What Is An Audius?
Blockchain-based music streaming platform Audius (AUDIO) is powered by Audius (AUDIO). It is the project’s goal to empower curators and artists by getting them more involved in the music industry. Immutable recordings may be stored on Audius via a network of nodes that are decentralized. Audius removes the middlemen from the conventional music business by putting artists in direct contact with their followers. Artists control their own music on the site and may determine how to monetise it. To access unique material, they may establish user fees or release their songs provided for free.
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What Makes Audius Unique?
There are four key players in the Audius environment, which include musicians, followers, content nodes, and discovery nodes. The Audius content ledger is a place where musicians may post their work. Streaming music is available for free but at a bitrate of 320 kbps, which is on par with that of services like Spotify and Google Play Music. There really is no copyright infringement because of Audius’ decentralized structure, but the protocol is focusing on an adjudication mechanism which will be ignored by the society. In the future, Audius hopes to integrate artists’ coins to let musicians monetize their music, if they want to stake their AUDIO tokens on the marketplace. Tokens may be airdropped to some of the best artists as part of incentive systems.
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How Does Audius Work?
Audius makes it possible for artists to bypass the obstacles they confront in the music business by distributing, monetizing, and streaming their music for nothing. Musicians and their fans may now interact directly by eliminating the middleman. It’s somewhat different at Audius, where artists aren’t compensated depending on how many times their songs are played. The platform also considers the artists’ activity on the site, their conversations with followers, and the general involvement of their fanbase. Audius’ decentralized node technology gives artists the choice to post and share their music. There are numerous methods for audio content artists to make money from their work without compromising their ownership of the material.
How Many Audius Coins Are There In Circulation?
There are only 411 million AUDIO tokens in circulation, out of a total of 1 billion. 75 percent of the AUDIO made it to the top ten musicians and enthusiasts, as per the algorithm for calculating the number of streamed audio files. Inflation stood about 7% at the time. The tokens are distributed as follows:
- 23 Percent Of All Prizes Are Premined Or Airdropped.
- Shareholders Received A 36 Percent Gain.
- 41 Percent Goes To The Protocol And Its Developers.
The token serves three functions like Network Security, The process of gaining entry to certain functions and as a means of enforcing order. Using tokens as security for real worth services is a viable option. AUDIO tokens may also be staked by service providers in order to protect the network and operate the protocol, with each token receiving governance importance and influencing the protocol’s destiny.
What Is AUDIO?
The native Cryptocurrency of the Audius network is the AUDIO coin. The Audius environment relies on it for 3 primary features such as Protecting the network, Become a form of governing and Allowing users to take advantage of a plethora of extra functions and information. There is a basic quantity of 1 billion AUDIO tokens, without any limit on the number of tokens that may be created. More than 500 million AUDIOs were in circulation in December 2021.
How Is The Audius Network Secured?
Due to a rise in demand, Audius decided to relocate to Solana. Solana was picked for a variety of circumstances, according to the group. Aside from that, it’s inexpensive, enabling 1 million transactions for only $10. In addition, it’s lightning quick, with block timings of 400 milliseconds verification periods well under one second. With more than 200 active nodes on the mainnet, the Solana network is truly decentralized. AUDIO is an ERC-20 token, which means that staking and administration are still possible on Ethereum.
How Does Audius Differ From Other Streaming Platforms?
In contrast to other streaming services like Spotify, Audius relies on blockchain technology to maintain a decentralized system of management and operation. This enables musicians and content makers to share their songs with greater authority over the stuff they post online. Musicians will get 90% of the platform’s earnings, as per the founders. Audius helps musicians to make a more appropriate amount of money compared to the usual percentages in the conventional music business, where only 12 percent goes to the artists. When it comes to making decisions, musicians and admirers will have a say in Audius. In order to partake in the administration of the AUDIO protocol, a user must own one AUDIO token, which grants them one vote.
Although at first glance Audius seems to be no different from any other music streaming service, the reality is that it opens up new opportunities for both the music business and individual artists. Furthermore, it illustrates how apps built on blockchain technology can be utilized in a wide variety of facets of our existence, in both the physical world as well as in the virtual world.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.