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Meet Audius; Music streaming platform based on blockchain

With the advent of online Music streaming platforms, listening to Music is now more available than ever. However, artists in the traditional Music industry have always faced challenges such as low revenue, lack of transparency, and minimal control over how their content is distributed or sold. Audius aims to address these challenges by empowering Music creators and helping them monetize their content through AUDIO's native digital currency. Follow BingMag to check out this platform.

What is the Audius platform?

BingMag.com <b>Meet</b> <b>Audius;</b> <b>Music</b> <b>streaming</b> <b>platform</b> <b>based</b> on blockchain

Audius mediates traditional Music industry by direct linking Eliminates artists with their fans. So artists only own their Music and can decide how to monetize them on the platform. They can release their Music for free or charge a fee to create content for paid access.

Unlike other Music streaming services, Audius does not charge artists. Music producers can receive 90% of their revenue as AUDIO, the Audius platform's native digital currency. The other 10% will go to shareholders who support the Audius network.

AUDIO is an ERC-20 token that also acts as a governance token at Audius. Holders can share their AUDIO to help secure the network, participate in Audius management, and access premium content. Node operators have to stick tokens to launch nodes. The network rewards operators for sticking tokens.

Audius is a completely decentralized Music player platform that enables listeners to support artists directly through their native digital currency, AUDIO. As of December 2021, Audius has approximately 6 million monthly users and hosts more than 100,000 artists.

BingMag.com <b>Meet</b> <b>Audius;</b> <b>Music</b> <b>streaming</b> <b>platform</b> <b>based</b> on blockchain

Founders of the Audius team

Audius, founded in 2018 by Forrest Browning and Ronnell Ramburg, has modeled the traditional Music industry model by removing intermediaries and barriers. Recording companies have changed. Unlike other streaming platforms, artists' income is not determined by the number of times a song is played. Audius gives the exclusive ownership of its Music to the artists and they decide how to monetize their work. According to Audius, Music producers receive 90% of their revenue through AUDIO tokens, while the remaining 10% will go to node operators (stackers) that support the Audius network.

Audius Is a Layer 2 blockchain protocol that was originally built on an atrium side chain called the POA network. Due to the growing demand for content distribution, Audius faced scalability problems and decided to move its content management system to the Solana blockchain in 2020 to improve performance. But its native digital currency, AUDIO, remains on the Atrium blockchain. AUDIO is an ERC-20 governance token that allows shareholders to vote on proposals for network changes and upgrades. Unlocking these ciphers unlocks some of the network's premium features, such as receiving badges and voting power.

How does Audius work?

BingMag.com <b>Meet</b> <b>Audius;</b> <b>Music</b> <b>streaming</b> <b>platform</b> <b>based</b> on blockchain

Audius aims to address the challenges that artists face in the Music industry, including Music rights, patents and property, by giving everyone the freedom to distribute, Earn money and play music. The platform eliminates intermediaries between artists and their audiences and allows them to interact directly on the platform.

Unlike traditional Music industry channels, Audius does not pay artists based solely on the number of times their Music is played. The artists' activity on the platform also takes into account how they interact with fans and the overall participation of users.

At Audius, artists can upload and distribute their songs through decentralized nodes. There are several ways for artists to monetize their audio content without losing ownership. They can get AUDIO by logging in to 5 popular weekly tracks, 5 weekly popular playlists, top 10 monthly APIs, and the first upload after verifying their social media accounts.

In the future, Audius It plans to add support for USDT and other stable coins for fans to access premium content through them.

What is an AUDIO Token?

Audius (AUDIO) Digital Currency Token It is native to the Audius protocol. This token performs three main functions in the Audius ecosystem:

  • Provides network security.
  • Sticked tokens are required to participate in voting on all protocols
  • Artists access premium features by ticking tokens.

AUDIO is an ERC-20 token with an initial offering of 1 billion tokens. As of December 2021, more than 500 million AUDIOs are currently in circulation.

Security

The security of the Audius network is provided by decentralized nodes. Each user can become a node operator by holding and placing AUDIO tokens. The more shares they have, the more chances there are for fans to use their nodes to search for music. With the help of protocol operations, they can obtain AUDIO from token locations and mining pools. A group of nodes called the content node hosts the content, and another group of nodes, called the node, indexes the discovery of this content. Allows artists to access premium content. Artists can use AUDIO to better grow and attract their fans. With AUDIO placement, artists can access content distribution tools to distribute their art tokens to fans. Fans with artist tokens can have exclusive access to their unique content and experiences, such as listening to unreleased music, participating in remix contests, and more.

Users who value They keep a certain amount of AUDIO in their Audius wallet, they can access VIP4 level to get more benefits. The higher their AUDIO, the higher their VIP level and the more premium content they will have access to. Users can pay to buy AUDIO network tokens or earn money by listening to platform ads.

How is Audius different from other streaming platforms?

One of the major differences The difference between Audius and other streaming platforms such as Spotify is that it uses blockchain technology for decentralized execution. This will allow artists and content creators to share their Music with more control.

According to the founders, 90% of the platform's revenue will go directly to the artists. Compared to these numbers in the traditional Music industry, where only 12% is allocated to artists, Audius allows them to earn higher wages.

Another difference in Audius includes holders of AUDIO tokens. Artists and fans will be involved in the decision-making process for the network. Holding an AUDIO token gives them a vote to participate in protocol management. They can vote in favor or against any proposed change to the platform, which we can not find on other Music streaming services.

Audius also has the ability to help artists build a platform and community. Cultivate your fans. This is the first Music streaming platform to partner with TikTok, the popular video streaming social media platform. This partnership allows TikTok users to add songs directly to their videos on the Audius platform. Apart from Audius, TikTok is also integrated with the DeFi Land blockchain game as an FM radio station in Metavars.

Summary

Audius may look like another Music player, but It offers new possibilities for the Music industry and artists. It also shows how blockchain programs can be used in many different aspects of our lives, both in real life and in Metawares. You can buy AUDIO through reputable exchanges like Binance and then store and manage your encrypted assets through hot and cold wallets like Ledger Nano S and Trust Wallet.


Source: Coindesk Binance Academy

Tags: meet, audius;, music, streaming, platform, based, blockchain

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