The impulse that blockchain technology can give the music business, and especially emerging talent is overwhelming. There are already interesting projects in this sense walking, and this time we will talk about the Aurovine. This music platform powered by Blockchain has been launched in India in collaboration with Audiocoin, BlockPool, and the Indian company Appliconsultants. Aurovine thus takes advantage of the technology blockachain to foment the growth in the market of the Indian music.
Aurovine is an online music exchange platform that uses blockachain to ensure that both artists and fans get the most out of the music industry. Founded in 2012, the platform seeks to give fans greater access to their favorite artists, while ensuring that artists receive payment quotas in a fair and transparent manner.
The launch of Aurovine in India was carried out by the hand of blockchain company London BlockPool and the Indian firm Appliconsultants to facilitate a viable entry into the Indian market.
Aurovine’s use of the blockchain ensures that every time a song is listened to, all the people involved in its development are duly credited with their share of the participation fees. Since blockchain is immutable, this leads to a high level of responsibility and equity. Aurovine uses the cryptocurrency Audiocoin on the platform.
Audiocoin is a digital currency that aims to reward artists and related in the industry. Fans earn coins by simply listening, rating and sharing music while artists receive Audiocoins when fans share their music.
The currency is tradable in several digital currency markets such as Cryptopia and Bleutrade and has recently exceeded the milestone of one million blocks. The value of Audiocoin has been showing steady growth in recent weeks. However, its market capitalization is still under $ 2 million, so it still has a lot to grow.
Aurovine sees the music market in India as a place with good prospects for developing the platform. Aurovine will give fans the chance to win coins, and store them in mobile wallets, as well as vote for their favorite artists. Artists can even crowdfunding their projects through smart contracts executed on the platform. These characteristics assume that fans and artists have a level of commitment closer than is currently available in the conventional market.
Hoping to give artists greater control over their careers and allow their fans to feel closer to them, Aurovine bets on the success of the platform in India as much as it has experienced in the UK where it has provided to artists with a fairer and more attractive way to host their music.
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