What is the Audius cryptocurrency ? It’s Token and history

 The Audius Protocol is a music streaming service that aims to revolutionize the traditional music streaming system. The Audius platform is changing the way artists and their fans interact, using its native token called AUDIO. In this article from CoinMarketSIG , we will introduce the Audius platform and how it works, the development team, the use of the blockchain in the music industry, the reasons for using Audius and the AUDIO application token. Stay with us.

 

What is the Audius Protocol?

Despite declining record sales over the past decade and a recession, the music industry is still making billions of dollars a year. However, after paying for things like management costs, studio time, production and marketing costs, artists are paid very little despite their hard work. In addition, artists often relinquish ownership and patents by signing contracts with major brands, and are given little information about broadcast analysis and audience recognition data. To address this, the Audius Protocol has developed a decentralized blockchain-based platform. This audio broadcasting service is controlled by a decentralized community of artists and fans, rather than a centralized identity or entity.

The Audius music platform is very similar to other popular music streaming services such as Spotify and Soundcloud. However, this protocol allows musicians to have complete control over their music and the ability to create unique experiences. Audius uses a network of ninety decentralized and motivated operators to enable artists to produce an immutable version of their music in terms of time and content.

Audius is a decentralized application (Dapp) and will revolutionize the music distribution industry. To interact with Audius, whether as an artist or a music listener, you need to know how to manage your currency password.

Each time a person performs and distributes an artist's work, the artist is paid a native AUDIO token. That way, artists no longer have to wait for months or even years to receive a portion of their salary. Thanks to the efficient economy of this token, developed by the Audius platform, artists receive the amount paid by their fans directly and without intermediaries.

The platform uses AUDIO tokens, artist tokens and third-party stable coins, along with a decentralized storage solution. In addition, Audius Distributed Headquarters allows artists to efficiently share their audio files and metadata on demand. Audius uses a unique song encryption scheme, along with a programmable mechanism for unlocking cryptographic keys.

It should be noted that Audius uses a decentralized governance protocol. This protocol allows artists, fans and operators of the nineties to be able to decide on changes and upgrades to the protocol.

 

History and founders of AUDIO digital currency

The Audius platform, which is the platform for providing AUDIO digital currency, was established in 2018. Yet, it launched its main service in October 2020. Roneil Rumburg is the founder and CEO of Audius. He was responsible for investing in Blockchain and AI companies, including Lightning Labs. Roneil attended Stanford University and previously founded a peer-to-peer payment company called Backslash. He has also worked for a number of Silicon Valley-sponsored companies.

Other founders of Audius include Forrest Browning. Forrest also studied at Stanford University and has previously held numerous roles in start-ups and investment firms.

What features make Audius unique?

Audius is different from other music streaming services because it is based on blockchain, which shapes the performance of the whole thing. Artists can upload their songs at no cost and users can listen to them for free. The management of the music player service is a unique aspect that also supports blockchain.

There is no review process to get started with this platform as an artist, so you can upload your songs immediately. Since Audius content is distributed across decentralized nodes, copyright protection cannot be enforced at this time. However, now the protocol is developing a problem-solving system of members of the community who decide to remove certain content.

 

What is the future of AUDIO digital currency?

As we mentioned above, Audius, which is the platform for providing AUDIO tokens, is a decentralized music streaming and sharing platform. The platform seeks to become a real competitor to current market leaders such as Spotify, Soundcloud and Pandora. Audius' main goal is to promote a fairer distribution of the income that artists receive in the industry. This project not only wants to optimize the income of artists, but also aims at a more direct and transparent interaction between creators and fans.

In April 2021, the platform announced that it would allow artists to display their NFT collections in their galleries so that fans could purchase them. With all the attention paid to NFTs recently, Audius has had the opportunity to bring fans to its encrypted platform. The AUDIO token for March 2021 has a significant price, which has attracted a lot of people. This platform was created to solve current problems. In addition, the addition of NFT to the platform has made the project very interesting and widely welcomed by users. Based on what has been said, a good future can be considered for this currency code.

 

AUDIO token

The AUDIO token plays several key roles in this music streaming service. This token, while providing access to unique features within the platform, also helps maintain network security. In addition, the AUDIO currency code has the Staking feature in order to secure this platform.

The AUDIO token allows music fans and music lovers to be part of a service where anyone can enjoy, share or even earn music! As an alternative to the popular Soundcloud music service, the Audius Protocol has facilitated the process of engaging fans with musicians through innovative ways, unique experiences, and rewarding contributions.

It should be noted that by depositing this token, users can receive a part of the network fee along with the voting power in the governing system and enjoy the exclusive features as a reward for securing the network. Also, people who stick AUDIO tokens benefit from more services in terms of opportunities to discover fans, different indicators and services.

 

In conclusion

By reading this article, you can get fully acquainted with AUDIO digital currency and its provider platform, Audius. As mentioned, AUDIO is an ERC-20 token that helps maintain network security. The platform providing this currency code is a decentralized music streaming service. The platform aims to provide a platform for communication between artists and fans. One of the features of this platform is that artists can upload their songs at no cost. This digital currency has grown well so far, so that it has been able to be among the top 100 currencies in the cryptocurrency market. In addition, the addition of NFT to the Audius platform has attracted a lot of attention. Nevertheless, a bright future can be considered for this platform and AUDIO token.