Audius, a decentralised, group-owned tunes sharing system billed as the blockchain’s respond to to Soundcloud has introduced the successful completion of a $5.5 million Sequence A funding round as it launches the world’s initially at any time blockchain-based tunes sharing protocol. Manufactured on August 8, 2018, the announcement discovered that the funding round was led by Typical Catalyst and Lightspeed, with participation from Kleiner Perkins, Pantera Cash, 122West and Ascolta Ventures

Blockchain Disrupts Traditional Tunes-Sharing Design

Audius describes by itself as “a blockchain-based substitute to SoundCloud to assist artists hook up specifically with enthusiasts and monetize their perform.”  In accordance to its developers, its protocol exists in perpetuity, owned and managed by a decentralized group of artists, tunes enthusiasts and developers.

The system aims to disrupt the classic tunes-sharing company model which some criticize for a perceived absence of artist control and transparency. Founder Ranidu Lankage is a Sri Lankan pop artist who is finest known for likely platinum at 19 with ‘Oba Magemai’, a Sinhalese hip-hop one credited with bringing in a new age of Sinhalese pop tunes. Adhering to the release of his commercially successful debut album less than Sony Data, he selected to go independent so as to maintain control around his perform.

As section of his mission to solidify artist control around artistic content material, Ranidu and fellow cofounders Roneil Rumburg and Forrest Browning resolved that blockchain technologies experienced the electricity to give again control and artistic electricity to artists by fixing the centralization and transparency difficulty. Audius was the consequence of this endeavour, and in among working to assist artists with technologies, Ranidu even now finds time for the occasional general performance at international functions like Coachella and Extremely.

Audius Success Tales

One particular of the finest known achievement stories spawned by Audius is Electronic Dance Tunes (EDM) artist 3LAU, who is famous in equivalent measure for his crytocurrency information and his tunes. Talking recently about his ideas on Audius, he reported:

“Artists require decentralized styles for tunes sharing, and a stake in the platforms they add content material to. Blockchain permits Audius to do this with tokens and decentralized voting-based governance so artists have a say in how the system evolves. It’s a quite tasteful model and one which, as an artist, I come across immensely eye-catching.”

Working with Audius, artists can hook up specifically with enthusiasts and distribute content material to them devoid of the involvement of a middleman. Like SoundCloud, they are ready to create, nurture, and interact with their fan base on the system, but with the important big difference being that their accounts are preserved completely on a blockchain with no risk of a third celebration shutdown. The system also presents artists comprehensive perception into who is streaming their content material, the place, and when, all in the midst of clear, authentic-time payment.

Audius at this time has an advisory crew produced up of Augur cofounder Jeremy Gardner, EDM superstar 3LAU, Pantera Cash Partner Paul Veradittakit, EA founder Bing Gordon and BitTorrent main architect Greg Hazel.

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