What Is Audius (AUDIO) How It Works & Where To Buy It?

Audius is an incredibly innovative blockchain-based protocol that specializes in decentralized music streaming. The goal of the project is to offer music creators and curators more control over their works.

Artists can create immutable records for their content when they submit it to Audius – a decentralized network of nodes is responsible for protecting those records.

The AUDIO token is currently the 103rd largest cryptocurrency by market capitalization.

 

How Audius (AUDIO) Works

By putting musicians in direct contact with their audience, Audius eliminates the intermediary from the mainstream music industry.

Music is the sole property of the artists, who will choose how to monetize their audio tracks on the blockchain platform. Artists can decide whether they would like to distribute their songs for free or charge fans a fee to access their exclusive music.

Audius does not deduct a percentage of an artist’s sales earnings as several music streaming platforms do. The music streaming services offered by the platform are an innovative transition from the standard model.

90% of sales can also be paid to music curators in AUDIO tokens, Audius’ native cryptocurrency. The remaining 10% is distributed to AUDIO stakers who contribute to the Audius network.

By allowing everyone the ability to share, market, and stream music, Audius actively aids in solving the challenges that most musicians face in the industry. There are several challenges, including ownership, royalties, and music rights. By removing the middlemen, Audius enables direct communication between artists and their audience on the blockchain platform.

Developers and stakers also earn lucrative yields for participating in the growth of the music streaming service. The Audius music streaming platform has grown exponentially in popularity since its release in 2019.

Artists can upload and share their tracks using decentralized nodes on Audius. Artists can generate revenue from their audio material in many ways without giving up ownership.

After registering their social media accounts, they’ll receive AUDIO when they upload their first track. They can also receive AUDIO by landing a spot in the Top 5 Weekly Trending Track, Top 5 Weekly Trending Playlist, and Top 10 Monthly API App.

Utilizing artist tokens, Audius also allows the artist to interact with their community of listeners. Holders of artist tokens get unique access to token-restricted material, including remix competitions and unreleased music. Another innovative feature is, depending on their degree of fan involvement on social media and the quantity of listens, Audius aims to airdrop AUDIO tokens to artists.

Audius intends to implement support for USDT and other stablecoins so that fans may access premium content in the future.

The AUDIO token is used for securing the network, it’s a governance token, and holders of the AUDIO token also receive access to exclusive content. This is very different from other music streaming services because the AUDIO token is a core component of the Audius platform.

There are two types of nodes on the Audius platform:

• Content nodes – Tasked with storing and relaying various audio content such as user tracks, mixes, and other audio content on the Audius platform.
• Discovery nodes – Responsible for indexing and hashing data such as user profiles, playlists, and followers.

Users can become node operators if they have a total of 200,000 AUDIO tokens and meet the necessary hardware requirements for running a node.

Users interested in learning more about the protocol, its functionality, and other relevant information should consult the Audius whitepaper.

 

What Is Audius (AUDIO) Used For?

Decentralized nodes secure the Audius network. By holding and staking AUDIO tokens (200,000), users qualify to operate a node. The likelihood that fans will utilize their nodes to discover music content increases according to the number of tokens the user holds.

Users use the platform to earn AUDIO by staking – they receive access to ongoing token issuance and collective fee pools. They are rewarded with AUDIO tokens for their contributions to the protocol.

AUDIO tokens are also used as the governance token of the Audius ecosystem and are required to make Audius work efficiently. AUDIO token holders receive voting rights that they can exercise when there are proposals or network updates.

Additionally, swing and arbitrage traders also try to capitalize on cryptocurrencies’ price fluctuations. During periods of high trading volumes, cryptocurrencies experience the most price volatility.

 

Where To Buy Audius (AUDIO) Token

Audius has become a prevalent platform that has grown immensely in popularity. The AUDIO token has also seen heightened trading volumes as the platform has grown in popularity.

AUDIO tokens are commonly traded on most centralized crypto exchanges. Before you’re able to purchase AUDIO, you’ll need to deposit fiat money onto an exchange; sequentially, AUDIO tokens will then be credited to your digital wallet on the exchange.

The crypto exchanges below are amongst the safest place where you can buy, sell and store tokens.

1. OKX
2. HTX
3. KuCoin
4. Binance

Token holders that purchase AUDIO tokens on a centralized exchange can only benefit from decentralized finance products if they transfer their tokens to a digital wallet like MetaMask.

Most individuals opt to transfer their tokens off centralized exchanges because then they have full control over their crypto assets and private keys.

None of the abovementioned information is investment advice.

 

About Audius (AUDIO)

How long has Audius (AUDIO) existed?

On September 24, 2019, the Audius mainnet went live. The platform quickly grew in popularity because it prioritizes putting musicians in direct contact with their audience and eliminating record companies and intermediaries.

What’s controversial about Audius (AUDIO)?

Let’s take a look at the top controversy surrounding Audius (AUDIO):

• Competition – Audius faces competition from traditional platforms with millions of users and an enormous global reach. The relatively new blockchain platform has managed to perform well, but its competitors are significantly larger.

How many Audius (AUDIO) Tokens are there?

At the time of writing, Audius (AUDIO) has a circulating supply of 725,865,017.00 AUDIO

The total supply of Audius (AUDIO) is 1,110,142,308

Can Audius (AUDIO) be mined?

AUDIO tokens can’t be mined. The protocol uses decentralized nodes to secure the network through staking, and there are no miners involved in the network.

Many websites advertise mining services where individuals can utilize their website to ”mine AUDIO” – this is false information; it isn’t possible to mine AUDIO.

However, individuals can earn AUDIO by staking their AUDIO tokens or becoming node operators. Other decentralized platforms also offer users rewards if they participate in staking, farming, and liquidity pools.

Some centralized exchanges allow users to earn yields from staking their AUDIO tokens.

What is the market cap of Audius (AUDIO)?

The market cap of Audius (AUDIO) is: the total amount of coins in circulation x the current market price of AUDIO.

Audius (AUDIO) Market Cap = 725,865,017.00 AUDIO x $0.33 = $245 million (103rd largest market cap)

AUDIO is currently one of the top 150 cryptocurrencies by market capitalization.

 

Biggest Competitors Of Audius (AUDIO)

The Audius platform has become incredibly popular; as a music creator, you have the opportunity to earn generous rewards and slash the amount of revenue you lose. The exclusive features on the platform and the simple interface are what have driven user adoption to more than 6 million daily users on the Audius platform.

Most notably, Audius has gone into partnership with TikTok, one of the largest media giants in the world. Even though the platform offers very innovative solutions to all parties, it faces a significant amount of competition from traditional companies.

Audius’ Biggest Competitors are:

• Spotify (traditional)
• Apple Music (traditional)
• Deezer (traditional)
• iTunes (traditional)
• Rocki (blockchain-based)

 

What Are The Future Plans of Audius (AUDIO)?

The Audius platform is actively working to improve user experience, increase user adoption and expand its global network. The company has recently tied up some major partnerships, with TikTok being the largest to date.

In the future, Audius hopes to uplift independent artists increase their reach, and earn more revenue. The utility of the Audius token will likely grow in the coming months.

 

Pros And Cons Of Audius (AUDIO)

Pros:

• Cuts Out Intermediaries – The Audius protocol allows users to earn much larger revenue shares from their own content – traditional platforms typically take a huge cut of all the revenues generated.
• Large User Base – The platform has already attracted more than 6 million daily users and continues to grow daily.
• Simple User Experience – The protocol manages to reinvent the wheel in terms of compensating artists, and its innovative blockchain technology. However, the user experience remains simple, engaging, and easy to use, which has played a key role in onboarding users.

Cons:

• Competitors – Several large platforms generate significantly higher revenues, have massive user adoption, and often excellent services. Audius will need to remain innovative and continue providing users with exceptional digital services.
• Expensive To Be a Node Operator – Users are required to have 200,000 AUDIO tokens to become node operators – which is currently around $66,000. The price to become a node operator is too high for the average person.