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What is the issuance and circulation of AUDIO coins?
Audius' AUDIO coins, initially issued through an ICO in 2018, are distributed to users who contribute to the platform, with a limited total supply of 1 billion to ensure long-term value.
Nov 26, 2024 at 09:34 am
What is the Issuance and Circulation of AUDIO Coins?
Issuance of AUDIO Coins
Initial Coin Offering (ICO):
- AUDIO coins were first issued through an ICO in 2018.
- The ICO raised approximately $3.2 million from investors.
- The coins were sold at a price of $0.035 each.
Strategic Funding Rounds:
- Since the ICO, Audius has raised additional funds through strategic funding rounds.
- These rounds have included investments from notable venture capital firms and angel investors.
- The funds raised have been used to develop the Audius platform and expand the ecosystem.
Mining:
- AUDIO coins are not mined like traditional cryptocurrencies.
- Instead, they are distributed to users who contribute to the Audius network.
- Users can earn AUDIO by hosting nodes, validating transactions, and providing other services.
Circulation of AUDIO Coins
Total Supply:
- The total supply of AUDIO coins is limited to 1 billion.
- This limit is intended to ensure the long-term value of the currency.
Circulating Supply:
- As of January 2023, the circulating supply of AUDIO coins is approximately 720 million.
- The remaining coins are held by Audius Labs and other stakeholders.
Distribution of Coins:
- The distribution of AUDIO coins is intended to reward users for their contributions to the Audius network.
- Approximately 65% of the coins are distributed to creators, 20% to node operators, 10% to the Audius team, and 5% to investors.
Use Cases for AUDIO Coins:
- AUDIO coins can be used to reward creators for their contributions to the platform.
- They can also be used to purchase exclusive content and access to community features.
- Additionally, AUDIO coins can be used to participate in the governance of the Audius platform.
Conclusion
The issuance and circulation of AUDIO coins are designed to support the growth and development of the Audius ecosystem. By incentivizing user contributions and limiting the supply of coins, Audius aims to foster a sustainable and value-driven network for music distribution and consumption.
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