The widespread use of cryptographic technologies has caused widespread upheaval across various business sectors. Data storing, retrieval, and utilization have all seen significant transformations in recent years, profoundly altering the methods businesses operate.
This has been the case in various sectors, including healthcare, financial services, cloud computing, insurance, and cybersecurity. Dock (DOCK), Filecoin (FIL), Internet Computer Protocol (ICP), and many other protocols, among others, are among those that are altering the traditional, centralized mode of operation in a variety of different industries. In a manner analogous to this, Audius is revolutionizing the online music streaming industry. Let’s figure out how it manages to achieve that!
The proliferation of artificial intelligence (AI) technologies has been one of the most significant developments in the modern era.
AI is gradually becoming more commonplace, which in turn is transforming how businesses operate. AI’s potential impact on most industries has been substantial and far-reaching, but Audius has yet to see as much success as it is.
What is Audius?
Audius is a blockchain protocol that provides a decentralized digital streaming service. The protocol’s name comes from the company that developed it, Audius. It is a music-sharing mechanism completely owned and controlled by the artist community.
It achieves this by establishing direct connections between music enthusiasts and musicians, granting users access to previously unreleased music.
As a result, it offers an alternative to the streaming services already available worldwide, such as Spotify, YouTube music, and other similar platforms. Its goal is to make it possible for anybody to distribute freely, make money, and listen to the music they enjoy. As a result, Audius is committed to assisting musicians with publishing, monetizing, and distributing their music to their respective audiences.
A thriving community of musicians, music listeners, and service providers worldwide is responsible for maintaining and developing Audius. In addition to this, API developers can create their apps on top of the Audius platform using the Audius platform.
These applications have access to various sounds that are truly one-of-a-kind worldwide. In the meantime, incentives allow Audius to bring fans, artists, and node operators together. The groundbreaking business was established in 2018 and now processes millions of stream requests monthly.
What is the Audius Blockchain?
Audius’ blockchain is a public ledger that maintains recordings of all transactions between audius users. It uses a cryptocurrency token (AUD) designed to be used as a payment tool.
The AUD value can be used for various operational purposes. Moreover, it can be exchanged for other cryptocurrencies in exchange for services, such as streaming music and other content from Audius.com.
How Does it Work?
Audius is a decentralized application that allows anybody to upload, store, and distribute music. This can be done directly between artists and their fans using a peer-to-peer (P2P) network that utilizes an Ethereum smart contract.
In other words, Audius consists of a platform for musicians and artists to self-publish their work, bypassing the need for streaming services such as Spotify or Apple Music. There are three different types of participants in the Audius ecosystem: artists, fans, and service providers.
The artists are the ones who are accountable for the uploading of tracks, the creation of albums, and the sharing of content with their fans. Listeners participate in various activities, including the creation of playlists, the following of artists, and the streaming of songs.
The service providers are accountable for controlling app traffic, streaming music, and contributing to the overall network’s effort to maintain security.
The amount of material a user generates on the platform is directly correlated to the compensation they receive from the platform. In addition, the governing authority in the Audius ecosystem is gained by creating value in the ecosystem, and this power is distributed among the groups that contribute to the protocol.
Prices and rewards for participants should be consistent, predictable, and transparent at all times. This is also one of the only guiding principles of the ecosystem. In addition, the platform intends to eliminate any intermediaries and replace them with algorithmic, transparent, and verifiable systems.
The AUDIO token, various third-party stablecoins, and artist tokens power the Audius ecosystem. In addition, the platform comes equipped with decentralized storage solutions and a ledger to exchange audio and metadata.
A system for decentralized governance, in which artists, node operators, and fans are individually and collectively enfranchised in decision-making on improvements and updates to the protocol.
Additionally, the system employs a robust track encryption method, which only becomes decrypted after proper authentication to access specific content. Additionally, it offers a powerful discovery mechanism that can efficiently query metadata. It is also possible for users to apply for a Role in the Audius ecosystem, which grants users access to exclusive content.
The Audius project uses a hybrid governance model to protect user data and a system that can move between centralized and decentralized networks. It provides an alternative to the current streaming industry [including platforms such as Spotify, YouTube, and Apple Music] by providing direct access between artists and their fans.
What’s So Special About Audius?
Artists have full control of their work and can share it directly with their fans. Audius is working to create a blockchain-based ecosystem that is transparent and verifiable to allow content providers and artists to operate without any intermediaries.
It provides an alternative to traditional streaming websites such as Spotify, Apple Music, YouTube, etc. [which pay artists in small amounts].
The AUDIO token can be used for various operational purposes on the platform. The fact that Audius is built on blockchain technology sets it apart from competing music streaming services and influences the entire system’s operation.
Artists can upload their songs for free, and users can listen to them without spending any money, all while earning cryptocurrency.
The governance concept for a collaborative music streaming service is an innovative feature enabled by blockchain technology. Because no screening procedure is involved in the first stages of becoming an artist, you can upload your recordings immediately.
After registering for free, all you need to do to upload your music and artwork files is click the “Upload Track” button. Streaming is available at 320 kbps, which is on par with Spotify and Google Play Music but falls short of the 24-bit standard set by Tidal HiFi and Amazon Music HD.
Since content on Audius is stored across a network of decentralized nodes, copyright protection cannot currently be enforced. However, the protocol is now building an arbitration mechanism that will consist of members of the community who will decide whether or not certain information should be removed.
Because it is not subject to centralized supervision, the Audius platform offers a secure environment for musicians living under repressive regimes who use their work as resistance and protest.
How to Use Audius?
Despite Audius being a decentralized platform, the user experience is similar to those of centralized streaming platforms. You can sign up by selecting “Sign up with Facebook” or your e-mail address.
For now, you cannot sign up using your GitHub account. After signing up, you can follow artists, create playlists, and stream songs from the platform’s content catalog. You can also use the platform for free – all you need to do is create an account and log in.
At the moment, Audius is still in development. However, there are already several features that you can use to take advantage of its capabilities:
Audius provides a song library that lets its users check out tracks and playlists available for streaming. Songs are organized by their mood, genre, and artist to help listeners discover new music.
What Gives Audius Value?
The platform was created to provide a new alternative to the traditional methods used by music streaming services. On Audius, creators have full control over their songs, and they can decide whether or not they want to share them with their loyal fans.
In addition, it is a decentralized platform that can offer direct monetization and business opportunities without any middlemen involved. The importance of Audius can be attributed to a plethora of different causes.
Audius takes advantage of on-chain analytics and an ongoing token issuance to more efficiently channel AUDIO distribution to the most engaged participants on the network.
This, in turn, attracts users and adds value to the platform. The value of Audius’s use case and relevance, in addition to its technology and technical capacity, are the primary factors determining its intrinsic value.
The value of Audius can also be seen in the widespread adoption of its technology and the widespread appeal of the decentralized music streaming services industry as a whole. AUDIO is the network’s native token, the primary mode of payment, reward money for the platform, and an item that can be staked within the system.
All of these functions are performed by AUDIO. On the live cryptocurrency market, AUDIO can be exchanged, and traders can earn a profit by calculating the spread between the price they buy and the price they sell. The equilibrium of buying and selling activity within trading volumes is what determines the price that is found on the market.
AUDIO is a utility that can be used on Audius. There are three types of AUDIO tokens:
- The base token (AUD) serves as the accounting unit on the platform.
- The payer token (PYG) is used to purchase music from artists.
- Subscription tokens (SOC) can be purchased in exchange for an annual subscription through a credit card.
The value of these different types of tokens also rises and falls according to market demand.
Throughout 2018, AUDIO has witnessed a 70,000% increase in its value. According to CoinMarketCap, this makes AUDIO the third largest cryptocurrency and the ninth most valuable digital asset by market cap.
AUDIO is currently trading at $0.69, a 70% increase (in percentage terms) from when it was trading at $0.28 on January 2nd of, 2018.
The future of Audius
Audius’s long-term vision includes the possibility of implementing new technologies and concepts that would require innovative solutions, such as a decentralized file system, a specialized protocol for data transmission across the network, and seamless payments that are processed through a smart contract.
In the future, it is also possible to see Audius becoming more successful than its top competitor, Soundcloud. Audius is valued at $1.9 billion, a 15x increase since the start of 2018. The project’s price could reach as high as $5 to $6 billion in 2019 if Audius can continue to attract new users and investors with more positive reviews, project updates, and transparency.
Finding the Right Audius Wallet for You
There are a variety of locations in which you might save your AUDIO, and the kind of wallet you select will most likely be determined by the purpose for which you intend to utilize it and the quantity of information you need to keep.
The safest way to store cryptocurrencies is to use a hardware wallet, also known as a cold wallet, such as Ledger or Trezor. These wallets store cryptocurrency offline and provide a backup. On the other hand, they are typically more expensive and need a higher level of technical expertise. As a consequence of this, they might be more suited to storing larger quantities of AUDIO for users who have more skill.
Software wallets offer another choice, are free, and are simple to work with. The apps can be either custodial or non-custodial and are downloadable for use on smartphones and desktop computers. When you use a custodial wallet, the service provider will manage and back up the private keys on your behalf.
To store the private keys, non-custodial wallets use the security elements already on the user’s device. Convenient as they may be, they are regarded as having a lower level of security than hardware wallets and may be more appropriate for users with less AUDIO or less experience.
Online wallets, also known as online wallets, are accessible from various devices as long as they have a web browser installed and do not cost anything to use. On the other hand, they are known as hot wallets, and their security may be inferior to alternatives based on hardware or software.
Because you will probably place your confidence in the platform to manage your AUDIO, you should choose a service with a solid reputation and a proven track record in the areas of security and custody. Consequently, they are best suited for those who wish to store lower quantities of cryptocurrencies or engage in more frequent trading.
You may store and exchange your AUDIO tokens easily and safely with the help of Kriptomat, which provides a safe storage option for your tokens. When you save your AUDIO with Kriptomat, you gain access to security that is suitable for an enterprise as well as functionality that is simple to use.
When you choose our safe platform as your answer for cryptocurrency storage, buying and selling AUDIO and exchanging it for any other cryptocurrency can be done in a matter of moments.
Conclusion:
Audius is a digital currency that has proven its worth in the blockchain technology space through an innovative approach to the music industry. The platform provides a convenient and efficient way for musicians, artists, and fans to get in touch with each other directly and make the most of their respective talents, skills, and practices.
Read Also –
What Is Loopring? An Ethereum Tool for Decentralized
Defi: The Ultimate Beginner’s Guide To Decentralized Finance
What Is Bitcoin Defi And How Does It Work?
What Is Chia (Xch)? How To Farm It With A Hard Drive
What Are Wrapped Tokens? How They Work and What They’re Used For