AUDIUS DECENTRALIZED MUSIC PLATFORM
With its own cryptocurrency, AUDIO, Audius, a fully decentralized music streaming service, allows users to directly fund musicians. In December 2021, Audius hosted over 100,000 artists and had approximately 6 million monthly unique users.
Forrest Browning and Roneil Rumburg co-founded Audius in 2018, which transforms the established music business paradigm by doing away with record labels' restrictions and middlemen. Contrary to other streaming services, the number of times a song is played does not affect an artist's earnings. Audius provides musicians sole ownership of their music, and they are free to choose how to make a living from it. 90% of the revenue would go to music curators in AUDIO tokens, according to Audius, and the remaining 10% will go to node operators (stakers) who support the Audius network.
Layer 2 blockchain protocol Audius was initially developed on the POA Network, an Ethereum sidechain. Audius planned to move its content management system to the Solana blockchain in 2020 to improve performance because of a rise in the demand for content streaming. But the Ethereum blockchain still hosts its native cryptocurrency, AUDIO. Stakeholders can cast votes for proposals relating to network enhancements and adjustments using the ERC-20 governance token AUDIO. By staking AUDIO money, they can also access premium features.
The native cryptocurrency that drives the Audius protocol is the Audius token (AUDIO). In the Audius ecosystem, it fulfills three key purposes:
- Network security.
- Serve as a symbol of governance.
- Give users access to exclusive features and materials.
There is no maximum supply for the ERC-20 token AUDIO, which has a 1 billion token initial total supply. More than 500 million AUDIO will be in use by December 2021.
Audius may appear to be simply another music streaming service, but it offers fresh opportunities for musicians and artists. Additionally, it shows how blockchain technologies can be used to a variety of areas of our existence, both in the actual world and the metaverse.
The fact that audius pays the proceeds directly to the artist themselves alone makes the product very compelling, for the transparency. I hope it gains traction.
Yes. The Blockchain is changing the Future of all career and making it more rewarding for those in various fields.
The same thing steemit does for writers, audius do for musicians.