What is cryptocurrency Audius (AUDIO) and how does it work?

What is Audius (AUDIO)?

Audius is a decentralized blockchain-based platform for streaming and sharing music. It launched in 2018 with its native token AUDIO, which powers the ecosystem. Audius enables music creators to interact with their fans and listeners in a unique way, while having full control over the music they are streaming and sharing.

Audius allows artists to get paid for their creations, with a similar model of operations to that of traditional, well-known music streaming services like Spotify. The industry of music and music streaming services is worth billions of dollars, while music creators get the smallest cut once the music is ready to be shared and streamed. Audius offers a remedy for this issue through blockchain and nodes.

With Audius, decentralization works in favor of music creators who are paid in AUDIO, the native token of the network, every time someone streams their music. That way, artists are paid instantly for their work and art, instead of waiting for weeks, if not months and years, to be awarded a lean cut from a centralized authority in charge of streaming their music.

How Does Audius Work?

Audius employs a blockchain-based protocol to enable music streaming without the need for a central authority. In traditional music streaming services, central authorities usually take the biggest cut out of the multi-billion-dollar industry, while music creators tend to get a much smaller share for the music they create. With a decentralized architecture, artists can manage their own music and take full control over the way their music is streamed.

Audius is powered by the native token AUDIO, which serves as the platform’s main payment method. AUDIO tokens are also used to incentivize network participation.

Audius makes sure that users, i.e. fans and listeners, can enjoy all the perks of decentralized music streaming. Users can use filters to find their favorite artists and newly listed music. They can also save tracks and share their favorite playlists. There is even an option for curating music by mood. Users can earn AUDIO tokens as rewards in return for sharing their playlists.

Audius is a decentralized public ledger with open governance, which means that node operators, music creators, and users can propose and vote on changes to the protocol. Music creators can easily distribute audio files through the AudSP protocol, while Content Nodes assure that music content is available on demand.

Who Are the Founders of Audius? (History of Audius)

Audius was co-founded by the CEO of the company behind the project, a Stanford University graduate in computer science, Roneil Rumburg, and Forrest Browning who is the CPO of Audius. Audius officially launched in September 2019 with a token sale.

The co-founders are supported by a team of engineers, entrepreneurs, blockchain experts, and audiophiles. The project also benefits from a group of advisors, including Twitch Co-founder Justin Kan, EA Games Co-founder Bing Gordon, and electronic music producers such as deadmau5. Audius received backing from several large investors, including Binance, Coinbase Ventures, and Pantera Capital.

What Makes Audius Unique?

Audius aims to change the way music creators are paid for their work, given that in the traditional multi-billion-dollar music industry, only a small percentage of revenue goes to music creators, without whom the industry wouldn’t exist in the first place.

Aside from the primary goal of enabling music creators to get paid for their music instantly through decentralized streaming services, Audius has a unique approach to the sector, also rewarding network participants, i.e. users and node operators, for their participation in staking, sharing music, and running the network.

What Gives Audius Value?

There are a multitude of factors that give Audius value. Audius uses on-chain metrics and an ongoing token issuance to better route AUDIO distribution to the most active participants, thereby driving users and value to the platform. The intrinsic value of Audius is determined by the value of its technology and technical capacity, as well as its use case and relevance.

Audius value can also be observed through its mainstream use and the overall popularity of the sector of decentralized music streaming services. AUDIO is the native token of the network, the main payment method, a reward currency for the platform, and an asset that can be staked within the system. AUDIO can be traded in the live crypto market, while traders can make a profit based on the difference between the buying and selling price. The market price is determined by the balance of buying and selling activity within trading volumes.

How Many Audius (AUDIO) Coins Are in Circulation?

Audius created an initial supply of 1 billion AUDIO tokens at genesis, with 41% allocated to founders, 36% to investors, and 18% to network growth. These tokens are due to unlock gradually according to a vesting schedule. The AUDIO token was launched with an inflation rate of 7% in order to reward node operators. However, as AUDIO is a governance token, the community can vote on how the token emission should be distributed. There are currently tokens in circulation.

Audius AUDIO

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Bitcoin BTC

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Ethereum ETH

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The number of AUDIO coins in circulation multiplied by the current price of AUDIO equals the market cap of Audius. The market cap ranks the cryptocurrency and determines its market share in contrast to its crypto peers.

Other Technical Data

Users can stake AUDIO coins in return for rewards and run Content Nodes which are responsible for making the streaming of audio content available instantly and on-demand. Content Nodes run the network’s operations and can be operated by anyone on the network: music creators, fans, and users alike.

AudSP is Audius’ native extension which serves the purpose of distributing data across the platform. It is a storage solution built on top of the InterPlanetary File System, a peer-to-peer protocol that enables the encryption, storing, and sharing of data. All uploaded audio files need to be readily available and decentralized to assure democratized operations on the network.

How is the Audius Network Secured?

As AudSP makes encrypted files available to everyone, a mechanism known as proxy re-encryption is required if an artist wants to provide selective access to their content. When a fan begins to stream a track, a request is made to the artist on their behalf including a payment or proof that some other specified condition is met. A content node then uses the private key with which the track was encrypted and the fan’s public wallet address to create a proxy re-encryption key, which is specific to the fan and can be used to unlock the encrypted content.. That way, music files can only be unlocked if the music creator is being paid for their work, while enabling streaming on-demand.

Audius also relies on decentralized governance in which network participants can stake AUIDO to earn more tokens and governance weight. All network participants can stake AUIDO and operate nodes in return for rewards from the ongoing token issuance. Stakers of AUDIO can propose and vote on changes to the platform, thus democratizing the Audius network.

How to Use Audius

Audius network allows music creators to share and stream their music and audio data in return for instant payments in AUDIO, while keeping full control over their music. Audius is also used by fans who can create playlists and earn rewards by sharing their playlists.

AUDIO tokens are used as rewards for staking, while anyone can become a staker by staking their AUDIO balances. Ongoing token issuance is used to pay these rewards. AUDIO can also be traded in the market of cryptocurrencies to make a profit based on the difference between the buying and selling price.

How to Choose an Audius Wallet

There are plenty of places you could store your AUDIO and the type of wallet you choose will likely depend on what you want to use it for and how much you need to store.

Hardware wallets or cold wallets like Ledger or Trezor provide the most secure option for storing cryptocurrencies with offline storage and backup. However, they can require more technical know-how and are a more expensive option. As such, they may be better suited to storing larger amounts of AUDIO for more experienced users.

Software wallets provide another option and are free and easy to use. They are available to download as smartphone or desktop apps and can be custodial or non-custodial. With custodial wallets, the private keys are managed and backed up on your behalf by the service provider. Non-custodial wallets make use of secure elements on your device to store the private keys. While convenient, they are seen as less secure than hardware wallets and may be better suited to smaller amounts of AUDIO or more novice users.

Online wallets or web wallets are also free and easy to use, and accessible from multiple devices using a web browser. They are, however, considered hot wallets and can be less secure than hardware or software alternatives. As you are likely trusting the platform to manage your AUDIO, you should select a reputable service with a track record in security and custody. As such, they are most suited for holding smaller amounts of cryptocurrencies or for those making more frequent trades.

Kriptomat offers a secure storage solution, allowing you to both store and trade your AUDIO tokens without hassle. Storing your AUDIO with Kriptomat provides you with enterprise-grade security and user-friendly functionality.

Buying and selling AUDIO, or trading it for any other cryptocurrency, is done in mere moments when you choose our secure platform as your storage solution.

Audius Staking

As AUDIO is an ERC-20 token, it runs on the Ethereum blockchain, which is currently Proof of Work but is in the process of upgrading to the more efficient Proof of Stake consensus mechanism. The Audius network is secured by an ecosystem of node operators who must stake AUDIO as collateral. Artists have the option of running nodes themselves to host their own content. The more AUDIO a node operator stakes, the more likely their node is to be used by artists and fans, enabling them to earn AUDIO from ongoing issuance and aggregated fee pools.

Conclusion

Audius is a unique platform in the music industry that aims to decentralize this multi-billion-dollar sector and remodel the way artists and music creators are paid for their work. With a unique mechanism, Audius keeps the network secured and assures that all network participants are incentivized to contribute to the Audius ecosystem. The main goal of the project is to revolutionize music streaming services.

Audius taps into the potential of music streaming services, aiming to change the way traditional streaming service providers, such as Spotify, operate, and enable music producers to have full control over their intellectual property.

Audius FAQ

How to Buy Audius

If you’ve been wondering how to buy Audius, you’ll be thrilled to know that you can easily buy AUDIO on Kriptomat quickly and safely with a range of payment methods.

How to Sell Audius

If you already own AUDIO and hold it in a Kriptomat exchange wallet, you can easily sell it by navigating the interface and choosing your desired payment option.

Audius’s Price

Audius’s price is subject to frequent changes and the live price of AUDIO is in constant flux, in part due to the volatility in the cryptocurrency market. This means that the price of AUDIO can change dramatically within a relatively short period. You can keep up with the live Audius price here on Kriptomat.

As well as traditional factors such as market sentiment, the flow of cryptocurrency on exchanges, and the economy in general, AUDIO price is also influenced by the amount being staked by nodes and the number of users on the Audius platform.

The current AUDIO price is EUR.

The 24-hour trading volume of AUDIO is EUR. AUDIO is currently ranked of all cryptocurrencies by total market cap, with a market cap of EUR. It has a circulating supply of and a max supply of .

Register now to begin your journey into the world of Audius and cryptocurrencies with Kriptomat!

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