What is the Future of Audius? (AUDIO)

What is the Future of Audius in this guide? We will answer questions such as who created it, what is its features and project.

Audius is a blockchain-powered music streaming service that allows users to directly support artists with AUDIO coins.

One of the largest non-financial crypto apps, Audius is owned and managed by an open source community of artists, fans and developers. It surpassed more than 5.3 million unique users in July 2021, jumping from 2.9 million unique users in January 2021. Users listened to the track 7.5 million times during April 2021, the busiest month ever for Audius.

It is backed by the protocol’s management token, AUDIO, with a market cap of $1.2 billion as of August 2021.

What is the Future of Audius? (AUDIO)
What is the Future of Audius? (AUDIO)

What is AUDIO Coin?

AUDIO coin is the native cryptocurrency of the Audius app. The cryptocurrency is a token created with the ERC-20 smart contract on Ethereum. The token stands out with various use cases within the application, which aims to distribute 90% of the total supply to musicians.

Founded in 2018, Audius is a decentralized music streaming service with a social media component. It allows artists to upload their songs to the app and connects fans directly with artists and exclusive new music.

On a technical level, it is a blockchain protocol that enables artists to produce immutable and timestamped records for their creative work, which are secured by a decentralized network of node operators.

It was originally built on POA Network, an Ethereum sidechain, and later migrated some of its service to the Solana blockchain. Developers can build their own apps on top of Audius, gaining access to a unique catalog of sounds.

Audius launched its mainnet service in October 2020 with a live concert featuring deadmau5 and RAC.

But unlike most other blockchain projects, it doesn’t suffer from the problem of being so technical that anyone unrelated to crypto is automatically excluded. “If it’s a lot harder for users to use than Google, Facebook, SoundCloud, Steam or whatever, they won’t be using our stuff,” co-founder Roneil Rumburg said in 2019.

In 2018, Audius received $5 million in investment capital from VC firms General Catalyst, Lightspeed and Pantera Capital, and $1.25 million in funding from Binance Labs, the venture arm of the world’s largest cryptocurrency exchange by volume.

How Does Audius Work?

Audius operates like a music cooperative, and the token aligns incentives in the three founding groups that make the network work: node operators, artists, and fans.

Because Audius is based on the blockchain, it operates over a decentralized network of nodes that host content (content nodes) and index that content (discovery nodes).

And of course, as a blockchain project, it comes with a cryptocurrency.

The Audius network is powered by the Ethereum-based ERC-20 token Audius (AUDIO), which serves three functions:

  • Network security: Node operators allocate tokens to run a node and earn rewards from the network in return.
  • Special features: Artists get premium features by staking the token, such as viewing NFT crypto collections on the site.
  • Governance: Staked tokens must vote on all proposals that make changes to the code and the public network.

But knowledge of blockchain or crypto isn’t really required to join Audius, which partly explains why it’s popular even among those outside the crypto community.

The platform automatically rewards specific achievements with AUDIO tokens: top 5 trending weekly tracks, 5 trending tracks, 5 trending playlists, top 10 API apps, or uploads by those with verified Twitter or Instagram accounts.

Sometimes the protocol distributes generous amounts of AUDIO tokens over the air, based on a formula that takes into account not only the number of listens, but also the level of social engagement the artist exhibits. In October 2020, the service distributed a total of 50 million AUDIO tokens among 10,000 artists and users on the platform.

The protocol has not developed a more streamlined and consistent monetization policy, consistent with its plans to distribute 90% of its token supply to its artists.

AUDIO tokens can be exchanged for other cryptos on a number of exchanges, including Binance, FTX, Gate.io, and decentralized exchange (DEX) Uniswap.

What is the Future of Audius? (AUDIO)
What is the Future of Audius? (AUDIO)

What Makes Audius Different?

Audius differs from other music streaming services in that it is blockchain-based, shaping how everything works.

Artists can upload their tracks for free and users can listen to them for free while everyone else earns (crypto) coins.

The model of co-managing a music streaming service is also a unique feature powered by the blockchain.

There is no review process for getting started as an artist, so you can upload your own tracks right away. After signing up for free, simply click “Upload Track” and drop your music and picture files. It offers streaming at 320 kbps, comparable to Spotify and Google Play Music, though not up to the 24-bit standard of Tidal HiFi and Amazon Music HD.

Copyright protection cannot be enforced at this time because Audius content is distributed among decentralized nodes. However, the protocol is currently developing an arbitration system made up of community members who will decide whether to remove certain content.

Audius’ lack of centralized control also means it provides a safe space for artists from oppressive regimes that use music as a tool for opposition and protest.

Many famous artists see Audius as a place to try or share tracks that don’t go on other platforms, such as works in progress (“WIPs”), weekend beats, long-form sets, and even more diverse content than it actually is. they feel comfortable putting them in other places.

What Can I Listen to on Audius?

At its core, it is mostly a standalone platform. But major-label artists are also welcome.

Audius has over 100,000 artists, including relatively well-known names like Skrillex, Weezer, deadmau5, Russ, Mike Shinoda, Diplo, Madeintyo, Odesza, Disclosure, Alina Baraz, and Wuki.

Usually, artists start with one or two tracks and then expand as they receive positive feedback from fans on the platform. Some big names like Mr. Carmack have uploaded most of their historical content, a total of 169 tracks.

Another feature of Audius that is normally rare in the industry is artist-fan collaborations through remix competitions, allowing more experimental tracks to be enjoyed.

AUDIO Coin Review and Future

As we are closer than ever to the transition to Web 3.0, an internet built on the blockchain, the services we love and use every day will also need to evolve or be replaced by more advanced versions. Goodbye Spotify, hello Audius.

It’s hard to imagine the AUDIO token turning into something like bitcoin. This is not a token that will yield great personal gain. However, the AUDIO token and Audius can play an important role in investing in up-and-coming artists.

From the platform’s recent partnership with TikTok, it’s clear that Audius is most likely the future of music streaming, or at least part of it. While they have competitors, they all took a slightly different angle on how to approach music and blockchain. It will be interesting to see where it all goes.

In August 2021, Audius was selected as one of TikTok’s partners because of the Sound Kit functionality that allows song transfers to its platform. 75% of TikTok users in the United States say they use the app as a means of discovering new music, and that’s probably true of its overall global user base of 730 million.

The recent partnership with TikTok could make the protocol even more appealing to established artists looking to tap into TikTok’s insane virality.

Audius co-founder Rumburg confirmed that the protocol is working on more plans similar to the TikTok partnership. “TikTok integration is exciting and marks the next step. “Audius will continue to expand its existing toolchain to help artists grow their followers as effectively as possible and better leverage or monetize their relationship with fans.”

If Audius continues to gain traction, it’s likely that similar projects will blossom. Other blockchain-based music projects so far include Songcamp, Catalog, and Self Owned Song.

Should You Try Audius?

If you’re a music fan looking to the future of the music industry and looking to support independent or smaller artists, Audius is definitely the platform for you.

What is the Future of Audius in this guide? We answered the questions of who created it and how it works. Keep following us.

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