Buy Audius (AUDIO)
What is Audius?
Audius is a decentralised music streaming platform that leverages blockchain technology to empower artists by providing them with direct ownership over their audio content. It aims to redefine the music industry's landscape by allowing artists to distribute their work directly to fans without the need for intermediaries, ensuring fair compensation and greater creative control.
How does Audius work?
Audius operates as a blockchain-based service, initially built on the Ethereum network, but now utilizing the Solana blockchain for its scalability and performance benefits. The platform comprises multiple components: Discovery Nodes, responsible for content discovery and search functionalities, and Content Nodes, which store and deliver music files. Audius utilizes a Proof of Stake (PoS) model for transaction validation and governance, with voting rights accorded to users based on their token holdings. The platform uses smart contracts for managing AUDIO tokens, ensuring transparent and efficient transactions on the network.
What are the potential use cases for Audius?
Audius's potential use cases revolve primarily around the music industry but also extend to broader digital content distribution. Key applications include:
- Decentralised Music Streaming: Enabling artists to earn directly through AUDIO tokens.
- NFT and Exclusive Content Creation: Allowing artists to sell exclusive content and NFTs on the platform.
- Rights and Licensing Management: Partnering with entities like Music Reports to handle rights clearances.
- Artist and Fan Engagement: Facilitating direct interactions between musicians and their audiences, enhancing revenue and engagement through token incentives and voting.
What is the history of Audius?
Audius was founded in 2018 by Roneil Rumburg, Forrest Browning, and Ranidu Lankage, with a mission to democratise the music streaming industry using blockchain technology. The Audius whitepaper was published in 2018, and by 2019 the platform released a private alpha and testnet. The Audius mainnet launched in 2020 along with its native token, AUDIO, gaining rapid user adoption. Key milestones include transitioning to the Solana blockchain for improved scalability and establishing partnerships with companies like Music Reports and DistroKid. Audius has received strong support from the music and investment communities, enhancing its growth and adoption across the industry. The acquisition of SoundStage.fm and the platform’s steady evolution underscore Audius's commitment to transforming digital music distribution.
