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Audius (AUDIO) is a decentralized blockchain-based music streaming platform. The goal of the project is to give performers and authors more control over their musical works. By uploading content to Audius, they can create and subsequently use immutable records that will be protected by a decentralized network of nodes.

Audius cuts out the middlemen in the traditional music industry by connecting artists directly with their fans. Creators receive sole ownership of their music and independently monetize it on the platform in the desired way. They can distribute their music for free or charge for access to exclusive content.

Unlike other music services, Audius does not claim a share of artists' income. Music creators receive 90% of their revenue in AUDIO, Audius' native cryptocurrency. The remaining 10% goes to stakers who support the Audius network.

AUDIO is an ERC-20 token that is also a governance token in Audius. Owners can stake AUDIO to secure the network, as well as participate in the governance of Audius and gain access to exclusive content. In addition, you can receive rewards in AUDIO for staking.


Introduction

With the advent of music streaming platforms, listening to music has become more convenient and accessible. However, in the traditional music industry, artists face many challenges, such as low income, opaque processes and little control over the distribution and sale of content. Audius helps solve these problems by empowering artists and allowing them to monetize content using the native cryptocurrency AUDIO.


What is Audius

Audius is a fully decentralized music streaming platform that allows listeners to support artists directly using the native cryptocurrency AUDIO. As of December 2021, Audius has nearly 6 million monthly unique users and over 100,000 artists.

Created in 2018 by co-founders Forest Browning and Roneil Rumburg, the Audius platform has revolutionized the traditional music industry by eliminating middlemen and other barriers to music creation. Unlike other streaming platforms, artists' income here does not depend on how many times a song is played. Audius gives artists exclusive ownership of their music, allowing them to independently monetize the content in the way they want. In Audius, performers receive 90% of the income in AUDIO tokens, and the remaining 10% are received by node operators (stakers) supporting the Audius network.

Audius is a layer 2 blockchain protocol originally built on an Ethereum sidechain called POA Network. Amid growing demand for content streaming, the Audius platform faced scaling issues and migrated its content management system to the Solana blockchain in 2020 to improve performance. However, its native cryptocurrency AUDIO remains on the Ethereum blockchain. AUDIO is an ERC-20 governance token that allows stakers to vote on proposals related to network changes and upgrades. In addition, staking AUDIO provides access to exclusive features.


Image from Audius website

How Audius works

Audius is committed to solving the problems faced by the music industry. Such issues include music rights, royalties, ownership, distribution, monetization and broadcasting of music. This platform allows artists and audiences to interact directly on the platform without the participation of intermediaries.

Unlike traditional music industry channels, Audius not only pays for the number of plays of tracks, but also takes into account artists' activity on the platform, how they interact with fans, and overall user engagement.

On Audius, artists can upload and distribute their songs using decentralized nodes. The platform offers several ways to earn income from audio content without having to sacrifice ownership. AUDIO can be obtained for getting into the Top 5 tracks of the week, Top 5 playlists of the week, Top 10 API applications of the month, as well as for downloading the first track after verifying your account through social networks.

Audius also allows creators to interact with fans using artist tokens. These tokens provide holders with exclusive access to restricted content such as unreleased tracks, remix competitions, etc. Audius plans to periodically distribute AUDIO tokens to artists based on their fan engagement and number of plays.

In the future, Audius will support USDT and other stablecoins to allow fans to purchase paid content.


What is AUDIO

The Audius token (AUDIO) is a native cryptocurrency that supports the Audius protocol. It performs three main functions in the Audius ecosystem:

  • Protects the network.

  • Acts as a governance token.

  • Provides access to exclusive features and content.

AUDIO is an ERC-20 token with a total supply of 1 billion and no maximum supply cap. As of December 2021, there are already over 500 million AUDIO in circulation.


Safety

The Audius network is protected by decentralized nodes. Any user can become a node operator by adding AUDIO tokens to staking. The more tokens are staked, the more likely their nodes will be used by fans to discover music content. By helping to execute protocol operations, they receive AUDIO from ongoing token issuance and aggregated fee pools.

There are two types of nodes in Audius: content nodes and indexing nodes. Content nodes host, protect, and manage content on behalf of artists. The artists themselves can also run as nodes to post their own content, but this is not necessary. Indexing nodes index metadata and music in the Audius content registry so fans can quickly find artists and songs.

Nodes on the network will continuously send snapshots of artists' work to the blockchain, allowing for the creation of immutable, time-stamped records.


Management

AUDIO also serves as a control token. As we have already said, AUDIO stakers can perform network operations as content or indexing nodes. If users want to vote on proposals for upcoming network updates, they can participate in governance, creating value for the network.

On Audius, stakers do not have to run a node to voice their opinions and freely share thoughts about the protocol. One AUDIO token equals one vote. AUDIO rewards engage artists, fans and node operators to enjoy decentralized music streaming.


Access to features

The AUDIO token allows fans and artists to access exclusive features on the platform. Artists can use AUDIO to develop and engage their fans. By adding AUDIO to staking, artists gain access to various tools for distributing content to fans. Owning Artist Tokens gives you access to exclusive content and features, such as listening to unreleased tracks, entering remix competitions, and more.

With a certain amount of AUDIO in the Audius wallet, users can unlock 4 VIP levels and receive additional benefits. The more AUDIO a user has, the higher his VIP level will be. Once users reach the minimum VIP level, they receive a special profile badge that gives them access to newly released features. The community can change the requirements and benefits of each level.


How Audius is different from other streaming platforms

One of the main differences between Audius and other streaming platforms such as Spotify is that it uses blockchain technology to operate decentralized. This allows creators to share music while maintaining full control over their content.

According to the co-founders, 90% of the revenue on the platform will go directly to the artists. Compared to the traditional music industry, where artists receive only 12% of revenue, Audius offers fairer pay.

Another difference is that Audius allows AUDIO token holders, whether artists or fans, to participate in the decision-making process on the network. Owning one AUDIO token gives one vote in the governance of the protocol. Owners can vote for or against any proposed changes on the platform, something other music streaming services cannot offer.

The service also helps artists grow their fan base and community. Audius has become the first music streaming platform to partner with TikTok, a service for creating and viewing videos. This partnership allows TikTok users to add songs to their videos directly from the Audius platform. In addition to TikTok, Audius has integrated with blockchain game DeFi Land as an FM radio station in the game's metaverse, which could also help promote artists.

Image from Audius website

How to Buy AUDIO on Binance

AUDIO can be purchased on cryptocurrency exchanges such as Binance.

1. Log into your Binance account, open the [Trading] tab in the top bar and select the classic or advanced interface. Our example uses the [Classic] interface.

2. Then enter “AUDIO” in the search bar to see a list of available trading pairs. We will use the AUDIO/BUSD pair as an example. Click on it to open the AUDIO/BUSD trading page.


3. Scroll down and find the [Spot] field. Enter the desired amount of AUDIO. In this example we will use a market order. Click [Buy AUDIO] to confirm the order and the purchased coins will be transferred to your spot wallet.



Summary

Audius may seem like an ordinary music service, but the platform opens up new opportunities for the music industry and artists. It also demonstrates the vast potential applications of blockchains both in real life and in the metaverse.