Blockchain Music Streaming Startup Unveils Source Code, Incentives

Audius, a blockchain startup that aims to disrupt the music streaming industry, has uploaded its public beta version.

The open source code for public use of Audius is available on GitHub as of Aug. 15.

The startup has issued an open invitation to run network nodes in exchange for compound rewards distributed in Audius' native token.

Decrypt reported the startup's recent developments on Aug. 15.

According to Audius CEO Roneil Rumburg, Amazon Web Services is one provider that users can take advantage of to run a node for the music network for staking.

These early adopters will apparently receive certain benefits that the company is purportedly legally unable to mention.

Per the report, Audius has so far received $5 million in funding from a number of venture capital firms, including General Catalyst, Lightspeed and Pantera Capital.

The startup is now aiming to launch its public beta by the end of September, which is a development stage for the company to invite more artists and users to the network.

Decrypt describes Audius as a company aiming to eliminate middlemen in the music sector.

"I think artists in the music industry on average capture about 11 or 12 percent of the value in the industry and those big record companies are sucking up 70 or so percent. We can replace those record companies with smart contracts on the Ethereum platform."