All About Audius: A Decentralized Music Streaming Protocol  

• 1 Audius operates as a platform for music streaming and sharing, prioritizing the empowerment of content creators. 
• 2 The governance token of the Audius platform is $AUDIO, with a total supply of 1,174,629,537 AUDIO and a circulating supply of 1,221,056,724 AUDIO.
• 3 Artists can access additional services including artist tokens and badges, and gain voting power from fans who wish to participate in their success.

Challenging the conventional model of the music industry, Audius emerged with a decentralized music streaming platform, eliminating intermediaries and barriers imposed by record labels. This innovation aims to provide a platform for artists, developers, and listeners to collaboratively share and champion music from around the globe.

What is Audius? 

Established in 2018 by Californian entrepreneurs Roneil Rumburg and Forrest Browning, Audius strives to harmonize the interests of artists, fans, and node operators through its platform, driven by its native $AUDIO token.

As a decentralized music streaming protocol, Audius was initially constructed on the POA network but has migrated to Solana since. The platform was introduced to address the inefficiencies within the music industry, tackling issues like unclear music rights ownership and the presence of intermediaries between artists and their audiences.

Artists can upload their music, which is then stored and distributed by content and discovery nodes, allowing fans to enjoy it at no cost. Currently, Audius rewards content creators through incentives such as being featured in the weekly trending lists.

Complete Working of Audius Network

Initially built on Ethereum but later migrated to Solana due to its expanding user base, Audius is a music-streaming platform available on desktop and mobile devices. 

Users can create playlists, explore genres, and discover trending songs and artists. Artists can customize their homepages, showcasing tracks, albums, playlists, and even non-fungible tokens (NFTs).

Diverging from centralized platforms like Spotify, Audius relies on a global network of content nodes for music streaming. These nodes utilize blockchain technology and a decentralized file system (AudSP) based on IPFS. 

Artists can run their nodes for greater control or delegate to Audius for a more resilient and censorship-resistant system.

AUDIO token holders including listeners, artists, and node operators, participate in the Audius governance protocol—a decentralized autonomous organization (DAO)-like system. 

This empowers users to influence the platform’s development, determining features, royalty structures, and reward allocations.

How Popular is Audius?

The platform is used by thousands of artists from different genres like hip-hop, electronic, and many more. 

Zedd, Kenny BeatAluna, and Lolo Zouai are some popular names. 

Earning on teams, growth in fan base, and unlimited uploads without ads made Audius a favorite platform for artists. 

In addition, Katy Perry, Pusha T, Nas, and Steve Aoki are some popular investors. 

Audius: Star Performer in Crypto Universe

The Audius ecosystem involves four key participants: artists, fans, content nodes, and discovery nodes. Artists publish content on the decentralized Audius ledger, streaming music at 320kbps without copyright protection, though a community-monitored arbitration system is in progress. 

Audius plans to introduce artist tokens for monetization, requiring artists to stake AUDIO. Fans can listen for free, potentially staking AUDIO for artist support, showcasing NFTs, and earning badges.

Content nodes uphold content availability on AudSP, an extension to IPFS. Artists’ clients automatically select a set of nodes, while fan clients fetch content and maintain proof. Artists can also run their nodes for greater control. The content ledger acts as a single source of truth for all protocol actions.

Discovery nodes index metadata, allowing users to find new content and serving as the platform’s content registry.

How and Where to Buy AUDIO Token? 

AUDIO holds a total supply of 1,174,629,537 AUDIO and a circulating supply of 1,221,056,724 AUDIO.

The token is available on many cryptocurrency exchanges including Binance, Bitstamp, Uniswap V2, Kraken, Coinbase, and KuCoin. 

A few steps can help individuals to become an AUDIO token holder.

• Comparing cryptocurrency exchanges is the most straightforward method to acquire AUDIO. By evaluating these exchanges, users can identify platforms that offer desirable features like low fees, user-friendly interfaces, or round-the-clock customer support.
• To initiate the process, users must create an account on their chosen exchange. This involves confirming their email address and completing identity verification.
• After successful verification, users can deposit USD using their preferred payment method, which commonly includes cryptocurrency, card, or bank payments.
• With funds deposited, users can proceed to purchase Audius (AUDIO). This involves a simple process of entering the desired purchase amount and clicking the buy option. If preferred, users can also transfer the acquired AUDIO tokens to their wallet for safekeeping.

Conclusion 

Audius, operates as a decentralized music streaming platform, challenging traditional industry models. Empowering artists, the platform uses the AUDIO token for governance, with a total supply of 1,174,629,537 AUDIO. Artists can upload music, rewarded through features like weekly trending lists. 

The Audius ecosystem involves artists, fans, content nodes, and discovery nodes. Content and discovery nodes maintain content availability, and metadata is indexed by discovery nodes.

FAQs

What is the all-time high and all-time low for Audius (AUDIO)?

The highest recorded price for Audius (AUDIO) stands at $4.95 on March 27, 2021, while the lowest recorded price is $0.04373710 on October 23, 2020.

Where to buy an Audius token? 

Audius tokens (AUDIO) can be obtained from various cryptocurrency exchanges, including Binance, Bitstamp, Uniswap V2, Kraken, Coinbase Exchange, and KuCoin.

Can I buy Audius with cash?

For purchasing Audius, cryptocurrency exchanges accept approved payment methods such as a bank account, a debit card, or a wire transfer.

What is the use case of the Audius token?

The Audius token serves various purposes, including rewarding fans who create playlists, with additional rewards for staking. Stakers, achieved by staking AUDIO balances, receive AUDIO tokens as ongoing token issuance compensates for these rewards.