Evan SelemaniHave 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 pay music creators and give more seats to those who listen too.
Discover how audius is disrupting the music industry, giving back power 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 et Roneil Rumburg, two California-based entrepreneurs who have been ranked among the famous “Forbes under 30”. Audius is an audio streaming platform available on Android and iOS. audius was initially built on the POA network but 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 model of music. It offers artists a platform fully decentralized streaming service. You can compare Audius to the Spotify platform, in principle.
On Audis, artists can connect directly with their audience without going through intermediaries. Musicians can upload their music to the platform and distribute it directly to their fans. They no longer have to sacrifice their intellectual property. It belongs to them. This means that the income generated by listening to their titles goes to them almost entirely. Indeed, artists perceive 90% of revenue in AUDIO tokens. The remaining 10% goes to node operators (those who do stacking) supporting 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 are exchanged for other cryptocurrencies. Additionally, they can be used to access exclusive features.
Moreover, it is also possible to buy the AUDIO token on different exchange platforms such as Binance ou 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.
It's there that AUDIO tokens come into play. By holding and staking AUDIO tokens, node operators are recognized as reliable and trustworthy gatekeepers. They thus protect the Audius fortress against online threats.
The knots of contents are like archivists who protect works from any theft or degradation of data. In the case of Audius, artists can even become gatekeepers of their own work, by hosting their content. Discovery nodes, meanwhile, act as guides for fans. They help them easily find the artists and songs they like.
But being a Gatekeeper isn't just about prestige. Node operators also earn AUDIO in reward.
The governance
Imagine you're an artist on Audius, and you're excited to participate in the governance of the network. Thanks to the AUDIO token, you can express your opinion and vote on protocol update proposals, even if you are 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 fan base and engage them further. Indeed, fans can use artist tokens to unlock exclusive access to artist content, unique experiences and participate in remix competitions.
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 are not set in stone, as the community can vote to change the requirements and benefits of each level through community governance. In short, the AUDIO token is the master key for exclusive and personalized benefits on Audius.
Streaming Music: Why Does Audius Stand Out From the Crowd?
Audius is the streaming platform musical which stands out from the others 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?
Please note: : No financial advice is given in this or any other article on zonebitcoin. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.
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