What Is Audius (AUDIO)? | Binance Academy

TL;DR Audius ( AUDIO ) is a blockchain-based decentralize music streaming platform. The project aims to give artists and curators more command over their music creations. When artists upload content to Audius, they can produce immutable records for their function, which will be secured by a decentralize network of nodes. Audius removes the middlemen in the traditional music industry by connecting artists immediately to their fans. Artists have the sole ownership of their music and can decide how to monetize them on the platform. They can distribute their music unblock of charge or set custom fees for fans to unlock exclusive content. Unlike other music pour services, Audius does not take a reduce from artists ’ tax income. music curators can receive 90 % of the tax income in AUDIO, the native cryptocurrency of Audius. The early 10 % will be given to stakers that support the Audius network.

AUDIO is an ERC-20 token that besides serves as the administration token on Audius. Holders can stake their AUDIO to help secure the network, enter in the administration of Audius, and access exclusive message. They can besides get AUDIO rewards from staking.

Introduction

With the arise of music streaming platforms, listening to music has been more accessible than ever. however, artists have constantly faced challenges in the traditional music industry, such as low earnings and transparency and minimal control over how to distribute or sell their content. Audius aims to tackle these challenges by empowering music creators and helping them monetize their message via its native cryptocurrency, AUDIO.

What is Audius?

Audius is a amply decentralized music streaming platform that enables listeners to support artists directly via its native cryptocurrency, AUDIO. As of December 2021, Audius has about 6 million monthly unique users and hosts over 100,000 artists. Co-founded in 2018 by Forrest Browning and Roneil Rumburg, Audius revolutionalizes the traditional music diligence model by removing the middlemen and record label barriers. Unlike other streaming platforms, artists ‘ gross is not determined by how many times a song is played. Audius gives artists exclusive ownership of their music, and they get to decide how to monetize their shape. According to Audius, music curators will receive 90 % of the gross in AUDIO tokens, while the remaining 10 % will go to node operators ( stakers ) supporting the Audius network. Audius is a layer 2 blockchain protocol initially built on an Ethereum sidechain called the POA Network. Due to a growing need to stream capacity, Audius faced scaling issues and decided to migrate its contentedness management system to the Solana blockchain in 2020 to enhance its performance. But its native cryptocurrency, AUDIO, remains on the Ethereum blockchain. AUDIO is an ERC-20 administration token that allows stakers to vote on proposals related to network changes and upgrades. They can besides unlock single features by staking AUDIO coins.
effigy from Audius web site

How does Audius work?

Audius aims to solve the challenges artists face in the music industry, including music rights, royalties, and ownership, by giving everyone the freedom to distribute, monetize, and stream music. It eliminates the intermediaries between artists and their hearing, allowing them to interact directly on the platform. Unlike the traditional channels of the music industry, Audius does n’t pay artists based entirely on the total of times their tracks are played. It besides considers artists ‘ activeness on the platform, the way they interact with fans, and the overall employment from users. On Audius, artists can upload and distribute their songs by the decentralized nodes. There are several ways for artists to earn gross from their sound recording message without sacrificing their possession. They can get AUDIO by making it to the top 5 weekly Trending Track, Top 5 Weekly Trending Playlist, Top 10 Monthly API App, and first lead upload after verifying their social media accounts. Audius besides let artists engage with their residential district via artist tokens. Artist tokens give holders exclusive access to token-restricted content, such as unreleased tracks, remix competitions, etc. occasionally, Audius plans to airdrop AUDIO tokens to artists based on their flat of social engagement with fans and the act of listens. In the future, Audius plans to add documentation for USDT and other stablecoins for fans to unlock paid contentedness.

What is AUDIO?

The Audius token ( AUDIO ) is the native cryptocurrency that powers the Audius protocol. It serves three independent functions in the Audius ecosystem :

  • Secure the network.
  • Act as a governance token.
  • Give access to exclusive features and content.

AUDIO is an ERC-20 token with an initial sum supply of 1 billion and no maximum provide. As of December 2021, over 500 million AUDIO is already in circulation.

Security

The Audius network is secured by decentralize nodes. Anyone can become a node operator by holding and staking AUDIO tokens. The larger their venture, the higher the luck their nodes are used by fans to discover music content. By helping to run the protocol operations, they can earn AUDIO from the ongoing keepsake issue and aggregate tip pools.

There are two types of nodes on Audius : content nodes and discovery nodes. Content nodes host, procure, and wield content on behalf of the artists. Artists can besides run as content nodes to host their own content, but it ‘s optional. Discovery nodes index the metadata and music uploaded to the Audius contentedness ledger to allow fans to cursorily search for artists or songs. The nodes on the network will continuously take snapshots of artists ‘ work to the blockchain. This can generate immutable time-stamped records for the content.

Governance

AUDIO besides serves as a government token. As mention, AUDIO stakers can participate in the network ‘s operations as contented nodes or discovery nodes. If users want to vote on proposals for upcoming network updates, they can earn government power by continuously creating value for the network. On Audius, stakers do n’t necessarily need to run a node before they can voice their impression. The community is encouraged to share their thoughts on the protocol. One AUDIO keepsake gives them one vote. AUDIO rewards align with the incentives of artists, fans, and node operators so that they can enjoy a decentralize music streaming experience.

Feature access

The AUDIO keepsake allows fans and artists to unlock exclusive features on the platform. Artists can leverage AUDIO to grow and better engage their fan base. By staking AUDIO, artists can access message distribution tools to distribute their artist tokens to fans. Fans that hold artist tokens can then unlock single access to their content and singular experiences, such as listening to unreleased tracks, joining remix competitions, and more. Users who hold a sealed come of AUDIO in their Audius wallet can unlock 4 VIP tiers to enjoy extra benefits. The more AUDIO they have, the higher the VIP tier. After reaching the minimum doorsill for a VIP grade, users can earn a profile badge that gives access to raw features equally soon as they are released. The requirements and benefits of each tier can be changed through residential district administration.

How does Audius differ from other streaming platforms?

One of the major differences between Audius and other streaming platforms like Spotify is that it leverages blockchain technology to run in a decentralized manner. This allows artists and content creators to share their music with more control over their capacity. According to the co-founders, 90 % of the platform ’ mho tax income will go to the artists directly. Compared to the general numbers in the traditional music industry, where only 12 % goes to the artists, Audius allows them to earn a more fair yield. Another difference is that Audius includes AUDIO nominal holders, be it artists or fans, in the decision-making process for the network. Holding one AUDIO token gives them one vote to participate in the administration of the protocol. They can vote for or against any proposed changes on the platform, which is not something we can find on other music stream services. Audius besides shows that it has the ability to help artists cultivate their fan base and residential district. It is the inaugural music streaming platform to collaborator with TikTok, a video streaming sociable media platform. This partnership enables TikTok users to add songs on the Audius platform to their videos directly. Apart from TikTok, Audius has besides integrated with blockchain game DeFi Land in the form of an FM radio tugboat in the game ’ sulfur metaverse, which could help promote artists . double from Audius web site

 How to buy AUDIO on Binance?

You can buy Audius ( AUDIO ) on cryptocurrency exchanges like Binance 1. Log in to your Binance bill and pawl [ Trade ] to select the classic or advance trade mood to start. In this tutorial, we will select [ Classic ]. 2. future, type “ AUDIO ” on the search measure to see the available deal pairs. We will use AUDIO/BUSD as an example. Click on it to open the AUDIO/BUSD trade page .
3. Scroll down to the [ Spot ] box. Enter the sum of AUDIO to buy. In this model, we will use a marketplace order. Click [ Buy AUDIO ] to confirm the order, and you will see the buy AUDIO in your Spot Wallet.

Closing thoughts

Audius might look precisely like another music streaming service, but it presents new possibilities for the music industry and artists. It besides demonstrates how blockchain applications can be used in many different aspects of our lives, both in real life and in the metaverse .

source : https://ontopwiki.com
Category : Finance

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