Immediately after closing the $ 5.5 million financing round, the music-centric blockchain startup audius is revealing how its network will work when it launches in about a year.
As stated earlier, the firm is preparing a decentralized platform with the aim of providing the ability to return the distribution of its intellectual property to artists while connecting more easily with the fans.
Audius is taking the next step in the process with the publication of its white paper. Co-founder Roneil Rumberg told in an email that he believes that the audius separates itself from existing platforms based on any centralized infrastructure.
The startup is planning to issue two tokens: “loud,” should be used for the transaction, and “Audius”, which will act as an administration token. According to the paper, both producers and listeners can use the tokens loud to “interact with the protocol”.
“[Audius] Service providers will be used to participate in running the protocol and earn proceeds from the token mining,” it continues. “This price separates the mechanism for price-constant value transfer (loud) from the mechanism for token and accrual (audius), better serve the needs of users of each token.”
Under the proposed scheme, creators who receive a loud token will be compensated by the ratio of “how much value to make.” Meanwhile, users who specifically contribute to the protocol will receive the governance token.
The startup also wants to ensure that protocols are available to everyone, white paper notes, provided that the users follow protocol rules.
In addition to two tokens, the protocol has been compiled by several components, including a decentralized storage protocol, an upload manager, a payment and revenue sharing protocol, and “Discovery Protocol” to help listeners find new music.
To help govern the stage, the company intends to release two meta-protocols. To resolve the first disputes, the payment made will set up a community of mediators, while other members of the community will be allowed to hold an audius token to offer a proposal on improving the system.
The alpha version of the platform is expected to be live in the beginning of next year, which has been fully launched by the end of 2019.