AudioCoin (ADC) is a digital currency created specifically for the music industry. The Music industry had hit a major roadblock and was in dire straits in recent times when it came to the generation of revenue. Many top artists and labels were affected because of a business model that had many loopholes and lacunae. AudioCoin was developed to address these and other issues plaguing the industry. It takes inspiration from the Bitcoin and Peercoin protocol and builds on it to unravel a whole new way of enjoying music. The key target of the platform is to reward artists and music lovers in a tangible manner and ensure that the streaming model becomes redundant.
Music creators, producers, and artists, as well as music enthusiasts, are free to register on the AudioCoin system. They are provided a virtual wallet that’s compatible with mobile. They are also available as downloads and can be run on the computers of users. AudioCoins are stored in the virtual wallets with more coins getting added on user registration and thereafter for sharing the content using their preferred social media channels.
Artists are rewarded in a similar manner when their music is streamed, shared or downloaded. Every artist registered on the Aurovine platform associated with the currency will be awarded 250 coins for their uploaded tracks. This facility is available only to the first 50,000 artists. They keep earning more AudioCoins for shares, sales, and streaming. Additionally, the artists figuring at the top of the charts are awarded a bonus every week.
Users or fans are awarded 50 AudioCoins on joining and signing up for the platform. To claim more coins, the track must be streamed at least 50% and shared through the feature provided on the platform. 0.5 coins will be awarded for every valid share. 0.1 coins will be transferred for each verified stream. 2.5 coins will be transferred for every download that’s paid for. The same amount will also be transferred to the wallet of the artist. 10 coins will be transferred for EP/album downloads.
Bonus AudioCoin coins are used for rewarding both users and artists. The content of the Bonus wallet or bank is shared by 50 of the top-ranked users and artists of the month on a diminishing scale till the bonus wallet contents run out.
The circulating supply of ADC, the coin associated with the platform, is 838,082,759. The market cap of the currency stands at $3,559,597. The coin trades at $0.004247 and is ranked at 519 in the cryptocurrency market at present.
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