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Aug
Audius? The Decentralized Music Sharing and Streaming Service Spotify or SoundCloud, blockchain: Earn Royalty Passive income
What is Audius? The Decentralized Music Sharing and Streaming Service
It’s like Spotify or SoundCloud
It’s like Spotify or SoundCloud, but on the blockchain: Audius is a crypto-powered music streaming app that’s giving power back to artists.Audius? The Decentralized Music Sharing and Streaming Service Spotify or SoundCloud, blockchain: Earn Royalty Passive income
udius is a social media-enabled, decentralized music streaming service powered by blockchain.
It has its own cryptocurrency token, called AUDIO, and is owned and operated by an open-source community of artists, fans, and engineers.
Music streaming services collectively have over 400 million users and generated over $13 billion in revenue last year. However, industry critics argue that artists are being underpaid for their efforts, with musicians and politicians alike alleging that performers and songwriters are “missing out.”
This is where Audius enters the picture. It’s a crypto-powered music sharing and streaming platform that promises to offer artists greater control over how their music is monetized while allowing them to engage with listeners directly.
Audius, one of the most popular non-financial crypto apps, is owned and operated by an open-source community of artists, fans, and developers. In July 2021, it had more over 5.3 million unique users, up from 2.9 million in January 2021. Audius users listened to music 7.5 million times in June of 2022.
It is powered by AUDIO, the protocol’s governance token, which has a market capitalization of $1.2 billion as of August 2021.
So, what distinguishes this initiative from any other music streaming platform? Is this a platform that is worth your time and energy?
Audius (AUDIO), an Ethereum-based ERC-20 currency, powers the Audius network and fulfills three functions:
- Network security – node operators stake tokens to run a node and gain network incentives in return.
- Exclusive features – by staking the token, artists have access to premium services such as showcasing NFT crypto collectibles on the site.
- Governance – staked tokens are needed to vote on all proposals that modify the code and the general network.
AUDIO tokens are listed on many exchanges and may be traded for other cryptocurrencies. Popular spaces to find AUDIO are Binance, FTX, Gate.io, and the decentralized exchange (DEX) Uniswap Solana token
