What is Audius Crypto and How will It End Spotify and Soundcloud?


Music streaming services have turned into a multibillion-dollar industry streaming platform like Spotify, and SoundCloud raked in a record $13 billion in revenue last year. However, critics suggest that even though streaming platforms are raking in a lot of profit, artists are not compensated fairly for their craft. The platforms have an unfair sharing formula that makes it look like artists are being ripped off.

Decentralization is bringing a change in how we do things, and that’s where Audius Comes in. Audius is a crypto-powered music sharing and streaming platform to give artists more power. The platform provides artists power on how their music is monetized and connects directly with their fans.

The platform is open-source, meaning it is controlled by the community of fans, artists, and developers. The platform currently has more than 5 million users, and at its peak in April 2021, music was streamed on the platform 7.5 million times. As a result, Audius can compete with SoundCloud and Spotify, but it is entirely different.

Today, we will share all the essential things you need to know about Audius.

What is Audius?

Audius is a decentralized music streaming platform that lets artist uploads their tunes and songs. The platform is controlled by artists and owned by the community. Users can freely distribute, monetize, and stream songs using the app.

The platform was founded in 2018. It is a blockchain protocol that allows artists to produce records and upload them on Audius a decentralized network of node operators secures these records. The platform was initially built on a POA network, an Ethereum sidechain, but parts of the project were later moved to the Solana network. Developers can also develop their apps on the Audius Network, giving them access to a unique audio catalog.

Audius is trying to take money and power back to the hands of the artist, cutting out record labels and intermediaries. The platforms connect artists and listeners directly without any third-party involvement. Artists get 90% of the revenue, with 10% going to node operators that support the network. The platform doesn’t take any pay cut; the platform remains sustainable through funding rounds and incentivizes employees and early investors using the Audio token. 

How Does Audius Work?

The Audius blockchain is secured by two decentralized nodes that support the network. They include the node host content (content node) and the node index contents (discovery node); three groups make the platform work: node operators, fans, and artists.

Everyone can become a node operator on the Audius network by holding and staking the AUDIO native cryptocurrency. To become a content node, artists can host their songs on the platform without relying on other nodes. As an artist, if you host your songs on the platform, you have total control over your content-encryption key, giving you more control over your music. You can also upload your song randomly on the platform and get a node automatically. If the content node goes offline, the blockchain will automatically replace it.

The Ethereum based ERC-20 token AUDIO powers the Audius Network, and it serves three primary functions:

Governance: tokens are required to vote or request any proposals or upcoming proposals on the network.

Security: To support the node by running, operators have to stake AUDIO tokens to become eligible and earn rewards in return.

Exclusive Features: artists get premium features that can even display NFT collectibles on the platform by staking the AUDIO token.

You don’t need the know much about blockchain to be a community member on Audius. This is why the platform is popular even from outside the crypto community. In addition, the platform automatically rewards specific achievements on the platform. For example, the top 5 trending songs of the week get automatically rewarded with an AUDIO token.  

How do you make money on Audius? How do artists get paid?

To earn money on Audius as an artist, you need to have a certain number of monthly streams of your songs. Unfortunately, the total number of monthly streams on the platform is relatively low compared to other streaming platforms like Spotify and Soundcloud. However, they pay higher than Spotify and Soundcloud, and here is how you can earn money on Audius as an artist.

If you have a song on the top 5 weekly trending tracks on Audius, you get rewarded with 100 AUDIO sent to your Audius wallet. Have a top 5 weekly trending playlist, and you get rewarded with 100 AUDIO tokens sent to your Audius Wallet. Be a top 10 monthly API App: if you drive traffic to Audius, you will receive 500 AUDIO tokens to your wallet. All weekly tokens are sent out on Fridays at noon.

First account verification is also available on the platform once you are verified on Twitter or Instagram. So upload your first track on the platform and tag them on Twitter or Instagram and they will verify you. after that, you will receive AUDIO tokens from them, and if you don’t hear from them, you have to email or DM them.

To trade your AUDIO token for cash, you need to use UNISWAP to transfer the AUDIO token to Ethereum. After that, use a crypto wallet like Binance to transfer from Ethereum to USD, Pounds, or any other currency.

Who is Audius Founder, and When was it Founded?

Audius was founded in 2018 by Roneil Rumburg and Forrest Browning. I will share more details about them below. The Audius team consists of audiophiles, entrepreneurs, blockchain experts, and engineers. In addition, they have an 18-man team that handles the workflow on the platform.

Roneil Rumburg is the co-founder and Chief Executive Officer of Audius. He is a graduate of Stanford University, and he was the co-founder of the bitcoin peer-to-peer payment company backlash. His most recent project is the Kleiner Perkins, and he is responsible for seed investments into blockchain and AI companies.

Forrest Browning is also a co-founder and Chief Product Officer at Audius. He was previously the co-founder of StackWare that Avi Networks acquired. Forrest is also a recipient of Forbes 30 under 30.

Who Uses Audius – What is its Utility?

There are over 100,000 artists on Audius, and one of the most prominent names on the platform is Skrillex. Independent music artists mostly use the platform, but some record label artists join Audius. Artists can start by uploading their songs on the decentralized platform and later expand to get more feedback from users and fans.

Users also sign up on the platform and listen to music from their favorite artist for free. The platform is fun to use for fans because of the remix competitions. They have at least 5 million streams monthly, and the number keeps increasing monthly.

Audius is profitable for both artists, fans, and users. It is one of those platforms aiming to revolutionize the music industry by giving music artists more control over their songs.

What blockchain does it use?

Audius is a music streaming platform is built on a blockchain. The platform is built on the Ethereum side chain, but some services were later moved to the Solana blockchain. Developers can build their apps on the platform and access a unique audio catalog on Audius.

Audius has a mainnet service launched in October 2020 with a Livestream concert by RAC and deadmau5. The platform is decentralized and secured by a community of node operators that fall into three different categories. As a result, artists on the platform can have complete control over their music projects.

Where to buy the AUDIO token

The AUDIO token is the official cryptocurrency of the Audius platform, and it is used to pay artists on the platform. It is also used to vote on specific community issues and suggests some Audius network changes. Occasionally, the Protocol airdrops generous amounts of tokens to artists based on the total listening time and the engagement an artist has shown on the platform.

For example, in October 2020, the network distributed 50 million AUDIO tokens between 10,000 artists and users on the platform. However, the network still doesn’t have an efficient formula for sharing the AUDIO token with an artist on the platform.

If you are interested in buying the AUDIO token, it is listed on some crypto exchange platforms. It is available on Binance, Uniswap, FTX, crypto.com exchange, and Bitstamp, to mention a few. It has a market cap of $812 million, and the total number in circulation as at the time of writing this was 411,910,943.00. The total supply of the AUDIO token is expected to cap at 1,055,192,308.

Rounding up – What is Audius?

Audius is an exciting project for musicians to gain their freedom from the shackles of streaming platforms that rip them off from their hard work. The sharing formula on platforms like Spotify and SoundCloud is not fair compared to the 90% pay artist get on Audius.

The platform is increasingly becoming popular mainly because some notable musicians have started investing in the project. Famous names like Jason Derulo, Nas, and Katy Perry have invested in the platform during their just-concluded seeding round. They also announced a significant partnership with TikTok in August 2021, bringing them closer to a large audience of music lovers.

 

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Audu_buba
Audu_buba

Crypto Enthusiast. Decentralized finance advocate providing you with articles that will inform and educate you about crypto and blockchain technology


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