The advent of music streaming platforms has revolutionized the way we consume music, making it incredibly accessible. However, the traditional music industry still poses significant challenges for artists, such as limited earnings and transparency, and restricted control over their content distribution and sales. Audius seeks to confront these issues head-on, leveraging its native cryptocurrency, AUDIO, to empower music creators and facilitate the monetization of their content.
Living up to its name, Audius centers on the music streaming services sector, aiming to restore financial power and ownership to artists and creators. Supported by blockchain technology and the principles of decentralization, Audius serves as a transformative platform for streaming and sharing music. Its mission: to redefine how fans and music creators interact, ensuring the protection of music ownership and returning control to its rightful holders – the creators.
Are you intrigued by Audius (AUDIO), yet unsure about its ins and outs or uncertain about where to start? You’ve come to the right place. This comprehensive guide is designed to equip you with all the essential knowledge about the project and prepare you for the most user-friendly trading experience available on the market. So, let’s delve into the fascinating world of Audius.
Audius, a revolutionary digital platform in the music industry, was co-conceptualized by Roneil Rumburg, a Stanford University Computer Science alum, and Forrest Browning. Both individuals serve as CEO and CPO, respectively, and were instrumental in the official launch of Audius in September 2019, which was marked by a significant token sale.
The founding team is bolstered by a diverse mix of professionals hailing from various fields, such as engineering, entrepreneurship, blockchain technology, and music aficionados. Additionally, Audius enjoys insightful guidance from an advisory panel, which boasts industry titans such as Justin Kan, the co-founder of Twitch, Bing Gordon, co-founder of EA Games, and renowned electronic music producers like deadmau5.
The project has garnered substantial financial support from a cadre of prominent investors. High-profile names like Binance, Coinbase Ventures, and Pantera Capital have pledged their backing to the Audius platform, reinforcing its potential in reshaping the music industry.
What is Audius?
Audius presents itself as a groundbreaking, decentralized platform founded on blockchain technology, enabling smooth music streaming and sharing experiences. Introduced in 2018 alongside its proprietary token, AUDIO, this dynamic ecosystem empowers music creators to engage their audience in a whole new way, while maintaining complete control over their musical content.
The platform mirrors some operational aspects of established music streaming services like Spotify, allowing musicians to monetize their creative work. Yet, it offers a transformative solution to the music industry’s age-old problem where artists earn the smallest share from their music streams, despite the industry’s worth being several billion dollars. Audius leverages blockchain technology and nodes to address this imbalance.
The decentralization principle of Audius favors artists who receive direct compensation in AUDIO tokens each time their music is streamed. This mechanism ensures artists get immediate remuneration for their work, eliminating the long waiting periods typically encountered with conventional, centralized music streaming authorities.
Initially, Audius adopted the layer 2 blockchain protocol, operating on an Ethereum sidechain known as the POA Network. However, as the platform grew and the demand for content streaming increased, scaling challenges emerged. To counteract this and enhance performance, Audius migrated its content management system to the Solana blockchain in 2020. Despite this, the AUDIO token, an ERC-20 governance token, remained on the Ethereum blockchain. Owners of this token gain the ability to influence network changes and upgrades through voting. They can also access exclusive features by staking their AUDIO coins.
The $AUDIO token, the lifeblood of the Audius protocol, is its native cryptocurrency, bearing three central responsibilities within the Audius framework:
- Ensuring network security,
- Functioning as a governance token,
- Granting access to premium features and content.
Crafted as an ERC-20 token, AUDIO debuted with a total supply of one billion tokens, with no specified cap on its maximum supply. As of December 2021, over half of this initial supply, more than 500 million AUDIO tokens, were already circulating in the market.
The platform employs on-chain metrics and continuous token issuance to optimally distribute AUDIO to the most actively participating users, thereby drawing more users and value to the platform. The inherent worth of Audius is a combination of the value of its technology, its technical prowess, use case, and current relevance.
The popularity and mainstream adoption of the decentralized music streaming sector contribute significantly to Audius’s value. As the native currency, AUDIO serves as the primary mode of transaction, reward system, and an asset that can be staked within the ecosystem. It can be traded on the live crypto market, with potential profit derived from price differences during trading. The balance between buying and selling activities in the trading volume determines its market price.
At the onset, Audius issued 1 billion AUDIO tokens, allocating 41% to its founders, 36% to investors, and 18% to enhance network growth. These tokens are scheduled for gradual release according to a vesting plan. To incentivize node operators, the AUDIO token was launched with an annual inflation rate of 7%.
What Songs Are Available?
Primarily, Audius serves as a haven for indie artists. However, it extends a warm welcome to major-label artists too, creating a broad and diverse musical landscape.
The platform boasts a repertoire of over 100,000 artists, which includes a range of relatively famous figures such as Skrillex, Weezer, deadmau5, Russ, Mike Shinoda, Diplo, Madeintyo, Odesza, Disclosure, Alina Baraz, and Wuki.
Typically, artists commence their Audius journey with a couple of tracks, gradually expanding their portfolio as they receive positive responses from their fans. Certain renowned artists, such as Mr. Carmack, have uploaded a considerable portion of their historical content, totaling up to 169 tracks in his case.
In a break from industry norms, Audius fosters artist-fan collaborations through remix competitions. This unique feature gives rise to a wealth of experimental tracks for listeners to enjoy, fostering a vibrant and interactive music community.
The $AUDIO token also functions as a governance token, bestowing upon stakers the opportunity to actively participate in the network’s operations as content or discovery nodes. The power to influence network developments comes with consistent value creation for the network. This ability to vote on proposals for upcoming network enhancements is a reward in itself.
Interestingly, on Audius, one doesn’t necessarily need to operate a node to share their views. The community is encouraged to vocalize their perspectives on the protocol, fostering a democratic environment. The weight of each opinion correlates directly with the number of AUDIO tokens held, with one token equating to one vote.
In an endeavor to foster a truly decentralized music streaming experience, AUDIO rewards are tailored to align with the interests of the artists, fans, and node operators. The approach underscores the commitment of Audius towards an inclusive, interactive, and democratic platform.
Navigating the intricate universe of the music industry has long been a challenging feat for artists, and finding platforms that prioritize their rights and profits can seem like a daunting task. However, with the inception of Audius and its native token, $AUDIO, a promising solution emerges. By merging the power of decentralization and blockchain technology with the ever-evolving music streaming sector, Audius is reshaping the landscape.
From ensuring artists’ financial independence to encouraging a democratic voting system, Audius has paved the way for a more inclusive and empowering music streaming experience. Notably, the platform is designed to benefit everyone involved – artists, fans, and node operators alike.
Whether you’re an artist seeking a fairer platform, a fan looking for a more interactive musical experience, or a potential investor interested in trading $AUDIO, Audius presents a unique proposition. And with the information provided in this comprehensive guide, you are now equipped to delve into the innovative world of Audius with confidence. Welcome to a new era of music streaming, where power is restored to the creators and fans become active participants in the music they love.