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.
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.
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:
Thank you for learning about AUDIO with us. Make sure to check out our articles about other cryptocurrencies!