Multiple industries have witnessed disruption due to the adoption of crypto technologies. There have been major changes in the way industries store, retrieve, and use data which has fundamentally changed the ways businesses function. This has happened in the healthcare industry, financial services, cloud computing, insurance, cybersecurity etc. There are many protocols that are changing the centralised manner of operations in many industries such as Dock (DOCK), Filecoin (FIL), Internet Computer Protocol (ICP), etc. In a similar fashion, Audius is changing the online music streaming industry. Let’s understand how it does that!
Read about: How does Internet Computer (ICP) work?
So, What is Audius?
Audius is a blockchain protocol that acts as a digital streaming service in a decentralied manner. It is a fully community-owned and artist controlled music sharing protocol. It works by directly connecting fans to artists so that one has access to exclusive new music. As such, it provides an alternative to the existing streaming services in the world such as Spotify, YouTube music etc. Its mission is to give everyone the freedom to share, monetise and listen to songs they love. Therefore, Audius believes in helping artists publish, monetize and directly distribute their songs to their fans.
Audius is run by a vibrant, open-source community of artists, fans and service providers all around the world. Not just that, using the Audius, API developers can build their own apps on top of Audius. These applications get access to some of the most unique sounds in the world. Meanwhile, Audius brings together artists, node operators and fans together by using incentivisation. The unique venture was founded in 2018 and it currently serves millions of streams every month.
How does Audius work?
The Audius ecosystem consists of three players: Artists, Fans and Service providers. The artists are responsible for uploading tracks, creating albums, and sharing content with their followers. Fans stream tracks, create playlists, follow artists, and re-share content with their followers. The service providers are responsible for managing app traffic, streaming songs and helping in securing the entire network.
Users on the platform are compensated in proportion to the amount of content they create on the network. In addition to that, governance power is also earned by creating value in the Audius ecosystem and is shared between the groups contributing to the protocol. Another only guiding principle of the ecosystem is that prices and earnings for participants should be consistent, predictable and transparent. The platform also aims to remove any intermediary or make them algorithmic, transparent and verifiable.
The Audius ecosystem is powered by the AUDIO token along with some third-party stablecoins and artist tokens. Not just that, the platform has its own decentralised storage solutions and a ledger for sharing audio and metadata. [A decentralized governance protocol, whereby artists, node operators, and fans are individually and collectively enfranchised in decision making about protocol changes and upgrades]. The platform also uses a strong track encryption scheme that unlocks if you are authenticated to access some content. It also boasts of an efficient discovery protocol to query metadata.
What is AUDIO coin?
The AUDIO token is the native governance and financial incentive token of the Audius platform. The AUDIO token is staked by node validators for security. The AUDIO tokens are staked as collateral for value-added services. Users on the platform can stake AUDIO tokens and earn AUDIO tokens as rewards. Stakers also get governance power which can be used to shape the protocol in the future and derive exclusive access to new features. Artists and Fans alike can get access to some exclusive features and services by spending AUDIO tokens. Artists on the platform may choose to leverage some third-party stablecoins for unlocking paid content. Artists can also distribute a unique token directly to their fans representing access to exclusive content.
Given all this exciting information about what Audius is doing, if you would like to buy AUDIO coin, you can do so with Zebpay Australia.
Conclusion
The Audius platform aims to decentralise the music streaming service industry by giving artists the power to sell directly to their fans. This will eventually cut out the middleman and make the process of publishing and distributing music more decentralised. The native token of the platform is called the AUDIO token. The AUDIO token is the main governance, payments and utility token on the platform. You can now buy the AUDIO token on Zebpay’s crypto exchange platform!
