Audius is a decentralized blockchain-based platform for streaming and sharing music. It's one of the most significant non-financial crypto applications owned and run by an open-source community of artists, developers, and fans collaborating to defend the world's music. Audius aims to give artists control over how their music is monetized and connect directly with fans.
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Read on to learn everything you need to know about Audius and the AUDIO cryptocurrency.
What Is Audius
Audius is a decentralized music sharing and streaming platform created as an alternative to centralized music services. It provides a blockchain-based alternative to SoundCloud to help artists connect directly with fans and monetize their work.
Audius allows artists to get paid for their creations, similar to Spotify. It offers a solution to music creators who are paid in AUDIO every time someone streams their music.
Audius is an open-source protocol where participants have voting power and govern the system.
Audius launched in 2018 with its native token, AUDIO, which powers the ecosystem. At its launch, Audius operated on the private Ethereum blockchain public network POA. In 2020, the platform announced a partnership with Solana, migrating some of its services over the blockchain. Developers can build their own apps on top of Audius, giving them access to a unique audio catalog.
AUDIO Token
The network is powered by AUDIO, the protocol's governance token, which went live on the mainnet in October 2020. AUDIO is an ERC-20 token that fuels the platform, serving as a means of governance, staking, security, etc.
AUDIO serves three functions:
- Network security - node operators stake tokens to run a node and earn rewards.
- Exclusive features - artists get premium features by staking the token, such as displaying NFT collectibles on the site.
- Governance - staked tokens are required to vote on all proposals aiming to make changes on the network.
The max supply of the token is 1,055,737,352.
One billion tokens minted at the launch were distributed among past users (5.5%), teams/advisors (40.6%), and investors (36%) as a reward. 17.8% of this amount went to the foundation treasury.
According to the AUDIO token economy, its supply will grow by 7% yearly and be distributed to users as rewards.
The project's investors are Coinbase, Binance, Pantera Capital, Multicoin Capital, artists Katy Perry, Jason Derulo, and others.
As of October 2021, the company has completed three funding rounds, attracting over $13 M in total.
AUDIUS Founders
Roneil Rumburg and Forrest Browning co-founded AUDIUS in California in 2018.
Rumburg, the current Chief Executive Officer of Audius, is a computer scientist who graduated from Stanford University in 2014. That same year he co-founded Bitcoin peer-to-peer payment company Backslash.
Rumburg worked as a software engineer at various Silicon Valley companies and occupied positions of Chief Operating Officer and Vice President of External Relations at the Business Association of Stanford Entrepreneurial Students (BASES).
Previously, Rumburg was an engineering partner at the venture capital firm Kleiner Perkins (KP), where he made seed investments into Blockchain and AI companies, including Lightning Labs.
Forrest Browning, the company's Chief Product Officer, is a computer scientist and a Stanford University alumni. He was on the Forbes list of 30 under 30 top entrepreneurs.
Before founding Audius, Browning worked as a software engineer and a founding engineer. In 2015, he co-founded a real-time enterprise-grade software asset management solution StacksWare. In late 2017, the company was acquired by Avi Networks.
How Does AUDIO Work
The Audius protocol has a three-layered structure: the app, node operators, and the blockchain.
Since Audius is based on blockchain, it operates through a decentralized network of nodes that host content (content nodes) and index content (discovery nodes). The app layer includes the website and app for both iOs and Android systems.
The protocol has its non-custodial wallet called Hedgehog, an open-source, client-side wallet that allows building decentralized applications. It facilitates direct transactions, providing high speed.
Node Layer is an L2 blockchain meant to improve scaling and provide compatibility with Ethereum at the same time. As a Layer 2, Audius uses Solana.
The Audius platform ensures the security of content. Checkpoint nodes submit snapshots of the state of the plasma chain running smart contracts to Ethereum. This allows artists to retrieve their files from the protocol through the last snapshot. The option is essential as it guarantees that content won't disappear if Audius ever stops working.
For file access, Audius uses a decentralized storage network called IPFS (InterPlanetary File System).
Becoming a content or validator node is possible through staking AUDIO tokens. The minimum amount required is 200.000 AUDIO.
Besides becoming a validator, users can participate in the network by delegating the staking function of the token to node runners. The minimum amount for delegation is 100 AUDIO. In return, delegators earn rewards, which depend on the commission fee set by a particular validator.
Content nodes at Audius manage the storage and transmission of content via a custom framework. Artists can host their own material if they prefer to do so. They can also choose self-hosted nodes.
The content ledger of Audius is a combination of Ethereum smart contracts, POA network, and scaling solutions. It offers content and metadata specification, making the process transparent and allowing artists to track their works, split revenues, and hold ownership.
Discovery nodes index metadata and make data querying more efficient.
Audius Partners
Among Audius partners are:
By partnering with Solana, the network increases the speed of operations. It also allows users to showcase their NFTs from the Solana library.
- The Graph indexing protocol for blockchain data
Integration of the Graph helps Audius manage more efficient activity tracking, including usage, staking, and governance on the platform.
- Popular video-sharing app TikTok
In August 2021, TikTok announced cooperation with Audius, allowing song transfers onto its platform.
After the partnership, the market cap of the AUDIO token surged over $1 billion for the first time. The number of the app's monthly active users crossed 5 billion.
How to Buy AUDIO
It's possible to acquire AUDIO tokens on many crypto exchanges, including Coinbase, Binance, FTX, Gate.io, and more. There are also decentralized exchanges such as Uniswap and 1inch Exchange, where you can swap AUDIO with other tokens.
You should weigh the pros and cons of exchanges, including trading fees, payment methods, supported currencies, etc., before selecting the one that best suits your interests.
After choosing your exchange, follow these easy steps to buy AUDIO:
Step #1: Register and Create an Account
Registering on the exchange of your choice is easy enough. You will need to submit some personal information, for example, an email address, full name, etc.
Some crypto exchanges might require more detailed information through a KYC (know your customer) procedure. In this case, they will require identity verification through submitting a valid ID, photograph, and personal info, like address, phone number, etc., before you can start your crypto trading.
While a decentralized exchange might not bother with KYC, it's more common on regulated exchanges.
Step #2: Fund Your Account
Cryptocurrency exchanges will allow you to fund your account with fiat currencies such as EUR, USD to purchase AUDIO. There are several ways to fund your account with fiat currency - from bank transfer to wire transfer and credit/debit card purchases. Check out the deposit methods for the exchange that you decide to use to buy AUDIO.
Step #3: Buy Audio
You will either be given an "instant buy" option or an exchange interface for trading currencies to buy AUDIO. The instant buy option requires entering the transaction details, i.e., the amount of fiat currency and the crypto you wish to purchase. The exchange interface gives you more control over orders and typically charges you less than the instant buy option.
Step #4: Choose a Storage
Prepare safe storage for your coins!
Some platforms offer you a software wallet to store your AUDIO tokens. Software wallets keep some of your wallet information online, so they are less secure than hardware wallets. If you prefer using a software wallet for ease of use, consider the CoinStats wallet or the Coinbase Wallet. These are the best software wallets available.
With a hardware wallet, you can store your cryptos offline, safe from potential cyberattacks.
Ledger ( the Ledger Nano S and Ledger Nano X) is the leading hardware wallet brand with millions of users worldwide. Ledger wallets support most top cryptocurrencies such as Bitcoin, Ethereum, Ripple, Dogecoin, all ERC-20 tokens, including Audius, and many more.
Audius price, market cap, and trading volume are volatile. The token's current circulating supply is over 410 million. Note that the token price depends on its demand, general crypto market trends, network upgrades, and other conditions.
