What is AudioCoin (ADC) Cryptocurrency Beginner’s Guide
AudioCoin is a crypto coin for the music industry. It powers a transparent music ecosystem, and the decentralized AudioCoin platform is one that is open, ethical, and honest. Developed in 2013, AudioCoin aims to be a stable coin for an unstable industry; the music industry is often wracked with politics and problems, creating an uneven and unfair landscape for revenue.
As a fully decentralized coin, AudioCoin is open and available for all applications, and aims to be a transparent solution for some of the problems that plague the music industry. With the adaptation of blockchain technology into the mainstream and the growing popularity of digital currencies, AudioCoin believes that at some point, blockchain applications will slowly replace the traditional infrastructure of the music industry.
This is a good change that can benefit music makers and lovers; it will lead to greater transparency, while empowering individual artists. AudioCoin aims to stay ahead of this trend by providing a cryptocurrency and a platform for people who are interested in the music industry and this change.
Adoption into the Music Industry
As AudioCoin’s developers created the platform, they wanted to address the financial ecosystem that surrounds the music industry and come up with a revolutionary alternative that is ethical and fair. They aim to empower and engage music lovers all around the world by breaking down barriers to music consumption, especially in third world countries. Developers also wanted to dismantle the need to have a credit card to purchase songs or sign up for streaming services.
AudioCoin hence provides a new way to consume music by employing the Proof of Stake (PoS) protocol. PoS is based on coin age, which is the currency amount multiplied by the period it has been held. Timestamps secure the coin age. The protocol enacts proof of ownership, and aids the growth and stability of a currency. AudioCoin has also partnered with Blockpool to deliver functionality and creative marketing applications. Together, these have provided a way for music fans and artists to engage in viral marketing.
The AudioCoin Token (ADC)
Around 834 million ADCs have been generated through staking. Staking is accessible to all users; anyone who has a local wallet can stake coins. The longer the coins are held, the greater their coin age, thanks to the PoS protocol. Users who obtain coins can then use the tokens for internal transactions on AudioCoin’s website, such as purchasing access to music and streaming services. In this way, digital currency can be used to access the same things that real-world money is currently, but the digital tokens can be obtained and held by absolutely anyone, anywhere in the world.
Development of ADC is still currently in progress. There have been discussions with major music industry stakeholders, and AudioCoin has Master Service Agreements pending. Ultimately, its community will determine its future, but prospects so far have a positive outlook. As the music industry changes and adapts to the digital world that is currently growing and getting stronger, the platform aims to provide a digital currency that will empower individual artists and encourage participation. AudioCoin powers a truly transparent music industry that is free and fair for all.