Audius is the cryptocurrency-powered competitor of Spotify. Now the listeners and musicians receive AUDIO tokens, which is the native token of the Audius platform. In fact, Audius airdrops $8M of tokens to its platform users.
Audius rewards its users
Audius is looking to reward both musicians and listeners using its governance token. It will make the users be able to vote over how the protocol will evolve in the future. The aim of the project is to use blockchain technology in order to bring the transparency to the platform. In addition, it helps to eliminate the middle-men, who are active in the musical supply chain.
The native token of the platform uses for two purposes. First of all, it allows AUDIO holder in order to access an exclusive Discord channel. Secondly the token holder can stake the tokens. Currently, there are over 1.4 million AUDIO tokens locked up.
Audius airdrops $8M of tokens; the algorithm prioritizes creators
The algorithm distributes the tokens to creators more than listeners. It estimated that over 75% of the issued tokens shared out to creators depends on the number of streams they generated. In addition, listeners and musicians’ followers dedicated 10% of tokens to themselves. Another 5% also allocated to the favorited playlists, number of songs favorited and number of songs reposted.
The AUDIO tokens currently has the value around $0.16. Consequently, the airdrop valued around $8 million. The token is listed on Binance and has the 24-hour volume about $6.6 million.
The project whitepaper
The whitepaper of the project criticizes the existing dominant structure in the music industry. In fact, this project is looking to leverage blockchain technology in order to provide the transparency to the music industry. Furthermore, they pay rewards to content creators and artists as well as listeners.
The project launched in September last year. So far it could attract over 750,000 monthly active users. In addition, they could be able to generate over 1 million streams per month.