What is Audius? Is This Crypto Project Worth It?
Audius is an interesting new project that has been on the market for a while. The best way to describe this new platform is that it’s Spotify but built upon blockchain technology.
If you’re wondering whether or not this project is worth trying out, then the best way is to make a decision yourself. And this article will explain everything you need to know about Audius so that you can make a more informed and smarter decision with your money.
What is Audius?
A decentralized system called Audius allows musicians to distribute their music in exchange for the Audius token, which can be purchased using bitcoin. Artists have complete control over how their profile is set up, as well as the percentage of their money that is distributed to their donors.
In short, audits is a music-sharing platform that enables musicians to upload their work and be reimbursed for it through the generosity of their fans. It takes a new spin on music subscription platforms and decentralizes it.
What is its Potential?
The music industry is transitioning from analog to digital formats. Streaming services such as Spotify and Apple Music have increased the number of artists and songs that are available, while technological advancements have opened up new channels for musicians to share their work.
While this may help big-time artists, the less popular ones might have a harder time because of the low earnings they’ve received from these big-time platforms. A good example of this would be Spotify which has received numerous complaints from musicians due to the low payments they give.
As a result, some creators are finding it difficult to make a living from their creative endeavors. And this is where Audius comes in. Using blockchain technology, Audius seeks to change this by eliminating middlemen and allowing creators to earn royalties directly from each playback.
Audius has a lot of potential because of the convenience it brings and the opportunities it gives artists to earn a decent amount of money by sharing their work over their platform. Additionally, it’s fully decentralized which we will explain the benefits of down below.
Decentralized Music Platform
Audius is a music platform that is designed to be decentralized in its operation and development. There is no single organization in charge of the distribution of songs. Aurius is a blockchain-based platform that allows artists to distribute their work around the world while also providing a platform for content providers to monetize their efforts.
Because artists are compensated voluntarily by their fans, there are no advertisements and no interruptions to your listening experience. This means that users can essentially listen to music for free for an indefinite period.
Good Audio Quality
We’ve mentioned before that Audius provides free music to its users if the artists allow it. But did you know it also provides the best quality it can offer its user base?
Compared to other free music platforms online, Audius provides pretty decent quality for their audio tracks. It may not be as high as paid streaming platforms but its 320kbs streaming quality is pretty decent for something that allows you to listen for free.
Aside from the incentives it gives artists and the decent quality of audio, Audius has high accessibility. Being free will attract a lot of users and it makes it convenient to share and listen to audio recordings as well.
Audius provides audio recordings in several formats, including MP3, WAV, AAC, and other similar formats. This encourages and facilitates user participation in the network thanks to its high accessibility and it makes things more convenient considering that users can use their preferred audio format without problems.
Mission and Vision of Audius
Audius has the mission and vision of creating a platform where anyone can stream, distribute, and monetize any sort of audio content.
The Audius team believes that its user base should be compensated based on the value they add to the network. Additionally, artists should engage and transact directly with their followers instead of using third-party platforms that make it difficult for both sides.
Additionally, the prices and earnings should be consistent, predictable, and transparent for participants in their platforms. Lastly, access should be democratized which means that anybody can contribute to Audius as long as they adhere to the protocol’s standards.
Audius includes a function that allows users to create and share their playlists, which they can find here. Every week, the five most popular playlists on the platform are given AUDIO tokens, creating an incentive for users to discover and interact with them.
General top trending playlists, underground trending tracks, and even your favorite tracks on rotation are all accessible as playlist categories, as are general top trending playlists. In addition, there is a Let Them DJ playlist, which brings up playlists created by the people you follow on Spotify.
The sheer number of different ways to simply dive in and discover new music with Audius is remarkable, not to mention essential to one’s musical development. Audius provides novelty for its users and it offers opportunities to normal users to make money without having to create music of their own.
Being a good listener gets you rewarded for this platform and this encourages users to not only share their playlists but also interact with one another and experience listening to music that they aren’t used to.
One of Audius’ most prominent social features is the ability for musicians to immediately share their tunes to TikTok. This feature will enable Audius to reach a bigger audience and live up to its expected potential. Additionally, it might be able to attract younger audiences and get them interested in blockchain technology which is a big win for the crypto community.
This feature came about roughly a year ago when Audius partnered with Tiktok. Rollingstone’s article states that the first streaming platform to partner with TikTok was a relatively small blockchain platform that may not have a large user base compared to Spotify or Apple Music but it has the potential because it is built upon blockchain technology.
Content nodes give artists more power over their content.
To put it simply, the content nodes are nodes that are operated by users and that host user-generated content. They also provide the option for the node owner to provide permission to others to access their content.
Aside from giving creators more control over their content, it also provides them with ways to earn Audius tokens as well. The reason for this is that this type of node can be operated by node operators in conjunction with an active network stake, allowing them to receive a piece of the ongoing Audius token issuance and aggregated fee pools.
The content ledger is self-explanatory in that it serves as a record for the content in the platform. The content ledger acts as a single source of truth for all information recorded and made available via the Audius protocol, allowing for greater accuracy of data. Another important function of the node is to act as an anchor for all content hosted by content nodes.
The content ledger ensures that data within the platform is correct and it helps makes it secure as well preventing theft and make sure that the right people are assigned to their rightful achievements.
Lastly, since the content ledger contains a record of all social actions performed within Audius, any client can be used to connect to Audius and view the same data.
Fans of a particular stream can be viewed by other fans, as well as by developers working on third-party clients. As a result, the Audius developer community members can create a multitude of new possibilities for content recommendation systems and alternate client experiences.
Essentially this means that the content ledger helps expands the platform potential creating new opportunities for both developers and community members.
One feature that Audius has is that it makes it easier for its user base to discover new content. And this is all thanks to Discovery Nodes.
Discovery Nodes are a network of user-operated nodes that index the whole Audius content ledger and provide a searchable index of the material. The platform was created in this manner by the Audius team to provide a user-friendly interface for searching the ecosystem and getting relevant metadata.
Discovery Nodes are a network of user-operated nodes that index the full Audius content ledger and provide a unified search experience. To make it easier for users to query the ecosystem and retrieve metadata, Audius’ team created this useful functionality which pays off.
Business owners, engineers, audiophiles, and blockchain experts make up Audius’ diverse team of professionals. In their respective fields, they are knowledgeable and have the requisite experience to guide Audius and see it to success.
Roneil Rumburg – Co-Founder & Chief Executive Officer
Roneil’s most recent position was as a co-founder of Kleiner Perkins’ early-stage venture capital fund. While at KP, he was in charge of initial investments in Blockchain and artificial intelligence firms, such as Lightning Labs. The Stanford University graduate previously co-founded Backslash, a Bitcoin peer-to-peer payment firm, which he sold to Coinbase.
Forrest Browning – Co-Founder & Chief Product Officer
Forrest is a Forbes 30 Under 30 honoree, and he most recently co-founded StacksWare, an enterprise data center management platform that was developed out of a Stanford University research project.
Forrest holds a bachelor’s degree in computer science from Stanford University. It was announced in late 2017 that the company, which provides analytics at scale to Fortune 500 clients, has been bought.
Christina Rowland – Head of Operations
Christina worked as the operations director at Kleiner Perkins Caufield & Byers before joining the firm (KPCB). She went to the University of California, Santa Cruz.
Audius’ token is $AUDIO. $AUDIO provides network security, exclusive feature access, and community-controlled governance. Thanks to $AUDIO, their users may have a say in the platform’s destiny by actively contributing to the network.
Hopefully, this article was helpful in explaining what Audius is and what makes it unique. In our eyes, the project has a lot of potential and it brings a lot of opportunities to create a large community with its focus on music.
* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.