Audius is a layer 2 blockchain protocol that was initially built on POA Network; an Ethereum sidechain. As the blockchain saw a growing demand to stream content, Audius started to face scaling issues. To bring forth a solution, in 2020, Audius decided to migrate its content management system to the Solana blockchain in an attempt to enhance its performance.
Audius ecosystem aims to align the interests of artists, fans, and node operators through its platform. The ecosystem and its platform are powered by AUDIO; its native token. Artists can upload music, stored and distributed by content and discovery nodes, that fans can listen to for free.
The Audius ecosystem was founded in 2018 by two California-based entrepreneurs. Roneil Rumburg; a Stanford University alumnus who co-founded Kleiner Perkins, an early-stage seed fund investing in blockchain and AI companies, and Forrest Browning; also a Stanford alumnus along with a Forbes 30 Under 30 recipient and a co-founder of StacksWare, a platform that deals with enterprise data center management.
AUDIO Crypto is an ERC-20 governance token that allows stakers to vote on proposals related to network changes and upgrades. They can also unlock exclusive features by staking AUDIO crypto coins. Usually, on traditional channels of the music industry, artists do get paid based on the number of times their songs are played. But, Audius does not pay artists based solely on the number of times their tracks have been played. It also takes into consideration the activity of the artist on the platform, which also includes the way they interact with their fans, and the overall engagement from users.
The main aim of Audius is to solve the challenges artists usually face in the music industry, which also includes the ownership of the songs by giving everyone the freedom to distribute, monetize, and stream music. The blockchain helps artists to interact directly on the platform. This contributes to eliminating the intermediaries between artists and their audience.
On Audius, by using the decentralized nodes, artists can upload and distribute their songs. They can also get AUDIO tokens when they manage to get to the Top 5 Weekly Trending Track, Top 5 Weekly Trending Playlist, Top 10 Monthly API App, and first track upload after verifying their social media accounts.
Additional Read: What is ERC 20? Top 5 ERC Tokens
The native token of Audius; AUDIO; powers the entire Audius protocol. It also serves three main functions in the Audius ecosystem:
The AUDIO crypto is an ERC-20 token. It has an initial total supply of 1 billion with no maximum supply. As of December 2021, over 500 million AUDIO is already in circulation.
Read more: Audius.co
Use these three-step processes to buy your first AUDIO using the CoinDCX crypto investment app for beginners
Read more articles on:
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.