AudioCoin is a cryptocurrency created in 2013 by British startup Blockpool, with the goal of transforming the current music industry (where revenues have been stagnating in recent years, and streaming has taken over all other modes of music consumption), into a decentralized ecosystem where music creators, and fans alike receive incentives for creating and consuming music. Audiocoin is based on the Peercoin project.
The Audiocoin platform is intended to serve as a multi-tiered software reward system that can be readily integrated into existing services. Under the project´s vision, artists get rewarded for uploading content and obtain revenue from sales, streams, and shares. Artists who remain at the top of weekly charts will receive bonus bounties. Fans get small incentives for joining the platform, making purchases, and streaming music.
Audiocoin is based on the Scrypt algorithm and works using a hybrid Proof-of-Work/ Proof-of-Stake consensus system. The maximum coin supply is set to be 10.5 billion ADC, with 4000 coins awarded per block mined, reducing by 5% weekly.
The PoS system was implemented as of block number 525,000 and it offers stakers a monthly interest of 1.5% (18% yearly). The Audiocoin community is to decide if staking rates should be reduced to between 6 and 9% later this year. Aside from staking, ADCs can be obtained through trade on cryptocurrency exchanges like Cryptopia (ADC/BTC), Bleutrade (ADC/DOGE; ADC/BTC), and YoBit (ADC/BTC).
The project held a Premine phase, during which 525 million Audiocoins were mined, which represents 5% of the total ADC supply. Funds were exclusively intended for the Aurovine ecosystem, and for marketing purposes (including faucets), dev/bug bounties, and third-party platform incentives. Audiocoins can be held using a proprietary wallet compatible with Linux, Mac, and Windows, available on the project´s website.
Audiocoin recently made news because world-famous artist Bjork announced at the end of 2017 that she would be accepting cryptocurrency payments for her album Utopia, plus she would give 100 Audiocoins to every purchaser.