Audius is a decentralised music streaming service that allows artists to earn money from their content.
Needless to say, Audius uses blockchain technology to create a decentralised and distributed network where artists can upload their music and listeners can stream it. It works by creating two tokens, one for listeners and the other for musicians. Listeners have to pay in Audius tokens (AUDS) for listening to an artist’s song, while the artist receives AUDS from listener’s payments.
The Audius token (AUDS) is an ERC-20 token that was created on the Ethereum platform. The project also has its own native token called “Audiocoin” which is used as a currency within the platform for transactions between users of the network.
How does Audius function?
In order to make sure that the music industry is on the cutting edge of technology and stay relevant, there are new ways to distribute music. One such option is Audius, a platform that will allow artists to upload their own tracks, create their own albums and share content with their followers.
The way we listen to music has changed as a result of streaming services. It is now possible to find any song you want and start listening to it in seconds. These companies are responsible for managing the app traffic and streaming the songs, which can take up a lot of time. They are also responsible for helping artists in securing royalties, ensuring that they will be paid properly for their work.
The Audius ecosystem is a decentralised platform that aims to solve some of the most pressing problems in the music industry. The Audius platform is powered by its own token called AUDIO, as well as a few third-party stablecoins and artist tokens. Not only that, but the platform also has its own storage and smart contract ledger.
The platform also has a robust track encryption technique that only allows access to certain content if you are authenticated. It also has a fast discovery protocol for querying metadata.
The Future of Audio Content With AUDIO COIN
The AUDIO coin is the Audius platform’s native governance and financial incentive token. The token is staked by nodes to provide computational power for the Audius network. Nodes are rewarded with AUDIO tokens in return for their services.
Nodes are crucial to the functioning of the Audius network, as they provide computational power and storage space for hosting content on the network. They also serve as a decentralised voting system that determines which nodes will be rewarded with AUDIO tokens for their services.
Stakers are the backbone of the AUDIO platform. They stake AUDIO tokens in order to get more AUDIO tokens as well as governance authority.
Users can stake AUDIO tokens and earn AUDIO tokens as a reward on the platform.
Stakers also get governance power which can be used to vote for new features, delegate to other stakers or vote for a new committee member.
AUDIO tokens can be used to get exclusive features and services for both artists and fans. Third-party stablecoins can be used by artists on the platform to access premium content.
Bottom Line
The Audius platform will be based on blockchain technology and Ethereum smart contracts, which will allow artists to have full control over their content and how they distribute it. They can also set prices for their content, which is something that Spotify and Apple Music do not allow.
AudioCoin (AUDIO) is a new crypto asset that was developed to meet the global demand for an open source, non-commercial, decentralised digital asset. You can now buy the AUDIO token on Zebpay’s crypto exchange platform!
