Blockchain music-streaming service Audius is going public
Blockchain music-streaming service Audius aims to disrupt our music streaming world.
A new music streaming service is about to rock the streaming world as we know, aiming to disrupt the Spotifys and SoundCloud’s that are currently in rule.
Audius is a blockchain-based startup that’s ready to go public after a year of development and $5 million in investment capital from VC firms General Catalyst, Lightspeed, and Pantera Capital.
Not only is Audius unveiling its code on GitHub- free and open source- the startup is also inviting anyone in the world to join its network as a service provider.
“Over the last year, we developed a first version of the Audius protocol; we’ve been running a private beta for the last two months or so. We feel like things are reaching a point of stability, [and] we want to open this up to the world in a public beta,” CEO Roneil Rumburg said.
How does it work?
Those wanting to run a node on Audius can setup a server on Amazon Web Services or any provider of their choosing and register the end point of the network.
This brings providers in a position to start staking Audius tokens and earning shares of revenue generated on the network from music sales.
“Every time a user listens to something and is paying an artist, a percentage of that payment is dumped into a pool that is then distributed to stakers of the Audius token,” Rumburg said.
The early bird catches the worm and early entrants on the network won’t be required to meet the minimum token-staking requirements stipulated by Audius’s algorithm.
“There are also some more specific incentives that unfortunately from a legal standpoint we can’t get into,” Rumburg said.
Blockchain music-streaming service Audius plans to open its public beta by the end of September but why wait when you can join its network today.