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audius

What Is Audius? How To Buy, Expectations And Predictions. Everything You Need To Know About AUDIO

The days of recording cassette tapes and then playing them back to listen to music are a few years gone. These days, almost everyone is streaming. However, there is a problem with streaming, the artists are paid little, unless you are a well-known artist such as Lady Gaga or Drake. This has to do with the pro rata systems of clicking on songs. With some streaming platforms, an artist only gets 20%. You can imagine that many artists are not really happy and satisfied with this. Especially if you are not a well-known name that is streamed a lot. This is exactly where Audius comes in and lends a helping hand to artists.

In this blog, we are going to talk about Audius and its AUDIO token. I’m going to explain exactly what Audius is and how it works. We are also going to investigate the team behind this project and take a look at the course. If you want to know where to buy AUDIO, you’ve come to the right place.

Please note: please note that the text below about ‘Audius (AUDIO)’ as well as the explanation thereof should in no way be construed as advice. The choice for whether and in what way you want to trade (crypto) and which choices you make in terms of investment is up to you and you alone. We are not financial advisors.

Here you can first watch a video showing how Audius works.

What is Audius?

Audius is a decentralized music sharing protocol that is commonly owned and controlled by artists themselves. It is a hybrid between streaming service Spotify on one side and SoundCloud, a platform that also shares music on the other. What makes Audius different is that it is a blockchain technology based platform. They help artists publish and earn money for their music, including derivative content. The music is then offered to fans as a stream.

The protocol is owned and operated by a decentralized community of artists, developers and users.The fact that artists have complete control over their music on a streaming platform is what makes Audius unique. Fans will also get their money’s worth as they have access to exclusive music and unique fan experiences, all set up directly through the artists.

You can safely say that Audius has revolutionized the streaming industry. Artists are often the last to get any insight into exactly where their income comes from. Because despite the entire Covid-19 pandemic, the demand for music remains. There is still a lot of money going around in the music industry. It’s hard enough for musicians to make money, because there are so many middlemen at work before a record or CD hits the shelves. Studio and production costs, managers, labels and marketing are just a few stops where money hangs before an artist is paid.

And let streaming be one of the few ways how artists in this Covid era and in general still get income. If you only get paid 20% or less on most streaming platforms, the artist existence is already a lot less romantic.

How does Audius work?

Audius is a blockchain powered music streaming platform. The platform is owned and controlled by the artists and fans themselves. This centralized community works like a kind of musical co-op.

Importantly, artists can upload their music for free and fans can listen for free.  According to the website, this will be forever. In the meantime, everyone can earn crypto with it!

The entire platform is powered by the AUDIO token. The advantage is that Audius has set up a platform that does not really require knowledge of crypto and crypto exchanges. That is one of the reasons why it is such a popular platform.

Artists and fans will be paid in the AUDIO token. That means that as an artist and fan you have to set up a wallet to convert your crypto to fiat. Alternatively, however, you can leave it alone and speculate or trade with it.
Audius has weekly and monthly bonuses for artists and developers.

  • Top 5 weekly trending track
  • The top 5 weekly trending playlist
  • Top 10 monthly API app
  • First Verified Account Upload

In the following image you can see how the weekly trends are tracked on their website.

Reward system on Audius

https://blog.audius.co/posts/audio-rewards

Audius also has regular airdrops. In October 2020, no less than 50 million AUDIO tokens were distributed via an airdrop between artists and fans. The distribution key took into account not only the number of times a song was listened to, but also an artist’s social engagement with his fans.

What is interesting for the artists is that Audius gives as much as 90% of revenue to the artists. This is a big difference from other streaming services. Besides many lesser known artists, you can also find Deadmau5, 3Lau, Weezer and Skrillex on Audius. There are a total of over 100,000 artists on Audius .

Analysis and Statistics

It is also interesting for artists how often they are streamed, how many users there are on the platform and so on. This analysis is done by Audius and they have several pages on their website where you can find this information. Audius currently has around 6 million unique users per month. The number of users rose sharply when it was announced in August 2021 that Audius will partner with TikTok .

Other information you can find on these pages are the number of AUDIOs being staked and top genres. The most listened to genres are EDM and hip-hop with an increasing share of up to 80%. You can also find weekly top tracks, top albums and even more analysis information.

The image below is the first impression you get when you open the analysis webpage of the Audius website.

Analysis information on Audius

https://dashboard.audius.org/#/

What is the Audius Music streaming service ecosystem?

The Audius Music streaming service ecosystem are the various features that the network needs to maintain and deliver a positive experience to the users.

Content nodes

You can stake the AUDIO token. If you want to become a node operator on Audius, you will also have to discontinue AUDIO. The nodes ensure that the music on Audius is available when requested, also known as on-demand. This is done by using AudSP. This AudSP is Audius’ own extension to the IPFS or InterPlanetary File System. This IPFS is a peer-to-peer protocol that makes the internet faster and more secure, but also makes and keeps it available to everyone.

The artists, but also the fans or any crypto fanatic can manage a content node. As an artist, this gives you the opportunity to host your own work without an intermediary. When a node goes offline, new nodes simply take its place. These are selected automatically. The result of this is that as an artist you do not necessarily need knowledge of the blockchain. Moreover, as an artist you don’t need any knowledge about how Audius distributes music. This is all done for you. If you manage a content node, you can also earn passive income through the issuance of AUDIO tokens and network fees.

What is a disadvantage of the content nodes is the entry price. To manage a node you need at least 200,000 AUDIO. At the time of writing, that’s a mere $300,000. Unfortunately not really a low threshold.

What is AudSP?

AudSP is the decentralized storage protocol used to distribute files within Audius . In order to keep the participation in Audius democratic for the users, the files must meet a few conditions. This means that they must be decentralized, available at any time and also independently verifiable. AudSP also ensures that Audius can compete with other streaming services. Finally, it also ensures that the platform is easy to use, easy to navigate and scalable.

What is Hedgehog?

Hedgehog is an API on Audius that makes it possible to ‘talk’ to other dApps. You can then do this the same way you use a website. It is their own crypto wallet.  You only need a username and password. All this without extensions or any form of centralized control.

However, Audius itself recommends that you only use the Hedgehog for small amounts, your change so to speak. For larger amounts, they recommend using MetaMask.

Hedgehog means hedgehog in Dutch, and is a joke to MetaMask, which have a fox as their logo.

The following image shows when you can use Hedgehog.

Hedgehog wallet from Audius

https://hedgehog.audius.co/

How does Audius deal with Piracy?

Piracy in streaming services is a hot topic, and Audius has to deal with it too. It is one of the bottlenecks that the platform can sometimes get into trouble with. Copyrights are rightly a hot topic, SoundCloud has to deal with as well, and it could drive users away from the platform . Then the fans start looking for new platforms, and that can cost Audius a significant share of their users.

Audius, among other things, has competitions with remixes of songs, but they also say that they have no control over what someone uploads. They are therefore in the process of setting up and introducing an arbitration system . If this system works, neutral arbitrators composed of the Audius community can vote on raised cases.

What is the AUDIO token?

The AUDIO token fulfills several roles on the Audius platform. It is an ERC20 token and runs on the Ethereum network.

The token is used for:

  • Security – the node operators are staking AUDIO for security. The more your stake, the more likely it is that your node will be used by artists and fans. AUDIO is managed and organized by the community.
  • Tools – AUDIO also serves as collateral to unlock more tools for artists. For example, the community has introduced tokens, badges and revenue multipliers for artists. One plan for the future is for fans to be able to delegate AUDIO to artists, giving them more opportunities to grow on the platform.
  • Manage – the more AUDIO your stake, the more your input is in managing. Every part of Audius is manageable, so you can definitely influence the future of the platform. Active users can get AUDIO as a bonus on a regular basis, so that they become or remain more involved in the management.

Of the 1,049,358,974 AUDIO tokens, 406,077,610.00 are in circulation. During the ICO , $5.5 million was raised.

The distribution of the token shows that as much as 40% goes to the team, which in this case consists of 80 people. There are also several artists. 36% goes to the investors, including Binance Labs, Standard Crypto and Hack VC. Those are high percentages, and are a lot higher than average for other crypto projects.

Below you can see the distribution clearly.

AUDIO token distribution

https://messari.io/asset/audius

The issuance of the AUDIO token will be spread until July 2026. 7% will be spent per year. That’s better again, it means the team can’t quit overnight with their 40%.

Release schedule of the AUDIO token

https://medium.com/audius

What is the price of the AUDIO token?

If you want to invest in the AUDIO token, a good start is to know its price. If you are already going to trade, you also want to make a profit. You can make a technical analysis to see what the best buy or sell moment is.

The AUDIO token has been in the red after launching in October 2020 until March 2021. After that, however, it quickly moved up, even partially parabolic, reaching the preliminary ATH on March 28 at a price of $4.1781. After that, the price also fell again and between May and August the price was around $1. After the announcement of the partnership with TikTok, the price doubled in just one day and in August there was a price increase of 137%. At the time of writing, early September 2021, the price is $2.82.

At  CoinMarketCap  , it’s just inside the top 100 at spot 91. It’s a slow but steady rise at CMC. I think this coin has a good prospect, especially if Bitcoin continues to rise in 2021. I think it could have a good price development. The collaboration with TikTok also helps and offers good perspectives. If you want to invest in this coin, it is important to do your own research.

Where can you buy the AUDIO token?

The AUDIO token is unfortunately not for sale on Bitvavo  , but it is on  Binance . Most leading CEXs also offer this coin, such as FTX,  and Gate.io. There are also many liquidity pools on DEXs such as Uniswap  V2 and V3, but also on 1inch Exchange  where you can find an AUDIO pair. Since September 2021 you can now also buy Audio token on Bitvavo, do that below.

What is the best way to store the AUDIO token?

You have several options to save this token. The safest way is to store them on a hard wallet, also known as a cold wallet. With a hard wallet, such as the Ledger X or S and the Trezor, you are protected against internet hacks.

You can of course leave your AUDIO token on the exchange where you bought the token. However, now you do not have access to your private keys. The private keys of an exchange remain in the hands of the exchange itself. There is always a danger that a stock exchange will be hacked and then you have a chance that you will lose your coins. These wallets on an exchange are also called hot wallets.

As a third option, you can also use an online wallet such as Audius’ own Hedgehog wallet, but also the MetaMask or Trust wallet. Here is also another chance of an internet hack, but it is theoretically smaller than a hack on a stock exchange.

Who are the team behind Audius?

The team behind Audius consists of the two founders and several other skilled people.

Roneil Rumburg – co-founder, CEO and a Stanford graduate. Has worked in other Bitcoin related projects.

Forrest Browning – Co- Founder and CPO. He has an engineering background and has co-founded other successful firms such as StacksWare.

Besides Roneil and Forrest, there are 21 other team members listed on their website.

Conclusion

At first glance, Audius looks like a run-of-the-mill streaming service. What sets them apart, however, is the fact that they foster a greater relationship between artists and fans. They also pay out royalties right away, as much as 90%.There is common governance on the platform and artists are in control of their work.

At the time of writing, it looks like the platform will continue to grow. That is also good news for the AUDIO token, because it is then likely that the price of the token will grow with it. If you want to invest in the AUDIO token, do your own research.

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