AUDIUS
Audius is a music streaming platform which allows direct interaction of artists , creators with fans without any intermediaries. Unlike other music apps like Spotify it provides direct collaboration of artists with other artist, and it is not centralized.
It is a fully decentralized music streaming platform where they are giving full power to artists and fans .Now what that means? Artist and creators are able to create content and upload it without charging money from them. It is totally free and without subscription.
WHY AUDIUS CAME?
In today’s music industry, though the millions of revenue is generated by the music industry but there are tons of middle men who makes the most of the profit, leaving actual artists and creators getting profited much. The one who create the music gets the least amount of pie.
WHAT IS AUDIUS?
It is a decentralized , artist controlled and public own music streaming and sharing platform which provides blockchain based alternative to other existing platform to give artist the full power to publish and keep track of their work and monetize their work and distribute their work directly to fans.
Artist can generate revenue from their work by putting their songs on platform. It streams music from number of individual artist. Artist can build their work without any tension related to finances.
AUDIO in the Audius cryptocurrency token which pay the artist for their original and amazing work which streams on the platform. AUDIO is an ERC-20 token .
It was first built on POA Network, an Ethereum blockchain but it later migrated to Solana for better handling purpose as user base were growing rapidly. Developers can build their own apps and giving them access to AUDIO catalog.
WHO FOUNDED AUDIUS?
It was founded by RONEIL RUMBURG and FORREST BROWNING. They founded It in 2018 and launched publicly in 2019. Deadmau5 and RAC livestreamed event was featured.
Though it is built on blockchain technology, but users won’t suffer means users can easily use it. It received $5 million investment from VC firms General catalyst, Pantera Capital and Lightspeed in 2018.
It also got funding from Binance Labs of $1.25 million. Binance labs are the venture capital arm whose goals is to support new innovative ideas who by their projects help to shape the future of Web3 industry.
HOW DOES AUDIUS WORK?
To understand the flow of how it works, you need to know first that it works on three groups that constitute the network. These are node operators(service providers), artist(content creators) and fans(content consumers).
As it is blockchain, cryptocurrency will of course follow it. It operates through decentralized network of nodes that host content and index the content. Content nodes maintain the copies of the music files on several computers across the globe and these music files are indexed on a file system AudSP, which is based on Interplanetary File System(IPFS).
Artist can run their own content nodes so that they can have more control over their music delivery to fans. Artist can even choose the groups of fans. If artist wants then It can set nodes for them to host their content and deliver it to the fans.
Discover nodes helps listeners to find new tracks. Discover nodes indexes and stores the content of Audius.
An artist can earn AUDIO token as a reward if their tracks are among the Top 5 weekly trending tracks, top 5 trending tracks, top 5 trending playlist. If someone uploads who has verified X.com (formerly twitter.com) account or blue tick Instagram account then they are also rewarded automatically through AUDIO Token. Fans can re-share content to the following and find their favorite playlist.
Unlike traditional music streaming channels, It pay artist not solely on the basis of how many times their music is played but they also consider the activity of the artist on the platform, that means their interactions and engagement with fans .
KEY FEATURES OF AUDIO CRYPTO:
Audius has native token AUDIO which serves three main function in the Audius i.e.
- Securing the network
- Help to access your exclusive features
- Act as a governance token
It is said that it will stand out as a biggest competitor to other music streaming platform due to it’s amazing interaction with the users.