Audius (AUDIO)is a decentralized music streaming service with social media features running on the blockchain. Targeting the market dominated by companies such as SoundCloud and Spotify today, the project is built on the Ethereum blockchain. The platform allows its users to freely share, monetize and stream directly. The artists are in control and the platform is owned by its community.
The main aim of this project is to increase the control and income of musicians, artists in any decentralized music industry compared to music streaming platforms that currently play central roles. The biggest advantage of building the project on the blockchain is that it can be built without a center and is secured through a network. Thanks to this assurance, clearer results can be obtained on important issues such as copyrights. The project, which was created in 2018, has more than 6 million users nowadays.
Who is the Founder of Audius?
Audius was founded in partnership with Roneil Rumburg and Forrest Browning, computer programmers educated at the best universities in the USA. The founders, who frequently express their admiration for electronic music, started to work on this project in 2018.
Roneil Rumburg has also been on the BlackSlash platform, which works to make Bitcoin payments faster. Rumburg has also been involved in some of the critical projects for the crypto industry, especially Lightning Labs. The other co-founder of the project, Forrest Browning, previously founded the company called StacksWare. Finding his own name in Forbes’ list of “successful people under the age of thirty”, Browning took part in successful works.
How Does Audius Work?
The working logic of the Audius platform was actually quite simple, as we have just mentioned. The platform, which we can think of as the blockchain-based version of today’s Spotfiy, shows the most important difference in a decentralized structure. According to the project, only 12% of the revenues in the music industry go to artists and musicians, so this project was already needed. Having more control of the musicians in this project will naturally pave the way for them to get more shares. The platform also allows direct donations without any middlemen or dividends.
Project listed on many global exchanges and local token AUDIO collaborated with TikTok in 2021. In addition to this collaboration, the inclusion of names such as Skrillex on the platform created an impact and spread the project even more.
It is worth noting that the project is also an NFT integration. With this integration, listeners can also use their NFTs while listening to their music completely free of charge. Of course, although this integration may seem very simple for now, it will be used in a much different way in the future. Today, the songs of some artists are sold as NFT.
What is AUDIO Coin? How to use?
AUDIO coin, is designed as the local governance token of the Audius project. The cryptocurrency, like the platform itself, works directly on the Ethereum network as an ERC-20. It is aimed to distribute 90% of the total supply of the token to musicians. AUDIO also has many different usage scenarios. For example, users can stake AUDIO to run nodes and earn rewards in return.
Musicians wishing to stake AUDIO gain exclusive rights to access their NFT collections. Due to its decentralized nature, AUDIO token holders can have a say and vote on exchange offers on the network for as long as they are staked. Changes to the platform are made through these votes.
Listeners can donate using AUDIO. These donations and listeners, which also have an impact on the platform’s success table, automatically reward 5 trending songs and 5 playlists.
AUDIO Market cap is currently hovering around $600 million, trading as the 101st largest cryptoasset. The circulating supply was over 713 million. It would also be useful to note that the project does not have a maximum supply.
How to Buy AUDIO Coins?
Buying an AUDIOk is actually pretty easy. To get the token listed on globally traded exchanges, you can enter the exchange that suits you and buy it with the trading pair you want. AUDIO, which is included in exchanges such as Binance, FTX, Gate.io, Bybit, UniSwap, offers a wide range of options in this regard.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.