Audius; It is a decentralized music streaming service powered by Blockchain with social media features. Targeting well-known startups like SoundCloud and Spotify, Audidius is based on Ethereum. It aims to freely share, monetize and stream to any user. It functions as an artist-controlled and community-owned music streaming platform.
Technically, it is a Blockchain that enables artists to produce immutable and historically specific records for their work, secured by the decentralized network.
Audius, one of the non-financial crypto project applications; It is owned and organized by the community of artists, fans and developers. The number of users, which was 2.9 million in January 2021, exceeded more than 5.3 million users in July 2021. Users listened to the track 7.5 million times in April 2021. This is the biggest number Audius has reached on a monthly basis.
Who was Audius founded by?
Audius was co-founded by Roneil Rumburg and Forrest Browning, computer programmers with Ivy League degrees. Rumburg and Browning, who are fans of electronic music, started developing the app in 2018.
Roneil Rumburg, one of the founders of Audius, took part in the work of the “BlackSlash” platform, which was established for fast transactions in Bitcoin payments. Rumburg is an expert computer programmer with experience in the fields of blockchain and artificial intelligence. Additionally, he is a key investor in projects in the crypto ecosystem, especially Lightning Labs.
The other co-founder of the platform, Forrest Browning, started the StacksWare company he had previously founded as a project at the university. In addition, he was included in the list of successful names under the age of thirty by the Forbes institution.
By bringing artists directly to the audience, Audius aims to eliminate record companies and intermediaries, thus transferring the middleman money back to the artists.
The project owners believe that offering an attractive deal to musicians will make a significant contribution to making Audius a popular community of musicians that users flock to.
How Does Audius Work?
Three months of groups are involved in the work of the Audius network: node operators, artists, and listeners. We can also divide the people who operate nodes into two: content and discovery nodes. Some of these nodes enable content to be stored and added to the blockchain, while the other part enables artists to meet with their listeners.
Artists operating content nodes can keep their own music on their interface without having to enter other nodes. Artists who store their content also receive content encryption keys. In this case, they have additional control over their music.
Artists who want to store their content just for uploading are matched to a random content node. If a particular content node becomes unavailable, Blockchain automatically replaces it with a new node without involving the artist. Audius guarantees that its content will be secure and decentralized.
On the Audies platform, users earn rewards on certain transactions. The reward is the AUDIO token. AUDIO token is used to secure the network. Users can earn passive income by “staking” AUDIO tokens. On the other hand, Artists can benefit from different features such as displaying their NFT collections if they stake AUDIO.
What Makes Audius Stand Out?
No Blockchain or crypto knowledge is required to enter Audius. Thus, with its easy interface and lack of other financial concepts, it shows why it is popular even among those outside the crypto community.
Audius is different from its counterparts because it is the Blockchain base that shapes how everything works. Artists can upload their tracks for free, and users can listen to them for free. Thus, everyone earns cryptocurrencies with a win-win logic.
There is no research review process for getting started as an artist. So much so that you can upload your own tracks right away. After signing up for free, simply click “Upload Track” and drop your music and picture files.
The platform serves more than 100,000 artists. Audius claims to support downloads at 320 kbps, offering the highest quality audio among free music platforms. In this case, Audius stands out with the speed of downloading the parts, the ease of loading and the simplicity of the interface.
Who Are Audius’ Main Competitors?
Audius; It competes with music companies like Spotify, SoundCloud, YouTube Music, Apple Music, Tidal Hifi and Amazon Music Unlimited. These platforms have famous artists and brand awareness. But even so, they lack the decentralized nature of Audius. Users’ free access should not be overlooked either.
Cryptocurrency values are constantly changing. Prices may change instantaneously according to the balance of supply and demand. Therefore, check the price of Audius again on the exchange you will buy.