Audius is an innovative blockchain-based project and a decentralized music streaming protocol that was first designed on the POA network but has now moved to the Solana network.

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Audius was founded to address the music industry's inefficiencies, which are exacerbated by opaque music rights ownership and intermediaries standing between artists and their audience.

Audius' platform, driven by its native AUDIO currency, strives to unite the interests of artists, fans, and node operators. Artists may submit music that is stored and disseminated across content and discovery nodes for free listening by fans.

Audius now compensates content providers by including them in weekly hotlists. It wants to include stablecoins enabling artists to charge for material in the future, including a variety of artist tokens that allow fans to access special content in collaboration with platforms like Rally.

Evolution and Development of Audius

Roneil Rumburg and Forrest Browning established Audius in 2018. Roneil Rumburg is a graduate of Stanford University. He was also involved in co-founding Kleiner Perkins, an early-stage venture fund that specifically focused on blockchain and artificial intelligence firms.

Forrest Browning, a Stanford graduate as well, is a Forbes 30 Under 30 honouree and co-founder of StacksWare, a datacentre management platform for enterprises. The crew is augmented by 21 more individuals and is supported by a slew of other notable figures, including deadmau5, a prominent electronic music artist, 

However, unlike the majority of other blockchain initiatives, it is not so technical that everyone who is not into crypto is immediately excluded. “Users will abandon our products if they are much more difficult to use than Google, Facebook, SoundCloud, Steam, or whatever,” co-founder Roneil Rumburg told Decrypt in 2019.

Audius raised $5 million in 2018 from venture capital companies General Catalyst, Lightspeed Venture Partners, and Pantera Capital, as well as $1.25 million from Binance Labs, the venture arm of the world's biggest cryptocurrency exchange by volume.

What makes Audius unique?

Audius operates similarly to a music cooperative, with the token balancing incentives among the network's member groups, namely node operators, artists, and fans.

Audius' blockchain-based architecture enables it to function through a decentralized network that contains nodes. These nodes have the primary function of hosting content (as content nodes) and different indexing material (discovery nodes).

The Audius network is fuelled by the ERC-20 token Audius (AUDIO), which was built and was launched on Ethereum. Audius maintains network security by requiring that node operators stake their tokens to operate a node in exchange for network incentives.

When they are staking the token, artists have access to premium services such as highlighting NFT crypto collectables on the site. Staked tokens are needed to vote on any proposals that affect the code and the general network.

However, no prior understanding of blockchain or cryptocurrency is required to participate in Audius, which explains in part why it is popular even beyond the crypto sector.

The network automatically awards specific milestones with AUDIO tokens, including the top five weekly trending songs, the top five trending tracks, the top five trending playlists, the top ten API applications, and uploads by verified Twitter or Instagram users.

Occasionally, the protocol will additionally distribute substantial quantities of AUDIO tokens depending on a mechanism that considers not just the number of listens but also the degree of social interaction demonstrated by the artist.

What are the main uses for Audius?

Audius' mission is to eliminate the barriers that artists encounter in the music business, such as music rights, royalties, and ownership, by enabling anybody to share, monetize, and stream music.

It removes intermediaries between artists and their fans, enabling them to communicate directly on the site. Audius is distinct from other streaming music services in that it is built on the blockchain, which dictates how the service operates.

Artists can post their work for free, and consumers can listen to it for free, all while earning (crypto) money.

The notion of co-governing a music streaming business is unique and is also enabled by blockchain technology. As an artist, there is no verification procedure, and users can instantly post their own music. 

Due to the dispersed nature of Audius material, copyright protection cannot be enforced at present.

However, the protocol is now building an arbitration mechanism comprised of community members who will determine if information should be removed.

Audius' absence of centralized control also makes it a safe space for musicians from repressive regimes who use music to express their discontent and protest.

What is the future potential for Audius?

Audius was selected as a TikTok partner in August 2023 for its Sound Kit capability, which enables music transfers into the platform. 75% of TikTok users in the United States claim they use the app to find new music, a statistic that applies to the app's worldwide user base of 730 million.

The protocol's new relationship with TikTok may increase its appeal to established musicians seeking exposure to TikTok's extreme virality.

Price analysis on Audius

Audius was initially launched in 2020, and its price analysis over the past 2 years and in recent months are as follows:

Price prediction on Audius

According to a detailed technical analysis of AUDIO's historical price data, the price of Audius is expected to reach a minimum of $2.10 in 2023.

The AUDIO price has a maximum trading range of $2.44 to $2.44, with an average trading range of $2.15 to $2.15. Audius' pricing is expected to reach a minimum of $3.02 in 2023. The Audius price might reach a high of $3.61 in 2023, with an average of $3.13.

Which wallets are the best option for storing Audius?

The best wallet options for AUDIO cons are as follows:

1. Ledger Nano S
2. Trust Wallet
3. Atomic Wallet

1. Ledger Nano S: Audius (AUDIO) is best stored in an encrypted hardware wallet such as the Ledger Nano S.

Hardware wallets use the highest level of encryption to safeguard user assets from sophisticated network assaults or even simple phishing schemes that users of software or website wallets may experience.

2. Trust Wallet: Trust wallet is a multi-platform and multi-currency wallet that is supported by the Binance exchange. Trust Wallet is one of the most popular choices for the user to store their AUDIO tokens.

3. Atomic Wallet: Atomic Wallet, a multi-currency wallet accessible for Android, iOS, and numerous desktop platforms, can store Audius (AUDIO). More than 300 different cryptocurrencies are supported, including AUDIO and all other ERC20 and BEP2 tokens.

Best Bitcoin Wallets are the same as Audius wallets.

Where can you buy Audius?

The best crypto exchanges where AUDIO tokens can be bought, sold, and traded include:

1. Binance
2. Mandala Exchange
3. FTX Exchange
4. KuCoin
5. HitBTC

1. Binance: Binance is a Malta-based exchange that has been in operation since 2017. Binance is the largest crypto exchange platform according to trading volume, and it is known for its minimal charges and the broad range of coins offered.

2. Mandala Exchange: Mandala Exchange is a comprehensive crypto exchange trading platform where users can buy and trade a variety of coins. The exchange is powered by Binance Cloud, featuring a liquidity pool that separates the platform from other competitors.

3. FTX Exchange:  FTX was incorporated in Barbuda and Antigua, but it is headquartered in The Bahamas. FTX is a crypto exchange that works towards being an intuitive system where novice users can find their way while seasoned traders have access to sophisticated trading solutions.

4. KuCoin: KuCoin has been in operation since 2017, and it is based in Hong Kong. KuCoin is known for its range of crypto coins that can be exchanged, its innovative proprietary trading platform, and dedicated 24/7 customer and technical support.

5. HitBTC:  Based in Chile and established in 2013, HitBTC is a popular online crypto exchange that was developed by system architects and technology professionals.

HITBTC offers a comprehensive selection of coins, accented services, and an innovative trading terminal. HitBTC is also popular because it offers over 800 trading pairs and 500 spot instruments.

You can buy Audius safely from these cryptocurrency platforms.

Does Audius use coin burns?

Yes, Audius uses coin burns. During the governance of the platform, nodes that are inaccurate because they are malicious or negligent can face having their tokens slashed.

These tokens are not redistributed to stakers but are instead burnt to prevent incentivising slashes.

What is Audius’ largest Competitor?

Spotify is the largest competitor of Audius.

It is a streaming music and film service that allows users exposure to millions of songs and other works from independent artists all around the globe via digital downloads and podcasts.

If users want to use Spotify's basic features, such as listening to music, without paying, users may do so for free. Using Spotify Connect, users can effortlessly switch between devices, such as a PC, a phone, or a tablet.

What is the Staking Process involved with Audius?

As a kind of collateral, Audius tokens are used to pay for additional services. Stakeholders get continuous issuance, governance weight, and access to unique features in return for their participation.

For the Audius protocol to function, node operators and curators stake Audius coins, which are then used to unlock more features and services. With each $AUDIO invested, a certain amount of influence over future versions of the protocol is gained.

Additionally, Audius tokens will be used as a kind of collateral for the tools used by artists. There are members of the community developing several early prototypes.

By delegating tokens, fans may benefit from the success of their favourite artists and curators on the platform, as well as future token issuance. To run a discovery or content node, node operators must stake Audius tokens, with a bigger stake indicating a greater likelihood of being selected by Artist tokens.

Distributor tools and customised assistance from Audius personnel may be available for artists who stake Audius tokens to use their tokens in the larger Ethereum ecosystem.

What can Audius smart contracts do?

The Audius content ledger, as used throughout the article, is a collection of smart contracts running on the Ethereum, POA, and other future L1 or L2 blockchain networks that house components of the Audius ecosystem.

Diverse components of the Audius protocol will continue to function on distinct blockchain-based platforms or will rely on off-chain scalability solutions in areas where the scalability trilemma exists.

Is Audius a Good Investment?

Yes, based on its function and future potential, Audius is a sound investment. Various artists have already started working with Audius, and the platform has a strategic partnership with TikTok.

What is the supply and distribution of Audius?

The entire quantity of AUDIO is 1 billion tokens, with 411 million currently in circulation. The annual inflation rate is 7%, and 50 million AUDIO were divided to the top ten artists and fans, with 75% going to musicians based on their stream numbers.

Is Audius a viable Alternative Coin?

Yes, Audius is a good alternative coin.

• Hacking – The Audius blockchain is free from hacking events.
• Security – The platform uses robust security protocols.
• Technology – The platform uses innovative technology including PoS, Audius content ledger, NFTs, AudSP
• Potential Investment – The music industry is a large, successful arena, and Audius can be the project that makes blockchain technology more widespread, making it a good potential investment.

Any cryptocurrency that isn't Bitcoin is referred to as an altcoin.

What are the differences between Audius and Bitcoin?

Bitcoin is the original cryptocurrency that can be used to transfer value across borders at a fraction of the price of conventional payments. In addition, Bitcoin is not controlled by a single entity, and it is an ideal store of value. 

Audius is a decentralized music streaming service driven by blockchain technology with social media integration. It is owned and operated by an open-source community of artists, fans, and developers and comes with its own cryptocurrency, AUDIO.

What are the differences between Audius and Ethereum?

Ethereum aims to serve two purposes, namely acting as money and being a store of value for investors. However, Ethereum is also often compared to a highway where decentralized finance (DeFi) can grow and expand.

Audius (AUDIO) is a decentralized music streaming network built on the Ethereum blockchain. With this initiative, artists and curators will be able to have a greater say in how their music is used and marketed.

By using Audius, artists may create immutable recordings of their work, which are then protected by a distributed network of nodes.

What are the differences between Audius and Dogecoin?

Most people use Dogecoin as a tipping currency on Reddit and Twitter, although a small number of businesses have begun accepting it as a form of payment. Use it for anything from groceries to home goods and even website domain names.

Artists who submit their work to Audius can expect to be compensated for their efforts. Using blockchain technology and cryptocurrencies, Audius distinguishes itself from the others because it wants to pay musicians more than any other streaming platform does.

What are the differences between Audius and NEO?

A “smart economy” may be achieved via a decentralized system that leverages blockchain technologies and online digital ownership so that assets can be digitized. The Neo blockchain allows its users to store, trade, and exchange a wide range of assets.

Audius makes it possible for music fans to stream and share their favourite tracks through blockchain. Users may also directly contribute towards their favourite artists.

Globally, the music business generates billions of dollars each year. To take advantage of this, Audius plans to bring cryptography into the sector.

What are the differences between Audius and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. Audius, on the other hand, is fungible, which means that one AUDIO has the same value and characteristics as another AUDIO.

What are the differences between Audius and Solana?

Solana's blockchain can manage far more transactions per second and offers cheaper transaction costs than Ethereum's. Solana is also a blockchain platform for decentralized and scalable apps.

To return money and power to artists, Audius plans to bypass record labels and other intermediaries by linking them directly with their audience.

Audio tokens are given to artists for a variety of accomplishments, including reaching the platform's weekly top five trending songs and top five trending playlists.

What are the differences between Audius and Cardano?

There are several advantages to using the Cardano blockchain to construct DApps today and in the future. There is one area where this cryptocurrency outperforms the market leaders. Cardano's long-term strategy is to provide a reliable network for its users.

Users of Audius may discover new music, interact with musicians, and earn money directly from the material that they put online. Using blockchain technology makes the platform more trustworthy and dependable.

Which other companies are applying blockchain technology in music?

Several of the key challenges now facing the music business are being addressed by blockchain technology.

Musicians will be able to get equal royalty payments, venues will be able to combat counterfeit tickets, and record companies will be able to simply identify music streams and promptly compensate all artists who participated in songs or albums because of blockchain technology.

Some of the top blockchain-based projects involved in the music industry include:

• Digimarc develops a range of solutions involved with licensing intellectual property for audio, visual, image, and other content.
• Vezt Inc operates a music rights marketplace where fans can fund artists, producers, and songwriters.
• Mediachain is a peer-to-peer database that leverages blockchain technology to share information across different organisations and applications.
• Open Music Initiative (OMI) consists of 200 members, and it is a non-profit that drives open-source protocols in the music industry. The protocol uses blockchain technology to identify rightful music rights holders and originators so that they can receive payment.
• OPUS addresses the issues faced with unfair royalty distribution by operating a decentralized music hosting, discovery, and listening platform where fans can support artists directly.

Can anyone earn by streaming on Audius?

Yes, any musician can start streaming on Audius. They need not be signed to a label to use the platform.

How can artists earn from Audius?

Audius aspires to reclaim money and power for musicians by linking them directly to their fans and eliminating the need for record labels and other intermediaries in the process.

Artists receive money from the site based on the interest that users exhibit in their music, which is shown by reposting and using the “favourite” feature on their songs.

Artists that reach certain milestones, such as being in the top five weekly popular songs or the top five trending playlists, are additionally rewarded with Audio tokens.

Of the overall income of the platform, 90% will be sent directly to the artists, who will be compensated based on the number of streams they have accrued over time.