Ultimate Information: What Is Audius Project And Audius Token (AUDIO)?
25 July 2022
Listening to music is now easier to obtain than it has ever been before because of the proliferation of music streaming technologies. However, throughout the history of the conventional music business, musicians have been forced to contend with a number of obstacles, including poor incomes, a lack of transparency, and a lack of control over how their output is distributed or sold. Audius intends to address these issues by providing music composers with more agency and by assisting them in monetizing their work via the use of its native cryptocurrency, AUDIO.
In this post, bePAY will introduce you to what is Audius projects and Audius Token (AUDIO), as well as the way Audius works.
What Is Audius Crypto?
Audius is a completely decentralized music streaming network that gives users the ability to provide direct financial support to the musicians they listen to by using the company’s AUDIO coin. As of the end of the year 2021, Audius supports over 100,000 artists and has almost 6 million monthly users who are distinct from one another.
Audius is a company that was established in 2018 by Forrest Browning and Roneil Rumburg. Its primary goal is to transform the conventional business model of the music industry by eliminating the hurdles posed by record labels and intermediaries.
On this platform, in contrast to other streaming services, an artist’s income is not based on the number of times a song is played. Audius grants the artists sole ownership of their musical compositions, and it is up to the artists to determine how best to monetize their work. According to Audius, music curators will be entitled to collect 90% of the money in the form of AUDIO tokens, while node operators (Stakers) who maintain the Audius network would be given 10% of the revenue.
Audius crypto explanation
Layer 2 blockchain protocol Audius was first developed on an Ethereum sidechain referred to as the POA Network. Audius was named after the POA Network. As the number of users that stream video continued to rise, Audius ran into scalability problems and made the decision in 2020 to move its content management system to the Solana blockchain in order to improve the platform’s overall performance.
However, the native coin known as AUDIO will continue to be stored on the Ethereum blockchain. Stakeholders have the ability to vote on ideas relating to adjustments and enhancements to the network using AUDIO, which is a governance token built on the ERC-20 standard. Additionally, by joining Audius staking AUDIO currencies, they are able to access special functionalities.
>> For more details, take a look at Audius whitepaper
>> Learn more about what are sidechains?
What Is Audius Token?
The Audius cryptocurrency is Audius tokens (AUDIO) are the Audius protocol’s native cryptocurrency. It fulfills three primary purposes within the Audius ecosystem:
Secure The Network
- Serve as a sign of government.
- Provide access to special information and features.
AUDIO is an ERC-20 coin having a total quantity of 1 billion at launch and no supply cap. As of December 2021, there is currently approximately 500 million AUDIO in circulation.
Audius network security is provided via decentralized nodes. By owning AUDIO Audius staking tokens, anybody may become a node operator. The more their investment, the greater the likelihood that their nodes be used by music aficionados to locate the material. By assisting with protocol operations, participants may earn AUDIO from continuous token issuance and pooled fee pools.
Audius has two kinds of nodes: content nodes and discovery nodes. Material nodes host, protect, and administer content on the creators’ behalf. It is optional for artists to operate as content nodes to host their own material. Discovery nodes index the information and music posted to the Audius content ledger, enabling fans to do rapid searches for artists and songs.
The network nodes will continually upload snapshots of artists’ works to the distributed ledger. This can produce immutable time-stamped content records.
AUDIO functions as a governance token as well. As previously stated, AUDIO stakeholders may engage in network operations as either content nodes or discovery nodes. If users want the ability to vote on suggestions for prospective network improvements, they may gain governance authority by consistently contributing to the network’s value.
Stakeholders do not necessarily need to operate a node in order to share their opinion on Audius. The community is invited to provide feedback about the procedure. One AUDIO token is equal to one vote. So that artists, fans, and node operators may enjoy a decentralized music streaming experience, AUDIO payouts are aligned with their motivations.
Audius music streaming platform
The AUDIO token enables fans and artists to access platform-exclusive features. Artists may use AUDIO to expand their audience base and increase fan engagement. By joining Audius staking AUDIO, artists can access content distribution tools that enable them to distribute their artist tokens to fans. Fans who own artist tokens may have access to special material and one-of-a-kind experiences, such as listening to unreleased songs and participating in remix contests.
Users with a particular quantity of AUDIO in their Audius wallet may access four VIP levels with extra perks. The higher the VIP tier, the more their AUDIO content. After attaining the minimal requirement for a VIP tier, members may obtain a profile badge that grants early access to newly announced features. Community governance allows for the modification of tier criteria and perks.
How Does Audius Work?
As noted before, Audius is a decentralized music streaming blockchain-powered platform which aspires to bring rightful money and power back to artists. Nonetheless, it is vital to note that Audius is able to decentralize the music business by linking these music artists directly to their audience, so cutting out record companies and intermediaries would have cost the artists more. It lets music makers post and sell their work without the requirement to be tied to a label or other middleman.
Moreso, Audius allows music producers opportunities to determine how they want their material to be compensated. They may opt to provide material and streams for free, having a one-time payment to unlock all content or sell their music as non-fungible tokens (NFTs).
How does Audius work?
With Audius, artists are able to optimize their earnings since it does not share their revenue. In particular, 90% of sales money is given to the artists, while the remaining 10% falls back to node operators that operate the network. However, Audius is able to remain viable through fundraising rounds while encouraging staff and early investors with the AUDIO coin. Apparently, it is non-dependent on the earnings of the artists.
Technically, Audius is protected and maintained by two kinds of decentralized nodes which comprises content nodes and discovery nodes. The content nodes hold the musical contents, whilst the discovery nodes index the same material.
AUDIO is an ERC-20 token that runs on the Ethereum blockchain and serves as the fuel that drives the Audius Network. It protects the network, offers AUDIO staking functionality, and also administers the protocol.
Audius Vs Other Competitors
Audius is not the first company attempting to integrate blockchain technology into music streaming, despite the concept’s obscurity. At least six additional services are pursuing similar objectives. Vezt, one of the most evolved of these sites, enables music enthusiasts to participate in Initial Song Offerings (ISOs).
Similar to Initial Public Offerings (IPOs), Vezt enables consumers to purchase the rights to newly released music, giving them a share in the artists’ work. This enables followers of an artist to earn royalties on the purchase of songs via first song releases, similar to the artist.
Users can fund accounts with both fiat currency and cryptocurrencies. Then, they may purchase a share in songs. This allows fans to feel more connected and to profit from the success of the artist. Vezt seems to be the closest competitor to Audius in terms of a functional model.
Audius vs other competitors
There are distinctions between the two, the supported platforms being a significant one. Audius is the only competitor with a desktop application. This additional option is beneficial for individuals who want versatility while listening to music.
Each platform is remarkable. The features of Audius are now superior to those of Vezt, which concentrates on the monetary aspect of music. The open-source nature of the former’s platform makes it possible for the community to develop additional features as needed. Audius has developed a more flexible and feature-rich platform than Vezt and hence has the upper hand.
FAQs About Audius Project And Audius Token
What Are Audius Roadmap?
The Audius whitepaper shows the Audius roadmap includes these phases:
- Project Genesis: Date May 2018
- Private Alpha: Date January 2019
- Testnet: Date August 2019
- Mainnet Launch: Date October 2020
Where To Buy Audius Token?
For those who are curious about where to buy Audius tokens, now Audius tokens are available on most major cryptocurrency exchanges like Binance, Kucoin, Houbi Global, and many more.
Should Audius Be Tried?
If you are a music lover who is interested in the future of the music business and wants to support independent or smaller musicians, then Audius is the platform for you.
FAQs about Audius project
Who Are Audius’ Primary Rivals?
Spotify and SoundCloud are the primary rivals of Audius.
Who Built Audius?
Two computer scientists called Roneil Rumburg and Forrest Browning co-founded Audius.
Audius is a decentralized system for audio content. It intends to establish a system of shared ownership for artists, therefore democratizing the listening experience. Like Spotify and SoundCloud, musicians post their music to Audius and fans may enjoy it on a number of devices. Unlike the centralized internet giants, however, Audius will be a decentralized platform that enables each listener to own a portion of the network and partake in the company’s earnings.
Audius is a decentralized system for audio material and a future public blockchain with the purpose of establishing a fairer, freer, and more open music business. The world’s old and staid music business is ripe for change with the introduction of new promising technologies such as the blockchain. The most promising of these is the Audius protocol, a decentralized system based on the blockchain that will enable anybody to upload and distribute their own music.