What Is Audius and How Does It Work?
Music streaming services claim a combined global subscriber base of over 400 million people and generated over $13 billion (INR 99,000 Crore) in revenue last year. However, industry detractors argue that artists are underpaid for their efforts, with musicians and politicians alike alleging that performers and songwriters are “missing out.” This is when Audius enters the picture. So what Is Audius? And how does it work? Here’s a primer:
What is Audius?
Audius is a decentralised music streaming service which was founded in 2018. It is loaded with social media elements powered by the famous blockchain technology. It began life on the POA Network, an Ethereum sidechain, before migrating sections of its service to the Solana blockchain. It debuted its main net service with a live-streamed concert featuring deadmau5 and RAC in October 2020.
The project is administered by an open-source community of artists, fans, and developers, and it has its crypto asset, called AUDIO.
What Does Audius Aim to Do?
The crypto-powered music sharing streaming platform Audius is aimed at giving musicians greater control over how their music is marketed and allows them to interact directly with listeners. It also lets them post their songs to the app and links them to their fans.
IArtists can also create immutable and time-stamped records for their creative works, which are then safeguarded by a decentralised network of node operators.
How Does Audius Work?
Audius works as a music cooperative with token aligning incentives among the network’s three main groups: node operators, musicians, and fans. Audius works through a decentralised network of nodes that host material (content nodes) and index content since it is built on blockchain (discovery nodes). It also comes with a crypto asset, as it is a blockchain project. The Audius network is powered by the Ethereum-based ERC-20 token, which has three functions:
- Network Protection
To run a node, node operators must stake Audius tokens in exchange for network benefits.
- Staking Benefits
By staking Audius tokens, artists have access to premium services such as the ability to exhibit NFT crypto collectibles on the platform.
- Governance Rights
Staked Audius tokens provide its users with voting rights on all proposals that affect the code and the network as a whole.
What Makes Audius So Unique?
Audius is distinct from other music streaming services in many ways. First, it is built on the blockchain, which has a significant impact on how the service operates. Artists may freely post their tracks, and consumers can freely listen to them, all this while earning (crypto) money.
The notion of jointly controlling a music streaming business is another unique feature that is made possible by the blockchain technology. As an artist, there is no verification procedure, so you may start uploading your music right away.
How to Buy Audius Tokens?
Audius Tokens can be purchased on the ZebPay Crypto Exchange by following the below-mentioned steps –
- Create an Account
Creating an account with us is super easy. All you need to do is register with your mobile number and submit your KYC documents.
- Make a Deposit
After registering with us, deposit cryptos in your Zebpay wallet. If you are buying cryptos for the first time ever, just link your bank account to the wallet and buy some cryptos.
- Get Your Audius Tokens
Purchase Audius Tokens and start trading on ZebPay. You can trade various other cryptos also on Zebpay and keep your portfolio diversified to maintain low risk in the long-term.
Audius is a celebrity-backed music streaming service with its own crypto asset token that promises to level the playing field in the streaming market. It offers the music business and artists new opportunities. It also highlights how blockchain technologies may be utilised in a variety of ways in both the real world and the metaverse along with increasing your earning potential.