What is the Audius? What does AUDIO do? How to buy AUDIO?
Audius is a fully decentralized music streaming platform that uses blockchain technology. The platform usage token is called AUDIO.
By offering services similar to Spotify, Apple Music, and Soundcloud, the platform's main goal is to allow artists and listeners to interact directly and give artists more control over their work, eliminating the need for intermediaries and record companies.
Originally built on Ethereum's POA sidechain network, Audius was later migrated to the Solana blockchain network due to scaling issues. AUDIO is still on the ETH blockchain.
The platform, which has around 6 million users in December 2021, hosts over 100.000 artists, including deadmau5, Zedd, Skrillex, RAC, Rezz and 3LAU.
Who was developed by Audius?
Audius is a project developed by Roneil Rumburg and Forrest Browning to support artists in the Web 3.0 era.
Rumburg, who is also co-founder of Kleiner Perkins, was responsible for raising funds for blockchain startups such as Lightning Labs. Rumburg is also a co-founder of the Bitcoin Backlash payment company.
Browning, on the other hand, is a founding partner of Stacksware, which provides data management services to organizations, as well as Audius. Browning, in fact, even found himself on the Forbes 30 Under 30 list.
Audius was developed to address the challenges artists often face in the music industry, such as royalties and copyrights.
At Audius, artists can post content for free and interact directly with their listeners without the need for intermediaries. Music on the platform is streamed at a speed of 320kbps, which is comparable to its competitors like Spotify.
The amount that artists earn on the platform is not determined by how much their songs are listened to, like on many other platforms. The works they publish are not record companies or intermediary platforms, but only the artists who own them and decide for themselves how to monetize their work.
90 percent of AUDIO token revenue goes to artists and 10 percent to node operators. Additionally, artists have the opportunity to earn by entering the trending charts.
On Audius, artists can also interact with their fans through artist listings. These tokens offer their holders access to exclusive content, such as songs that have not yet been released.
WHAT IS AUDIO?
The foundation of the platform, AUDIO, is an ERC-20-based usage and governance token. AUDIO is used to secure the protocol and maintain management, as well as generate revenue and enhance the opportunities for interaction between fans and artists, as mentioned above.
Anyone who bets on AUDIO in the protocol has a say in network changes and updates. One AUDIO token is equivalent to one vote. You don't have to be a knot to vote.
Decentralized nodes ensure the safety of Audius. There are two types of nodes in the protocol: content nodes that host content and discovery nodes that index it. Anyone who brings AUDIO into play can become a node and earn tokens for their contribution to the network. This includes the artists.
Artists managing a content node can host their own content without the need for other nodes, thus increasing control over their work.
For artists who don't want to deal with this, there's the option to use randomly selected content nodes. If a content node goes offline, the blockchain automatically allocates a new node.