Audius (AUDIO) - a decentralized music streaming protocol, originally built on the POA network but living on Solana now. Audius was launched to address the inefficiency of the music industry, which suffers from opaque music ownership and intermediaries between artists and their audiences.
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Description of Audius (AUDIO)
The project seeks to align the interests of artists, fans and node operators through its platform, powered by its native AUDIO token. Artists can download music, stored and distributed by content, and discovery nodes that fans can listen to for free. The project currently rewards content creators with rewards such as weekly trending lists.
In the future, it plans to integrate artist stablecoins to offer paid content, as well as artist tokens that give fans access to exclusive content, potentially partnering with platforms like Rally. Audius, one of the largest applications in the crypto market, is owned and operated by a community of open source artists, fans and developers. It surpassed 5.3 million unique users in July 2021, up from 2.9 million unique users in January 2021.
Project features
The Audius ecosystem is made up of four main contributors: artists, fans, content nodes, and discovery nodes. How does it work:
| 1 | Artists publish content on the Audius Content Registry. They can do it for free, and the music is streamed at 320kbps, comparable to Spotify and Google Play Music standards. |
| 2 | Artists can use Audius to experiment or share bonus tracks, and the platform plans to include artist tokens to facilitate monetization as long as artists stake AUDIO. Artists can also join in reward schemes where tokens are reset to the most popular artists. |
| 3 | Fans can listen to the tracks for free and in the future will be able to use AUDIO to participate in the ranking of artists on the platform. They can also showcase their verified NFTs through the platform and earn various badges. |
Content nodes support the availability of content on AudSP, an extension platform for IPFS. Artists can also run their own art nodes and retain more control over their content distribution. The main content ledger keeps a record and a single source of truth for all protocol activities. Discovery nodes index metadata, requested by users. In other words, they allow users to discover new content and act as its registry on the platform.
Buying and selling tokens
The total supply of AUDIO is 1 billion tokens, while the current circulation of tokens is 411 million. The annual inflation is 7% and 50 million audios have been distributed to the top 10 artists and fans and 75% to artists, based on the number of streams. The distribution of tokens is as follows:
- 23% pre-reward and reset;
- 36% to investors;
- 41% to the founders and the protocol itself.
Tokens can be staked as collateral for value-added services. Node operators can also stake AUDIO on network security and protocol startup, while each token also receives control weight and affects the future of the protocol. The best cryptocurrency exchanges for trading the Audius coin are currently Binance, FTX, Bybit, KuCoin and Mandala Exchange.