Audius has a noble aim and attempts to solve a major problem in the music industry – cutting out the middleman and increasing the artist share of the profits for the content they tirelessly create. Currently, artists have little say or control in release and distribution of their music. Audius is a blockchain and smart contracts based platform featuring AUDIO powered token economy, stablecoins and artist specific tokens.
It has a decentralized ledger and file storage system for storing audio tracks and their metadata. Audius can provide a system where artists can record and prove the ownership of their content. This ensures profits distribution and royalty claims.
The platform also has a unique track encryption scheme for controlling user access and customized streaming mechanism. Plus, Audius features a decentralized governance mechanism, where all stake holders (artists, streamers, node operators etc.) have equal say about the direction of the protocol and voting on the changes on it.
The Audius Design
Audius has been designed to improve the transparency around artist’s payouts, assist with establishing ownership and making certain that artist’s profits are secured, remove the middlemen taking hefty cuts while doing little, improve publishing rights and allow content to be accessible worldwide by solving licensing issues.
The project allows content creators, consumers and node operators to work together in an incentive aligned manner and receive rewards proportional to the value they help create. With the Audius protocol, artists can connect directly with their fans and keep majority of the profits, prices and earnings can be transparently tracked, the intermediaries should be smart contracts etc.
AUDIO Token – Is It The Right Time To Invest?
The project’s native token is AUDIO. It’s used for all activities on the Audius platform. The tokens are staked as collateral for value added services, they receive proportional governance rights and access to exclusive features. They also serve as collateral for artist specific token, badges and earning claims. The node operators also need to stake AUDIO tokens to run nodes, power the network and receive rewards.
AUDIO’s total supply is 1.01B, out of which currently $153M are in circulation. The project has a current marketcap of $477M, which is actually modest if the platform can deliver on it’s promises. This is considering that the revenue of the global music industry is estimated to cross $65B by 2023. The token is traded on Binance, FTX, Bilaxy, Gate.io, Uniswap, Sushiswap etc.
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