep in touch with fans in a more accessible form.
Within the project, two types of tokens will be issued: loud, intended for conducting transactions, and audius, a unit of management. Audius is designed for service providers, allowing them to earn revenue from the release of loud tokens.
Based on the system that the startup offers, singers who receive loud tokens will earn proportionally to the amount of tokens they have released, and users who are directly involved in the protocol development will receive audius tokens.
The representatives of the Audius startup stressed that they intend to keep the constant price of loud tokens, which will be consistently issued as the demand increases.
The main protocol of the platform is backed by several other objects, including a protocol for decentralized data storage, an income distribution protocol, and a protocol designed as a browser for new music search.
Earlier, the editor of the online magazine TechCrunch compared blockchain with artificial intelligence and suggested that blockchain-based startups will be involved in all spheres of life.