Audius ($AUDIO)- A Fully Decentralized and Community-Owned Music Platform

With the growth of music streaming platforms, it is now easier than ever to listen to music. Meanwhile, musicians have always faced obstacles in the traditional music industry, such as poor revenues and lack of control over how their output is distributed or sold. Audius intends to address these issues by empowering music creators and assisting them in monetising their content with AUDIO, its native cryptocurrency.

What is audius?

audius 1

Audius is a layer 2 blockchain system that was initially constructed on an Ethereum sidechain known as the POA Network. Due to the increasing demand for content streaming, Audius encountered scalability challenges and chose to transition its content management system to the Solana blockchain in 2020 to improve its performance.

The plaftform is decentralized, artist-controlled, and community-owned music-sharing. Audius is a blockchain-based alternative to traditional streaming platforms that enables artists to publish, monetize, and distribute their work directly to fans.

Artists (content creators), Fans (content consumers), and Service Providers are the three user types that make up Audius. Some users checked belong to all three categories!

Artists contribute songs, produce albums, and distribute content to their audience.

Fans can stream music, make playlists, subscribe to and follow artists, and re-share material.

Service Providers deliver app traffic, stream music, and aid with network security.

How does audius work?

Audius Blockchain Music

Audius intends to alleviate the issues musicians experience in the music industry, such as music rights, royalties, and ownership, by allowing anybody to share, monetize, and stream music. It eliminates intermediaries between artists and their audience, permitting them to interact directly on the platform.

Unlike traditional channels of the music industry, Audius does not compensate artists simply based on the number of times their tracks are played. It also examines the activity of artists on the site, the manner in which they interact with fans, and the general user engagement.

On Audius, musicians are able to upload and distribute their music over decentralized nodes. There are numerous ways for artists to generate income from their audio material without relinquishing ownership. They can obtain AUDIO by placing in the Top 5 Weekly Trending Tracks, Top 5 Weekly Trending Playlists, Top 10 Monthly API Apps, and by uploading their first track after confirming their social network profiles.

Using artist tokens, Audius enabled artists to interact with their community. Artist tokens grant holders access to token-restricted content, such as unreleased tracks, remix competitions, etc. Audius intends to airdrop AUDIO tokens to artists on occasion, based on their amount of social engagement with followers and the number of listens.

What does Audius offer?

Content Node: Maintains the availability of users' content on IPFS including user metadata, images, and audio content
Discovery Node: Indexes and stores the contents of the Audius contracts on the Ethereum blockchain for clients to query via an API
Identity Service: Stores encrypted auth ciphertexts, does Twitter OAuth and relays transactions (pays gas) on behalf of users

What makes Audius stand out?

Audius utilizes blockchain technology to operate in a decentralized fashion, which is a fundamental distinction between it and other streaming sites such as Spotify. This gives artists and content creators greater control over the distribution of their music.

Another distinction is that Audius includes AUDIO token holders, be they artists or fans, in network decision-making. One AUDIO token grants the holder one vote to participate in the protocol's governance. They may vote for or against any proposed platform modifications.

Audius also demonstrates its capacity to assist musicians in cultivating their fan base and community. It is the first music streaming company to partner with TikTok, a social media platform for video streaming. This relationship allows TikTok users to seamlessly incorporate tracks from the Audius platform into their videos. Audius project has also connected with blockchain game DeFi Land in the form of an FM radio tower within the game's metaverse, which could aid in the promotion of musicians.

Audius Token

Audius Coin

AUDIO, the native cryptocurrency, stays on the Ethereum blockchain. AUDIO is an ERC-20 governance token that allows stakeholders to vote on suggestions pertaining to network enhancements and adjustments. In addition, AUDIO coins can be used to access unique features.

Token Information

Token name: Audius
Ticker: AUDIO
Market cap: $174,493,586
Total supply: 1,128,867,308
Circulating Supply: 830,924,708.00 AUDIO

$AUDIO Token Utilities

Audius platform tokens (AUDIO) have three functions inside the ecosystem of the Audius protocol as follow.

SECURITY

Node operators use AUDIO to secure the network. The greater the stake, the greater the likelihood that their node will be utilized by fans and creators. Audius is completely community-hosted and -operated, resulting in a permissionless ecosystem of node operators safeguarding content for the world's unstoppable streaming protocol.

CONTENT ACCESS

AUDIO is the key to unlocking extra creative tools. Among the earliest examples nurtured by the community are tokens for artists, badges, and profit multipliers. In the future, fans will be able to assign AUDIO to certain artists and curators in order to join in their platform growth.

GOVERNANCE

Any AUDIO staked within Audius is assigned governance weight, which is used to influence future protocol versions. Every facet of Audius can be governed, beginning with one token equivalent to one vote pledged. We envision governance first focusing on operator incentives, with the goal of allowing even passive fans to weigh in on product updates and feature enhancements. Audius thinks that the decision to enable ongoing issuance aligns power with those who are consistently the most engaged on the platform, a method that better suits the protocol's future users.

Audius Team

Forrest Browning is Co-Founder and Chief Product Officer at Audius
Roneil Rumburg is Co-Founder and CEO
Christina Rowland is Head of Operations
Dheeraj Manjunath is Head of Engineering
Hareesh Nagaraj is Senior Engineer
Julian Baker is Senior Designer
Michael Piazza is Senior Engineer
Sid Sethi is Founding Engineer
Andrew Leontis is External Relations Project Specialist
Cheran Senthilkumar is Software Engineer

Audius Investors

audius backers

Conclusion

Audius may appear identical to other music streaming services, but it offers the music industry and artists additional opportunities. Moreover, it highlights how blockchain technologies can be utilized in a variety of real-world and metaverse contexts. What do you think about the potential of Audius project? You can share with us in the comment section.

Common Questions about Audius

How to create Audius Account?

Go to audius.co/signup
Select a username and password for your account.
Sign in with your Twitter or Instagram account to have your profile instantly completed.
Continue by following a few artists.

That is all! You have a profile! You can now begin listening to the incredible talent, who have uploaded their work to Audius.

Is Audius proof of stake?

As AUDIO is an ERC-20 token, it operates on the Ethereum blockchain, which presently uses Proof of Work but is transitioning to the more efficient Proof of Stake consensus mechanism. Audius network security is provided by an ecosystem of node operators who must provide AUDIO as collateral.

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