- It is a decentralised platform that allows users to access the exclusive content from a particular artist.
- The Audius platform has an incentive scheme for all the players in the system, artists, fans and service providers.
In many industries, the use of blockchain technology has broadened to a large extent. There have been major changes in the functioning of the industries, styles of working changed, as did how industries store, retrieve and use data.
This has happened across industries like the financial industry, healthcare industry, cloud computing, cybersecurity, etc. There are many decentralised protocols that have occurred as an opponent to centralised manners of operation in many industries. In a similar way, Audius is changing the experience of streaming music online.
Audius-online music streaming
It is a protocol that acts as a digital streaming service in a decentralised manner. It is totally owned by the community and controlled by artists who share the protocol. It directly connects fans with the artist and presents fans with access to new exclusive content. It has emerged as an alternative to other established apps in the sector like Spotify, YouTube Music, etc.
Audius’ mission is to share the songs freely, monetise them and listen to songs that one loves. Therefore, Audius helps artists publish, monetise and distribute their songs directly to their fans.
Audius is not controlled or managed by any single entity, rather it is managed by the artist, fans and service providers across the world. Users can develop their own apps through Audius. At Audius, one can find some of the most unique songs in the world. It is trying to bring fans and artists closer through its incentivization method.
How Does it Work?
There are three players in the Audius system: artists, fans and service providers. Artists are responsible for uploading tracks, creating songs and sharing content with their followers. Fans stream the track created by the artist and share it with other followers or friends, and create their own track with the help of the platform. The service provider manages all the traffic on the platform and secures all the content on the platform.
Users of the platform are compensated in proportion to the content they create on the network. It is trying to remove all the intermediaries with the use of algorithms and make it transparent and verifiable.
Audius is powered by the AUDIO token and by some third-party stablecoins and artist tokens. To share content, the platform has its own decentralised storage solution and a ledger for sharing audio and metadata. The platform has a unique audio mechanism that acts as a key to access some content.
AUDIO token
It is a native token as well as a financial incentive token of the Audius platform. The AUDIO token is staked by the validator for security and the tokens are staked for some value purpose. AUDIO tokens can be used for staking or to earn rewards. Staking AUDIO tokens on a platform for governance power, which basically gives voting rights to users and access to some new exclusive features of Audius.
Artists can also use these tokens for their exclusive content. Artists can distribute unique tokens to their fans, representing access to exclusive content.
Conclusion
Audius is revolutionising the music industry by offering a decentralised platform that connects artists directly with fans. With its incentive scheme and use of blockchain technology, Audius removes intermediaries, provides transparency, and rewards users for their contributions. It aims to empower artists and fans alike, making it a promising alternative to traditional music streaming services.
