Technology has changed our lives; no, it has digitized and automated it in many ways. So, has the music industry. You do not need a crowd of producers and audio engineers to create music. All you need is cost-effective software that will team up with you and assist you in your music creation. Similarly, music distribution also doesn’t need factories to produce physical records and retail relationships to reach retail stores. The music platform has simplified music distribution to distribute their own music. One such platform is Audius. With a punch of blockchain technology, Audius simplified the music industry for the better.
What Is Audius?
Audius is a platform that allows artists, fans, and node operators to togetherly offer a high-quality end-user music streaming experience without interference from any centralized infrastructure. Like any other creations in the music industry, it has two essential elements; the company and the network. It has raised funds from multiple venture capital firms in two different rounds. The first one is General Catalyst and Lightspeed Capital, and the second one from Multicoin Capital and Block change.
Some Brief Points Needed To Be Discussed:
- The network is a series of nodes, one that hosts content and another that indexes it. On top of that network, some apps allow users to interact with the content.
- The main app is the Audius web and mobile apps made by the company, but there are already a few others. Anyone can build an interface that interacts with content on Audius.
- Artists and fans use different applications to post and stream the contents.
Audius Consists Of The Following Components
- Audius tokens, stablecoins, and artists tokens:
Incentives of all participants have been taken into consideration at the platform token and shared token economy, with three main spikes of functionality: access, security, and governance.
- Content nodes:
On behalf of artists, it hosts content and permission access to content.
- Content ledger:
It anchors references to content hosted by content nodes, calling it a single source of truth for all data accessible within the Audius protocol.
- Discover nodes:
All the Audius content ledgers are indexed and offer an easy interface for retrieving metadata.
It can be called a mechanism for modification and improvements to Audius that controls who created content and are adding value in the process.
Audius Token ($AUDIO)
$AUDIO is the Audius token. It has three spikes of functionality within the protocol unlocked by staking:
- Feature access
Audius tokens are staked as collateral for additional premium services. To run the Audius protocol, tokens are staked by node operators and by artists and creators to unlock exclusive features and functionalities. Any $AUDIO token staked in the protocol is assigned as governance weight; also, this token serves as collateral for artist-based tooling.
How Audius Fits In The Cryptosphere?
Audius introduced itself in the crypto world with the help of the world’s second-largest blockchain, Ethereum. Audius has embraced the ERC-20 token, AUDIO, for security and governance mechanisms. Node operators and artists have to stake AUDIO tokens in order to unlock different kinds of features and earning opportunities.
Token Model Of Audius
Audius initiated its journey with a two-token model. But, now, it only uses the AUDIO token for governance, security, and unlocking features.
NFTs in Audius
NFT in Audius feature has been integrated for its existing artist’s crowd. The newness of this feature will allow its users to showcase their NFT assets togetherly in a gallery. This will lead to an easier interaction between the artists and their followers. Fans can quickly pursue the art of these artists. An artist/user on the site needs to stake 100 native AUDIO tokens to empower the gallery.
Are You Interested In An Audius Clone – Blockchain-Powered Streaming Platform?
If you are interested in developing a streaming platform backed up by blockchain technology, then you have landed at the right place. Develop an Audius clone with NFT- a blockchain-powered streaming platform that eases your task and acts as a source of greater revenue. As you can see, a large group of listers are active on different platforms like Audius, so why don’t you act fast and do not lag behind.
Cryptocurrency exchange Script has all the answers. It is a leading company in the market that proudly proclaims to stretch its expertise in blockchain technology and cryptocurrency. We have a team of software developers who specializes in developing Audius clone streaming platforms. We also have a separate team of crypto developers who specializes in developing cryptocurrencies. The Audius clone streaming platform can be optimized and customized as per your business needs and requirements. Security was never an issue for Cryptocurrency Exchange Script and will not be in future.
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