Audius is a decentralized music streaming platform that allows artists to share their music directly with listeners, without the need for intermediaries such as record labels.
The music industry has countless organizations between the creator and the end user. Music labels, streaming platforms, distributors, publishers, shops, etc
At each stage the profits are divided and currently music royalty rates are so low that new creators get next to no return.
Added to that are the issues of copyright infringement, missing royalties and contributor credits, and even censorship by delisting artists.
The Audius project has created mobile, desktop and web applications where users can upload and/or stream high-quality audio files.
What really sets Audius apart is its decentralization. All of the files are stored in a decentralized ledger and storage system. This system uses content nodes operated by a worldwide network of members of its community.
Collectively they are then able to make the streaming of audio content available, instantly, and on demand.
Audius uses its own cryptocurrency called AUDIO, which is used to incentivize network participation as well as to reward users and creators for their contributions to the platform.
Users can either buy AUDIO tokens or earn them by listening to ads, sharing playlists, and uploading content etc on the platform.
Audius runs on a decentralized governance structure, where all the stakeholders have a say in the decisions and strategies that are implemented for improving the platform’s performance. That means they’re not controlled by a single entity, but rather by a network of users within its own community.
The main competition is from the well-established streaming giants:
Spotify, Apple Music, Amazon Music, Deezer, SoundCloud etc
Other Blockchain Projects in the Music Industry:
– Catalog;
– Emanate;
– Nina;
- Audius tokens are used to encourage people to use the Audius protocol and increase its value over time.
- If you participate in the Audius network as a node operator, artist, or user, you can earn a claim on future tokens.
- The number of tokens distributed can be changed by the Audius community. This system is designed to reward people who contribute to the network and use it actively.
- When you stake $AUDIO, you help secure the platform and can earn a share of network fees, a say in how the network is run, and access to special features.
- Stakers of AUDIO can propose and vote on changes to the platform, thus democratizing the Audius network.
AUDIO tokens were distributed in two ways: with a fixed amount at the beginning and by ongoing issuance that can be changed by the community. This system is meant to reward people who contribute to the network and use it actively, rather than just the people who got in early.
For further reading check the Whitepaper (Link above)
-Music creators are paid in AUDIO every time someone streams their work
-AUDIO tokens are also used to incentivize network participation, users can earn AUDIO tokens as rewards in return for sharing their playlists.
– Content Nodes, which are responsible for making the streaming of audio content available instantly and on-demand, can be operated by anyone on the network: music creators, fans, and users alike. This is done in return for rewards from the ongoing token issuance.
– Audius also relies on decentralized governance in which network participants can stake AUDIO to earn more tokens and governance weight. Stakers of AUDIO can propose and vote on changes to the platform, thus democratizing the Audius network.
Team
Roneil most recently co-founded Kleiner Perkins’ early-stage seed fund. At KP, he was responsible for seed investments into Blockchain and AI companies, including Lightning Labs.
Roneil attended Stanford University and previously co-founded a Bitcoin peer to peer payment company called Backslash.
Forrest is a Forbes 30 Under 30 recipient, and most recently was a Co-Founder of StacksWare, an enterprise datacenter management platform started from a Stanford University research project. The company provides analytics at scale for Fortune 500 customers, and was successfully acquired in late 2017.
Investors / Partners
Key Investors and Partners
- Kleiner Perkins
- Lightspeed Venture Partners
- General Catalyst Partners
- Pantera Capital
- Deadmau5 – Electronic Music Producer
- RAC – Electronic Music Producer
- 3LAU – Electronic Music Producer
- Adam Goldberg – Co-Founder & Managing Director, Standard Crypto
- Bing Gordon – Co-Founder of EA Games
- Tom Schmidt – Partner at Dragonfly Capital
- Greg Hazel – Chief Architect at BitTorrent
- Ash Pournouri – Avicii’s Fmr. Manager
- Justin Kan – Co-Founder of Twitch
- Robb McDaniels – CEO at Beatport
- Jesse Grushack – Senior Strategy & Product at ConsenSys
(Source: https://builtonsolana.com/audius-review)
Similar Projects
References / FAQ’s
Q: How does Audius work?
A: Audius uses blockchain technology to create a decentralized network where artists can upload and share their music with listeners. Listeners can then stream the music and pay the artists directly using Audius’ native cryptocurrency, AUDIO.
Q: What are the benefits of using Audius?
A: Some of the benefits of using Audius include:
- Artists retain control over their music and can earn more revenue directly from listeners
- Audius has a lower fee structure than traditional music streaming platforms, which means artists and listeners can keep more of their earnings
- Audius is a decentralized platform, which means it is not controlled by any single entity and is resistant to censorship
Q: Is Audius available on all devices?
A: Audius is currently available on desktop and iOS devices, with plans to expand to other platforms in the future.
Q: Is Audius safe and secure?
A: Audius uses the latest security measures and encryption to protect user data and transactions. The decentralized nature of the platform also adds an extra layer of security, as it is not controlled by any single entity.
Q: Can I earn AUDIO tokens by using Audius?
A: Yes, users can earn AUDIO tokens by streaming music on Audius and by participating in the Audius community. Users can also purchase AUDIO tokens on cryptocurrency exchanges.
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