With the immense progress in the Web 3.0 world, it isn’t a surprise to see hundreds of tokens being available and actively traded on crypto marketplaces.
Audius is one such unique token that aims to revolutionize music streaming services for artists and music lovers. But how does it make that happen?
Well, that’s what we’ll discover in this article. Without any further ado, let’s dig deep to explore Audius.
What is Audius (AUDIO)?
Audius is a blockchain-powered music streaming service introduced in October 2020 by Roneil Rumberg and Forrest Browning.
Both co-founders identified a gap in the music industry. But what was it?
You see, several intermediaries are involved between producing and publishing an artist’s track record. As a result, the payout of an artist reduces since each intermediary in between takes their cut. Indeed, that’s a sad reality.
Audius platform aims to give power back to the music creators by eliminating all intermediaries in between.
Let’s find out how.
The Concept of Decentralization in Music
Audius is an open-source community of fans, artists, and developers.
The platform was first created on the POA network, but now it runs on the Solana chain.
Artists can upload their content on Audius, which is ultimately redistributed across a decentralized network of distributary nodes.
Additionally, the artist has flexibility in terms of charging money from their fans. They can either charge them premiums for the music or sell exclusive NFTs.
In simpler terms, the platform allows users to pay the artist directly rather than paying through a record label or a management team.
Audius gives up to 90% of the proceeds to the artist, and the remaining 10% is distributed among the users who stake tokens as node operators (more on that later).
How Audius is Changing the Game
As mentioned, Audius empowers the creator and allows them to earn maximum revenue without sharing it with intermediaries.
This mechanism opposes the traditional channels, which are used to take hefty amounts from the creator. Even digital platforms like YouTube charge around 40-45% of the total revenue of a creator.
Fortunately, the unique mechanism and process of Audius is here to change all that…
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How Audius Stands Out: Technical Perspective
Audius combines the power of blockchain and a decentralized network of nodes to protect artists’ records and facilitate them to upload content on the network.
Blockchain Integration
Creators first agree to an open license on the network, ensuring the content can be made available to a wider audience.
After that, the artist’s client encrypts the content using special keys and uploads it on the content node of the blockchain. Once done, the discovery nodes make the content available on the network.
High-Quality Streaming Services
AudSP is a native extension of Audius that distributes data across the platform. It is built on the Interplanetary file system - a P2P network that encrypts, stores, and shares data.
All these systems are in place to ensure content is readily available for the users to listen to high-quality music.
Furthermore, artists can create immutable records on Audius. To protect from copyright issues, the Audius Council steps in to facilitate the settlement of cases. A party can file a complaint and negotiate with the counterparty. If the negotiation fails, the Audius council comes in between, but both parties must stake a certain amount of $AUDIO to proceed with settlements.
The Unique Proposition of Audius
Audius network has unique features that make it a groundbreaking platform for artists and users. Let’s talk about what Audius has to propose for artists.
Empowering Artists
First, the platform directs 90% of revenue back to the artists, while 10% is distributed among the node operators who ensure the network keeps running.
Secondly, Audius also enables creators to participate in reward schemes. But how? Well, the $AUDIO token is airdropped to popular artists. Plus, artists receive rewards if they land a spot in the “Top 5 Weekly Tracks” or “Top Weekly Playlist.”
That’s not all! Artists can also develop their specific tokens to interact with their fans. Holders of specific artist tokens can provide users access to token-restricted content, such as unreleased music or remix competitions.
Involving Listeners
The fans or listeners on the Audius platform can help boost their favorite artist’s growth by staking AUDIO tokens. What’s more, fans can also get reward badges and show it off by sharing their verified NFTs.
In the future, it’s expected that the platform will enable listeners to delegate AUDIO to certain artists and become a part of their growth journey.
AUDIO: The Native Token
$AUDIO is the native token that facilitates transactions on the Audius platform. But it’s not the only purpose of $AUDIO. Let’s explore more use cases of this native token.
The Role of AUDIO in the Ecosystem
AUDIO is an ERC20 utility token that’s non-minable like other tokens.
The token incentivizes the users in the following ways:
- Staking: Staking isn’t only available for node operations; everyday users can also stake their tokens. Ultimately, these users can earn rewards and improve the network’s services. The staking also unlocks exclusive features for the users, which fosters engagement on the platform.
- Governance: Audius is a Decentralized Autonomous Organization (DAO), meaning the users govern it. The platform follows a democratic voting system that enables users to vote on key governance proposals on the network.
Utility and Benefits Within the Audius Platform
There are numerous benefits of AUDIO tokens for the users. For example, artists on the network can develop their exclusive creator’s tokens to engage with their fans on the network.
Users can also earn monetary benefits by staking the AUDIO and the artist token on the network. However, if an artist wants to issue an exclusive creator’s token, they must stake AUDIO.
Furthermore, users can stake AUDIO to unlock exclusive features such as VIP tier status and content distribution tools on the network. Oh, and users can also use stablecoins like USDT for micropayments on the Audius platform.
Tokenomics Explained
Initially, 1 billion AUDIO tokens were pre-mined in 2020. Here’s how the tokens were allocated:
- 41% to founders
- 36% to investors
- 18% to the network’s growth
These tokens will unlock and be released according to a vesting schedule. Currently, around 1.1 Billion AUDIO tokens are circulating in the market.
Step-by-Step Guide to Buying AUDIO on Binance
Despite being backed by Coinbase and Binance Labs, AUDIO is available on a few exchanges only.
Binance is one of those exchanges. Here’s how you can purchase AUDIO on Binance:
Binance Account Creation
First, click on the link below, which will take you to Binance’s Registration Page using a special Coin-Labs referral code. You can log in if you already have an account. Moreover, you can also log in using your Google email.
Security measures: 2FA and KYC
Once signed up, you can enable 2FA to enhance the account’s security. 2FA will place several verification locks in place to improve the account’s protection. However, you must also verify the KYC standards since it’ll increase your account’s limit. For KYC, you need to submit a valid proof-of-id (CNIC, passport, or national card number).
Funding Your Binance Account
Once done, you can fund your Binance account with USDT. All you need to do is connect your Binance with your bank account, credit card, or wallet and purchase USDT. You can also import your coins if you have them in any other exchange.
Purchasing AUDIO Tokens
After you’ve funded your account, you can navigate to the “Assets” section and explore AUDIO on the platform. Determine the amount of tokens you need to purchase and hit the purchase button.
Securely Storing Your AUDIO Tokens
Once you’ve purchased AUDIO tokens, you can securely store them in a wallet. MetaMask platform is one such platform that supports AUDIO.
Prospects of Audius and AUDIO Tokens
The prospects of Audius are bright, and it’ll definitely be a part of the next advancement in the music streaming sector.
As of now, AUDIO has played its part in empowering artists by eliminating intermediaries in between.
Upcoming Developments
Audius has partnered with TikTok, enabling creators to showcase their music on social media.
This is an excellent way to enhance the exposure of an artist’s content and allow a creator to target a wide audience.
Furthermore, the platform will also allow users to delegate AUDIO tokens to certain artists and become part of their growth journey.
Investment Potential
Currently, the platform is trading at $0.13, as per CoinMarketCap. The future potential wouldn’t be as promising as the likes of BTC and ETH since AUDIO is a utility token. Moreover, the price of this token will be directly influenced by the number of users on the platform since it’s a DAO. If the number of users drops or the staking amount reduces, the token’s price will likely drop.
Conclusion
Audius is a groundbreaking platform that aims to empower creators and develop a diverse fanbase. From increasing artists’ payouts by eliminating intermediaries to providing an engagement platform, it’s undoubtedly a one-stop, useful network for budding artists.
We Coin-Labs.com provides only objective information about Audius.
Therefore, we are not responsible for the investment decision in Audius and the resulting loss.
Audius Basics
Here are some factors that investors should consider before investing in Audius.
| Cryptocurrency Features | Audius (AUDIO) |
|---|---|
| Publisher or Developers | Forrest Browning, Roneil Rumberg |
| Headquarters (Registration Number) | San Francisco |
| Symbol | AUDIO |
| Platform | Ethereum/Solana |
| Published Date (CMC Registration) | 2024-08-14 |
| Max Supply | No limit |
Reliability Score of Audius in 2024
These are indexes mesuring the investment reliability of Audius conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 8 Exchanges |
| Number of Available Pairs Worldwide | 212 Pairs |
| Market Cap of the Cryptocurrency | 214,890,836 USD (Rank #195) |
The table above shows the result of investment suitability evaluation for Audius.
Check out how we evaluate cryptocurrencies on the crypto rating description page.
Audius Price
Here are the price and recent trading volume of Audius. (Data of 2024-08-14 14:05:00)
| Price Items | Price and Trading Volume of Audius |
|---|---|
| Audius Price | 0.122 USD |
| Price Change 24h | 0.40% |
| Price Change 7d | 5.70% |
| Trading Volume 24h | 7,333,569 USD |
| Trading Volume Change 24h | -44.47% |
Cryptocurrency Metadata
You can check the development status and social media information of Audius through the links in the table below.
| Metadata Source | URL |
|---|---|
| 🌎 Official Website | https://audius.co/ |
| 📖 White Paper | |
| 🛰️ Source Code (GitHub) | |
| https://twitter.com/AudiusProject | |
| 🎺 Message Board | https://audiusproject.medium.com/ |
Where to Buy Audius
Here are the top ten world crypto exchanges where traders can buy Audius in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Listed | https://www.binance.com/en/trade/AUDIO_USDT |
| Coinbase | Listed | https://pro.coinbase.com/trade/AUDIO-USD |
| Kraken | Listed | https://pro.kraken.com/app/trade/audio-usd |
| KuCoin | Listed | https://www.kucoin.com/trade/AUDIO-USDT |
| Bitfinex | Not listed | |
| OKX | Not listed | |
| Huobi | Listed | https://www.htx.com/en-us/trade/audio_usdt |
| Bitstamp | Listed | https://www.bitstamp.net/markets/audio/usd/ |
| Bybit | Listed | https://www.bybit.com/trade/usdt/AUDIOUSDT |
| Gate.io | Listed | https://www.gate.io/trade/AUDIO_ETH |
Frequently Asked Questions
What is the current price of Audius?
Audius price today is 0.122 USD. Furthermore, the price of Audius has fluctuated by 0.40% from 24 hours ago, and by 5.70% from a week ago.
Where is Audius listed?
Currently, it is listed on a total of 8 among the world top 10 exchanges.
What is the market cap of Audius now?
Currently, Audius has a market cap of 214,890,836 USD, which is ranking 195 among cryptocurrencies worldwide.
How much is the trade volume of Audius?
Currently, 1,253,616,147 AUDIO coins are circulating through 212 market pairs. As a result, in the last 24 hours, 7,333,569 USD of AUDIO coins were traded in the market.
