$5.5M Raised For The Decentralization of Music

August 20, 2018 – Through its rising popularity, blockchain technology has found its new use case in the music industry as Audius presents itself as an alternative against traditional music-streaming apps like Spotify and Soundcloud.

The team behind the project is composed of CEO and co-founder Ranidu Lankage, CTO and co-founder Roneil Rumburg, and co-founder and head of product Forrest Browning. Having a profound background in both the music industry and being a business entrepreneur, Lankage said that with his team, he aims to remove the middle-man in the music industry. According to Lankage, “I’ve always been passionate about building tools for creators.”

“I’ve always been passionate about building tools for creators.”

Ranidu Lankage, CEO and co-founder of Audius

With Audius, the platform aims to empower artists more by having more control over their own content and receiving a larger portion of the sales, given through royalties. With the help of the blockchain, this allows for faster transactions with a more transparent approach that empowers artists to deliver more content through constant interaction with fans.

As a listener and a streamer, the user can easily access the system and interact with their favorite artists who have pledged to support the new alternative.

The software would feature the use of a wallet that uses a digital token system exclusive to Audius. The wallet can be topped off by the streamer or be listening to ads that would pay for the content of the artists and the people behind the new technology.

Despite this, Audius still needs to try its best to jump over the huge hurdle before it namely against music-streaming giants like Spotify, Apple Music, Soundcloud, and many more along the way. Through the persistent and positive backing of the community, surely blockchain alternative Audius still has a bright future before it. -Decentrist

An experienced journalist and a crypto-curious writing to educate others about blockchain and Fintech.