What is Audius coin? To put it simply, the answer can be given as a form of crypto-powered music sharing and streaming protocol that aims to give artists more power in the business of monetizing their music, and to enable them to connect directly with their fans.
Technically speaking, artists’ creative work is secured by a decentralized network of nodes practitioners; It is a blockchain protocol that allows them to produce immutable and timestamped records.
It originally originated as an Ethereum sidechain and is built on the POA Network. Later, part of its service was migrated to the Solana blockchain. Developers build their own apps on top of Audius.
It then provides access to a unique audio catalogue. The platform moved forward, launching its mainnet service in October 2020 with a live concert featuring deadmau5 and RAC. In 2018, it received investment capital from VC firms General Catalyst, Lightspeed and Pantera Capital.
Audius, which received $5 million in investment capital from these companies, is the world’s largest cryptocurrency exchange by volume. It received $1.25 million in funding from Binance Labs, its major venture arm.
There are three founding groups that support the work of this network: nodes, artists, and fans. Because Audius is based on blockchain systems, it runs over a decentralized network of nodes that host and index the content.
What is Audius Coin?
With Audius coin, there is no review process to get you started as an artist, but you can upload your own tracks right away. After you sign up for free, simply click Upload Track and drop your music and picture files.
While Tidal HiFi and Amazon Music HD don’t quite catch up to the 24-bit standard, it’s likely to be compared to Spotify and Google Play Music. However, it offers streaming at 320 kbps.
Audius content is distributed among non-centralized nodes. Therefore, copyright protection does not apply at this time.
However, the protocol is currently developing a system of community members who will decide whether to remove certain content.
Who is the Founder of Audius?
In the Audius project team, there are a total of 19 different names who are successful in their fields. Roneil Rumburg, one of the founders of the project, is a name working in the field of BlackSlash, which was established with the aim of making Bitcoin payments quickly.
Rumburg is a computer programmer with experience in the blockchain and artificial intelligence industries. He is also a core investor of projects in the crypto ecosystem.
The other co-founder of the project appears as Forrest Browning. We know that he started the StacksWare company he had previously founded as a project at the university. In parallel, Forbes institution has been among the successful names under the age of 30.
Also, the advisors section features popular DJs like deadmau5 and 3LAU. In addition, there are also founding partners of companies such as EA Games and Twitch.
Where to Buy Audius?
As a blockchain project, Audius coin works with a specific cryptocurrency. The Audius network is powered by the Ethereum-based ERC-20 token that serves three functions. We can list these tokens as follows:
- Ağ güvenliği ve nodes operatörleri, belirli bir nodes çalıştırmak için tokenları paylaştırmakla görevlidir. Karşılığında ise ağdan ödüller kazanır.
- Premium özellikler ve sanatçılar, sitede NFT kripto koleksiyonlarını görüntülemeye benzer, token ile premium özellikler elde eder.
- Yönetişim, yani stake edilen tokenlar, kod ve genel ağ üzerinde, değişiklik yapan tüm tekliflere oy verilmesidir.
No knowledge of blockchain or crypto is required to join Audius. In this case, it may partially explain why it is popular even among those outside the crypto community. The platform automatically rewards certain achievements. These rewards are provided with AUDIO tokens. Top 5 trending weekly tracks, top 5 trending tracks, 5 trending playlists, top 10 API apps, or uploads by those with verified Twitter or Instagram accounts.
Sometimes the protocol doesn’t just show the number of listens. It also takes into account the level of social participation exhibited by the artist. This airdrops a solid amount of AUDIO tokens based on a formula. A total of 50 million AUDIO tokens are distributed among 10,000 artists and users on the platform.
Future of Audius Coin
The future of Audius coin is unlike any other music streaming service. Because it is explained as blockchain-based, shaping the way everything works. Artists have the opportunity to upload their tracks for free.
While everyone earns crypto, users have the opportunity to listen to them for free. Besides the model of co-managing a music streaming service, it also has a unique feature powered by the blockchain.