Txbit Coin on of the Month: AudioCoin, the digital currency for the music industry.
We are glad to introduce a new feature on Txbit: Coin of the Month. Once per month we pick a project to inform our customers about the projects we list on our exchange.
The kickoff is for AudioCoin, the digital currency for the music industry.
AudioCoin has been around since 2013 and as the name implies it has something to do with the music industry. How did the idea come about at the time?
Lots of artists were complaining about declining revenues and the unfair streaming model. Blockchain and decentralisation offered a unique way to fix a broken industry with near instant payments, smart contracts, and the removal of unnecessary disintermediation processes.
Can you tell us a bit more about the AudioCoin Foundation? What does it do, and where does it stand for?
It has been set up fairly recently by community consensus. Because there is no centralised control of the coin (We had no crowdsale or ICO) it was important to ensure the future of the project by getting the community more involved with decision making. We have some fantastic and intelligent supporters in music and crypto, so it is only right to follow the consensus model within our community as well as being embedded in the technology.
The current market is very different than it was in 2013. How do you look back on the changing market over the last years? Did those changes affect AudioCoin?
The music industry hasn’t changed at all. It is still dominated by the 3 major labels who would rather keep an archaic and institutionalised system than adopt superior technology. The majors have nothing to gain from transparency and so are moving to an even more opaque model to protect their bottom line. Crypto has moved on incredibly fast and is perfectly placed to step in when they collapse.
Can you give us some details about the economics behind AudioCoin? What is the current supply? Is there a form of inflation?
About 10% of the total supply of 10.5 billion have been mined. It was originally a hybrid POW/POS coin but is now POS only. Staking rewards are around 15% APR. We’re considering a fork to control the inflation rate a little more and also reduce total supply. All decisions like this are now decided by the Audiocoin Foundation.
CoinMarketCap : https://coinmarketcap.com/currencies/audiocoin/
How does the use-case for AudioCoin work? What can we do with AudioCoin?
It was used by Bjork’s label as a payment mechanism as well as a process to unlock extra content. Rather than solving the global rights data issues (which many other companies are tackling), we see it being used for provenance and customer engagement along with fractional ownership of assets and smart contracts for royalty distribution. We’re also developing an innovative video streaming application that can be used to tangibly reward artists and fans for virtual events.
Can you tell us a bit more about Aurovine, AudioCoin’s online music streaming service? How can people earn and spend AudioCoin with Aurovine? How does that work?
Aurovine was the primary application for ADC when we started out. We developed a system called Listen, Rate, Share that rewarded both artists and fans for engagement. When a fan shared a piece of music they liked via social media both artist and user were rewarded with coins. This system is still going strong today but they will also be taking part in the video streaming and smart contracts for distribution projects.
What differentiates Aurovine from other existing streaming services?
We were the first platform to combine music and blockchain. Ujo launched shortly after. Now there are dozens. Aurovine is kind of like Bandcamp with Crypto but also has a ton f new features coming along this year.
Can every music artist join Aurovine? Or is it only for professional music artists? Are there any special conditions?
It is open to everybody. No joining fee.
Are there new developments that we can expect in the coming time?
We just published our latest roadmap at https://audiocoin.co.uk/blogs/post/ADC-Roadmap-2021…
The Live Streaming application, Aurovine updates and the Foundation initiatives will be our focus.
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