Audius, a music streaming blockchain startup has introduced its public beta version.
The open source code is already available on GitHub, in addition, the startup invited user to run network nodes in exchange for compound rewards distributed in Audius’ native token.
According to Audius CEO Roneil Rumburg, Amazon Web Services is one provider that users can take advantage of to run a node for the music network for staking. Rumburg explained that “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.”
Audius raised $ 5 million in funding from a number of venture capital firms, including General Catalyst, Lightspeed, and Pantera Capital, to launch its project.
Audius isn’t the first project that seeks to eliminate intermediaries in the music sector. Earlier, Ethereum co-founder Joseph Lubin expressed the opinion that blockchain technology can be used for the benefit of creative individuals.
“I think artists in the music industry on average capture about 11 or 12 percent of the value in the industry and those big record companies are sucking up 70 or so percent. We can replace those record companies with smart contracts on the Ethereum platform,” he said.