The official release of the Audio Coin (ADC) was back in early June at the annual music media event in Cannes. Midem was the perfect platform for the ADC as crypto-currency is becoming more and more prevalent in the industry and the rewards far out way the negatives as many industry executives are beginning to learn. Aurovine has been the initial starting point for the ADC but as it starts to get traction in the market the chaps down at Aurovine feel this will become popular with may other sites as the currency grows in worth and reputation.
But what does it actually mean, what will it do for you as an artist?
Firstly, the ADC is an investment. Its like any other currency, you can buy or sell it on the crypto-currency exchanges for other crypto currencies or even US Dollars or Euros. So the bottom line line is buy a load of coins now for next to nothing and then as the currency matures and it gains in value you will suddenly have a significant return on your initial outlay. I can currently buy about 3million AUDIOCOINS with around £275. Bitcoin is now valued at £185 to the Bitcoin (the universal transaction is shown in dollars so therefore $290 to the Bitcoin). You to do the math!
Another term used for this technology is Blockchain and the whole BlockChain technical set up essentially means incredibly secure online peer to peer transactions. So there are no bank charges, surcharges, commission or fees to be taken from it…it is simply a transaction from my wallet to yours. The technology also allows you track each transaction to the IP address which means digital piracy could be a thing of the past – certainly easier to police should you be suspicious.
How does Aurovine use the ADC and this technology?
The people of Aurovine are the same people who brought you the Audiocoin and so the obvious place to start using it was on their own site. Every time someone signs up to the service they get free coins, every time someone shares a track they get free coins and so does the artist. You as a fan or an artist are rewarded for listening and sharing new music. Once the site alterations are complete you will be able to purchase tracks from Aurovine using your AUDIOCOINs and this is where the currency starts to accrue a value and the coins you earn or buy will gradually become worth more and more over time as its being traded with.
How much money do Aurovine make from the AUDIOCOIN?
This is a completely decentralised monetary system and therefore no-one owns it. The industry owns it and the only money Aurovine will make from it is when the coins that each Aurovine individual has earned or bought have become worth far more than they do now because people are trading with them.
Now is the time to get involved people – join the revolution
More information to follow but have a look at this link for a more in-depth review of the Audiocoin.