New Spotify and Soundcloud rival launching cryptocurrency tokens
Two different tokens are to help a startup take on Soundcloud and Spotify…
Founded officially earlier this year, Audius is a blockchain-backed project that seeks to redress the perceived unfairness to musicians from services such as Spotify and Soundcloud.
It’s the latter that’s primarily in its eyeline at first, with the project’s website arguing that “Audius is building an audio distribution, attribution, and monetization platform that puts power back into the hands of audio content creators”. It initially secured venture capital backing to the tune of just under $6m, and now it’s confirmed to CoinDesk that it’s pressing on with the next part of its plan.
It’s introduced a white paper, that in turn has revealed the two cryptocurrency tokens that Audius is looking to launch. The one that most people are likely to engage in is the Loud token, that’s going to be used for transactions on the Audius service. Loud tokens are core to the idea, in that through them, the service aims to properly reward those who create material on the platform.
The Audius token itself is the second, and that’s described thus far as a token of governance.
Its white paper explains the difference, saying that “[Audius will be] used by service providers to participate in staking protocols and earn proceeds from the minting of loud tokens … This separates the mechanism for price-stable value transfer (loud) from the mechanism for value capture and accrual (audius), better serving the needs of users of each token”.
The first beta release of the Audius streaming platform is scheduled for early next year, with the aim being for a full public launch before 2019 is out.
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