What is Audius?
This blog post will cover:
- What is Audius?
- Where did Audius come from?
- What are the advantages of Audius?
- What are the disadvantages of Audius?
- How to buy Audius on SimpleSwap?
What is Audius?
It turns out that blockchain and cryptocurrency based technologies can help open a new page in the evolution of the music industry. Audius is one of the steps into this future, a platform for music artists and music lovers. With easier and more direct communication between artists and fans, transparent pricing and earning models, and support from internationally renowned musicians and companies, Audius is posing a serious competition to the traditional music industry.
A crucial part of the project is the AUDIO token. It has several use cases within Audius, e.g. node operators need to stake AUDIO as collateral to prove their intentions, meaning that if operators act maliciously, they are punished with deductions from their stakes. The reverse is also true: node operators who diligently offer their services to the network are rewarded with AUDIO in proportion to their stakes. Artists can use AUDIO to get special tools. They receive tokens for landing their tracks in the weekly top five trending track list or by uploading the first song to a newly verified account. Similarly, users can receive rewards by getting their playlists in the weekly top five, while developers can get AUDIO if their Audius API-based apps make it into the monthly top ten apps list. Another important function of AUDIO on the platform is governing Audius. Every token equals one vote, and the proposal acceptance threshold is 50% votes.
Where did Audius come from?
Musicians nowadays only receive a fraction of the profit their music generates, and the rest goes to multiple intermediaries like record labels and music streaming platforms; ownership and licensing are often obscure and complicated; artist' payouts lack transparency. All of this leads to artists receiving only 12% of the money their music earns. What’s worse, music streaming companies like Spotify even refuse to disclose how much artists get per stream.
Audius was founded in 2018 by Roneil Rumburg and Forrest Browning to help music artists get the payment they deserve and the freedom to manage their creations.
Another goal Audius is pursuing is giving artists a safe space for their music and making sure that their tracks will not be lost, as it happened a lot on some other platforms back in the day.
What are the advantages of Audius?
- Greener music Though initially based on Ethereum, Audius has ambitious plans to become carbon negative. The solution they want to choose is switching to Solana, which is well known for its energy efficiency thanks to the innovative Proof of History algorithm.
- You don’t have to be a crypto fan to be a music fan
Audius is a great way to introduce a new audience to the Crypto World. Audius allows users to create, collect and display NFTs, familiarising music fans with non-fungible tokens.
- Promising partnerships
One of the biggest news in Audius history is the partnership with TikTok. Now Audius musicians can easily upload their tracks to the video-sharing app and link their Audius profile to their TikTok account. Music is a huge part of TikTok. It has been proven time and again that any track can become viral there, no matter if it was made by famous artists or music enthusiasts.
What are the disadvantages of Audius?
- Democracy or plutocracy
Audius has a governance system similar to multiple other cryptocurrency projects: token holders have a right to vote on proposals. In theory, it means that active users receive tokens for taking part in Audius’ development and use them to govern it, because they know what’s best for the project. In practice, however, the more tokens the user stakes, the more powerful their vote is. In addition, one can purchase AUDIO outside of Audius, so it is not necessary to participate in Audius’ development to play a big part in its governance. This opens a loophole for the rich to come into power, manipulate the vote, and outvote active and passionate but token poor users.
- Serious competition
While Audius is a trailblazer in the field of blockchain-based music platforms, projects like Spotify, Bandcamp, Tidal, Apple Music, and SoundCloud already gained the attention of millions of users and thousands of artists, developed approaches, gathered music libraries and partnerships that Audius will have to at least match in order to compete.
- Copyright issue
Due to its decentralized nature, Audius is open to uploading any sort of audio content, including copyright-protected music. Even though it is a violation of copyright laws, such content cannot be removed. This might work both ways: some artists might hurry to Audius to upload their music before someone else does it unofficially, while others might try to start a legal war.
How to buy Audius on SimpleSwap?
Are you ready to see what Audius has in store for you and what features the AUDIO token can unlock? Start by using the widget below or go to the SimpleSwap homepage and follow the instructions:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select AUDIO in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient's Address. AUDIO will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
Thank you for learning about AUDIO with us. Make sure to check out our articles about other cryptocurrencies!