“The music industry is a matrix that is counter to what is natural and right.”
Back in 2013 when Audiocoin was born as an idea, the Music Industry was transforming from an autocratic and centralised monopoly into something much worse. At the time the major labels were exploiting artists (Or assets as they like to call them) by controlling 80-90% of all music revenue worldwide. Streaming was then used as a tool to increase this revenue at the expense of the artist.
They use 360 and Blanket deals to own the careers of their signed artists. These contracts are so water tight that they can rarely be broken even by litigation and yet there is still a widespread perception that being signed by a major label is a ‘good’ or even an ‘amazing’ step in an artist’s career.
Digital currencies and blockchain technology have the power to turn this totalitarian and archaic centralisation of power into something beautiful, fair and democratic.
In the last 7 years ADC has had some ups and downs that have taken it through the full spectrum of emotions. 99% of music fans, independent labels and artists love the idea of being able to control what they produce and listen to, without the lion’s share of the profits from their creativity or purchases going into the major label coffers.
Audiocoin has no ownership, it is fully decentralised and therein lies a significant opportunity to expand the project with a dedicated network of like minded individuals and companies who have the same vision as we had in 2013 to democratise the music industry. The Audiocoin Foundation is a body that will use democratic governance and consensus to further these goals. We are open to individuals, artists, fans, ambassadors, companies, experts, crypto enthusiasts, developers to join us and make a difference in the way music is produced and consumed.
Potential partners have already indicated a desire for such a seismic change in the industry and we want to get the coin on a firm footing to provide the most democratic and robust infrastructure for growth.
In this document we set out our initial ideas for the Foundation. All our decisions will be taken by community consensus and this manifesto sets out how we plan to accomplish this process. The document is a living evolution of opinion so we are happy to make interim changes after following the correct governance and voting procedures which are outlined below.
Ideas and potential governance questions
Advocate members have a greater voting weight than standard members (x10)
Advocate membership of the Foundation will enable 10x voting rights.
Governance voting coins are either burned or we will donate a percentage to a worthy cause supporting Artists/Live Music (Subject to vote)
Advocate members will share in staking rewards and other initiatives provided by admin, donations and 3rd parties.
Members can join via other currencies and the funds will be used to buy ADC at market rate to enable widespread membership at the same time as supporting the coin value.
Our first ‘open vote’ passed the following resolution on membership criteria:
To join the foundation requires a contribution of min 50 USD (approx 150,000 ADC or equivalent in other currencies at market rate).
Joining with ADC = all ADC is sent to burn address
Joining with other currencies = 20% to Investment and other 3rd party initiatives / 40% to development fund / 40% to buy ADC on exchange at lowest rate available (All bought ADC will be sent to burn address)
Funds in other currencies than ADC will be stored in public addresses. Any use of Dev fund is subject to governance vote. All exchange ADC purchases will have documented transactions on website. (Full transparency)
Other ideas for initial governance votes:
Type of fork (e.g DPOS or Masternode)
Upgraded wallets (desktop and mobile)
Lower staking rate
BPL support delegates
Create ERC20 wrapper for ADC
Ambassadors (music industry)
Retail and payment processing partners
An example proposal for a vote could be the benefits of switching to a BPL style based DPOS chain. The arguments for such a fork could be:
Genesis block: Existing supply plus 500,000,000
1. Improved Governance and Decision Making due to delegate structure
2. Foundation members would have option to defer membership costs through delegate mechanism
3. Delegate Rewards
4. Improved Dev community and upgrades
5. On chain voting
6. Staking pools replace staking wallets
7. Inflation control
8. Smart contracts
All foundation members will be able to submit voting ideas in exchange for a fixed amount of ADC. All ADC used for voting or initiating votes will be burned or donated to music based good causes (subject to vote).
The Foundation website is currently in development and will be launched on 8th February 2021.
The site will be located at https://governance.audiocoin.co.uk
The first vote on Foundation membership was passed unanimously at https://forms.gle/6UCDLekfudqooMm39.