Have you ever dreamed of listening to music knowing that the artists you love are being fairly compensated for their work? With the advent of music streaming platforms, music is more accessible than ever. However, artists continue to face many obstacles in the mainstream music industry.
Fortunately, a new era of music is emerging thanks to blockchain with projects like Audius . This revolutionary platform uses blockchain technology to compensate music creators and give more space to listeners.
Discover how Audius is "disrupting" the music industry, giving power back to artists and offering listeners a more transparent and equitable music experience.
How is Audius shaking up the music industry?
Founded in 2018 by Forrest Browning and Roneil Rumburg , two California-based entrepreneurs who were named to the prestigious "Forbes Under 30" list, Audius is an audio streaming platform available on Android and iOS. Initially built on the POA network, Audius is now hosted on the Solana blockchain.
With nearly 6 million monthly unique users and over 100 hosted artists, Audius is gradually changing the way music is created, shared and monetized. Moreover, you can already listen to your favorite artists on the platform. You will also find other less known but nevertheless interesting artists 😉
The music industry is constantly evolving. Audius is poised to disrupt the traditional music model. It offers artists a completely decentralized streaming platform . You can compare Audius to Spotify in principle.
On Audis, artists can connect directly with their audience without intermediaries. Musicians can upload their music to the platform and distribute it directly to their fans. They no longer have to relinquish their intellectual property; it belongs to them. This means that almost all the revenue generated from listening to their tracks goes to them. In fact, artists receive 90% of the revenue in AUDIO tokens. The remaining 10% goes to the node operators (those who perform staking ) who support the Audius network.
How do artists get paid on Audius?
While on conventional streaming platforms, revenues mainly come from advertising, on Audios other methods of remuneration are possible. Artist earnings aren't determined solely by the number of times a song is played. Fan and artist engagement is also taken into account. For example, fans can support the artists of their choice.
Listeners can support their favorite artists by purchasing AUDIO tokens . These tokens can be exchanged for other cryptocurrencies and used to access exclusive features.
Moreover, it is also possible to buy the AUDIO token on various exchange platforms such as Binance or Kucoin for example.
The tokenomics of the AUDIO token
The native AUDIO token is at the heart of the Audius platform. Today, according to market capitalization, the token is ranked 128th. The total token supply is set at 1 billion tokens. Currently, there are 411 million AUDIOs in circulation.
The token is designed for three main purposes:
- Secure the network
- Access other features
- Act as a governance token.
Tokens can be staked to secure the network and execute the protocol. Likewise, tokens are also governance tokens that give holders the right to participate in protocol votes.
AUDIO token stacking
Imagine that the Audius network is a digital fortress, and the decentralized nodes are the gatekeepers. But to be a keeper, you must then participate in the stacking process.
This is where AUDIO tokens come in. By holding and staking AUDIO tokens, node operators are recognized as reliable and trustworthy gatekeepers. They thus protect the Audius fortress from online threats.
Content nodes act like archivists, protecting works from theft or data corruption. In the case of Audius, artists can even become guardians of their own work by hosting their content. Discovery nodes , on the other hand, act as guides for fans, helping them easily find the artists and songs they love.
But being a gatekeeper isn't just about prestige. Node operators also earn AUDIO as a reward.
The governance
Imagine you're an artist on Audius, and you're excited about participating in network governance. With the AUDIO token, you can voice your opinion and vote on protocol update proposals , even if you're not a content or discovery node.
As an AUDIO token holder, you have governance power that allows you to decide the future of the network. So, by producing quality music, attracting fans and voting on update proposals, you can help shape the future of the decentralized music streaming platform.
—>Read the article to understand how governance tokens work.
Access to the different features of the Audius platform
The AUDIO token is much more than just a cryptocurrency. In fact, it's the key to unlocking exclusive features on the Audius platform . Artists can use AUDIO to grow their fanbase and increase engagement. Fans can use artist tokens to unlock exclusive access to artist content, unique experiences, and participate in remix contests.
Additionally, Audius users who hold a certain amount of AUDIO in their wallet can access VIP levels. This provides additional benefits such as early access to new features and the opportunity to earn an exclusive profile badge.
But these benefits aren't set in stone, as the community can vote to modify the requirements and benefits of each level through community governance. In short, the AUDIO token is the key to exclusive and personalized benefits on Audius.
Streaming Music: Why Does Audius Stand Out From the Crowd?
Audius is the music streaming platform that stands out from the rest thanks to its decentralized approach using blockchain technology. This approach allows artists and content creators to control their music using a platform that gives them 90% of the revenue generated.
This is a radical departure from the traditional music industry where only 12% (sends) of revenue goes to the artists. Additionally, AUDIO token holders, whether artists or fans, can vote for proposed changes to the platform and participate in the governance of the protocol.
While Audius may seem like other music streaming services, it actually offers exciting new opportunities for the music industry and its creators. It demonstrates how blockchain technologies can be used in a wide variety of contexts, both in the real world and in the speculative world.
It also seems ever more obvious that web3 applications are more democratic and financially more interesting than their web2 counterparts. Concrete applications like Audius (logically) have a prosperous future as they provide pragmatic solutions.
It is with this type of applications that we better understand how much the cryptocurrency industry can improve our daily lives. In any case, to listen to music, why not try it?
Note : No financial advice is given in this article or any other article on ZoneBitcoin. This information is entirely your own judgment. Be responsible for your investments and only invest an amount you are prepared to lose.
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