Mostly, all the companies have seen a disturbance in their work due to the adoption of crypto technologies. There have many major alterations in the way a company stores, retrieves, and use data which has changed the working of businesses. This has happened in healthcare, financial services, cloud computing, insurance, cybersecurity, etc. There are many protocols that are changing the centralized way of working in many industries such as Dock (DOCK), Filecoin (FIL), Internet Computer Protocol (ICP), etc. Likewise, Cryptocurrency Audius is changing the online music streaming industry. Let’s understand how it does!
What is Audius?
Audius is a blockchain protocol that functions as a digital streaming service in a decentralized way. It is a fully community-managed and artist-managed music sharing protocol. It works by connecting fans directly with artists, giving them access to exclusive new music. As such, it provides an alternative to existing streaming services in the world like Spotify, YouTube Music, etc. Its mission is to give everyone the freedom to share, monetize and listen to the songs they love.
That’s why it believes in helping artists publish, monetize and directly distribute their songs to their fans. It is run by a vibrant open source community of artists, fans, and service providers around the world. Not only that, using the Audius API, developers can create their own apps on Audius. These applications access some unique sounds in the world. Meanwhile, Audius brings together artists, node operators, and fans through incentives. The unique venture was founded in 2018 and currently serves millions of monthly streams.
How does Audius work?
The Audius ecosystem is made up of three players: artists, fans, and service providers. Artists are responsible for uploading songs, creating albums, and sharing content with their followers. Fans stream songs, create playlists, follow artists, and re-share content with their followers. Service providers are responsible for managing app traffic, streaming songs, and securing the entire network.
Users on the platform are paid in proportion to the amount of content they create on the network. In addition, governance power is also acquired through value creation in the Audius ecosystem and shared among groups contributing to the protocol. Another unique guiding principle of the ecosystem is that pricing and revenue should be consistent, predictable, and transparent to participants. The platform also aims to remove any intermediaries or make it algorithmic, transparent, and auditable.
The Audius ecosystem is powered by the AUDIO token, as well as stablecoins and third-party artist tokens. Additionally, the platform has its own decentralized storage solutions and a ledger for sharing audio and metadata. [A decentralized governance protocol where artists, node operators, and fans individually and collectively have the right to make decisions regarding protocol changes and upgrades]. The platform also uses a strong track encryption scheme, which is unlocked if you are authenticated to access certain content. It also has an efficient detection protocol for querying metadata.
What is AUDIO coin?
The AUDIO token is the native governance and financial incentives token of the Audius platform. The AUDIO token is deactivated by node validators for security reasons. AUDIO tokens will be used as a guarantee for value-added services. Users on the platform can wager AUDIO tokens and earn AUDIO tokens as a reward. Attackers will also be given administrative power that can be used to shape the protocol in the future and gain exclusive access to new features. Artists and fans can access some exclusive features and services by issuing AUDIO tokens. Artists on the platform can choose to use third-party stable coins to unlock paid content. Artists can also distribute a unique token directly to their fans representing access to exclusive content.
The Audius platform aims to decentralize the music streaming industry, giving artists the opportunity to sell directly to their fans. This will eventually eliminate intermediaries and decentralize the process of publishing and distributing music. The platform’s native tokens are called AUDIO tokens. The AUDIO token is the main symbol of management, payment and utility of the platform.