Audiocoin is a cryptocurrency specifically designed to serve the needs of the music business. It introduces a new way to get rewarded for both produci
Audiocoin is a cryptocurrency specifically designed to serve the needs of the music business. It introduces a new way to get rewarded for both producing music and listening to it. Audiocoin facilitates the sharing and buying of music by benefitting artists and fans who receive coins while doing what they love most. Audiocoin aims at making music available for everyone and putting an end to music piracy which still, in most cases, remains unpunished. The cryptocurrency is an ethical and fair solution of the problems that the music industry faces and at the same time bridges the gap between artists and consumers.
The original idea behind Audiocoin came from Ken Foster who first proposed the creation of a cryptocurrency to be used only in the music industry. Audiocoin was officially launched on the 6th of June, 2015 at MIDEM, an acronym for Marché International du Disque et de l’Edition Musicale. That is the biggest global music conference where key players in the music business gather. Audiocoin is built on the Bitcoin protocol and makes use of Bitcoin’s most important features such as quickness, security and cheapness. A total of 10.5 billion coins has been released with 5% of them or 525 million already mined.
The team behind Audiocoin is currently working on establishing a financial system adapted to the music business’ needs in which people can pay for the music they listen to without necessarily having a bank account. Audiocoin introduces a new way to enjoy and produce music in which both fans and artists benefit. It makes music markets free and at the same time eliminates piracy. In addition, there is no single entity that imposes control over transactions and payment fees are negligible. With the increasing popularisation of Audiocoin, there will be more and more places to spend the coins earned via the new project.
People can obtain audiocoins easily via Aurovine which is a music delivery platform that connects consumers and producers. Everyone who registers in the system is provided with a wallet that is compatible with the three major operating systems – Windows, Mac OS and Linux. As soon as a person registers, the first coins are earned. Artists that join the platform and upload tracks receive 250 audiocoins which are limited to the first 50 000 artists. Users, on the other hand, get 50 coins for creating an account and making their first share. Further coins can also be earned by streaming, downloading and continuously sharing. Audiocoins can be traded on cryptocurrency markets such as Bleutrade, Cryptopia and Yobit against other crypto- or fiat currencies.