Audius has a noble aim and attempts to solve a major problem in the music industry – cutting out the middleman and increasing the artist share of the profits for the content they tirelessly create. Currently, artists have little say or control in release and distribution of their music. Audius is a blockchain and smart contracts based platform featuring AUDIO powered token economy, stablecoins and artist specific tokens.
It has a decentralized ledger and file storage system for storing audio tracks and their metadata. Audius can provide a system where artists can record and prove the ownership of their content. This ensures profits distribution and royalty claims.
Furthermore, the platform has a unique track encryption scheme for controlling user access and a customized streaming mechanism. Plus, Audius features a decentralized governance mechanism, where all stakeholders (artists, streamers, node operators, etc.) have equal say about the direction of the protocol and voting on the changes on it.
The Audius Design
Audius seeks to improve the transparency around artist’s payouts and assist with establishing ownership. In addition to that, it makes sure to secure the artists’ profits. It also removes the middlemen from taking hefty cuts while doing little and improves publishing rights. Moreover, it allows various content to be accessible worldwide by solving licensing issues.
The project allows content creators, consumers, and node operators to work together in an incentive-aligned manner and receive rewards proportional to the value they help create. With the Audius protocol, artists can connect directly with their fans and keep the majority of the profits. Similarly, the protocol tracks prices and earnings, and the intermediaries use smart contracts, etc.
AUDIO Token – Is It The Right Time To Invest?
The project’s native token is AUDIO, and facilitates activities on the Audius platform. The tokens are staked as collateral for value-added services. They also receive proportional governance rights and access to exclusive features. Moreover, they serve as collateral for artist-specific tokens, badges, and earning claims. The node operators also need to stake AUDIO tokens to run nodes, power the network, and receive rewards.
AUDIO’s total supply is 1.01B, out of which currently $153M is in circulation. The project has a current market cap of $477M, which is actually modest if the platform can deliver on its promises. This is considering that the revenue of the global music industry should cross $65B by 2023. The token exists on Binance, FTX, Bilaxy, Gate.io, Uniswap, Sushiswap, etc.
You might also like
More from Altcoin
It's just another day and another DeFi protocol, which has taken a hit. This time it's Iron Finance - an …