Blockchain technology has not only revolutionized economics, but it has also revolutionized other aspects of life. Computer games are at the forefront of this development. But blockchain has a lot more potential for progress. So that even industries like music have found their way into the world of blockchain. Therefore, the article is going to introduce AUDIO cryptocurrency, which is for the Audius platform, while assessing its features and investment opportunities.
AUDIO is a digital currency that connects the world of music to the blockchain. Its mainland is Audius which is a protocol that aims to connect listeners and music producers. Audius allows listeners to play their music using blockchain technology while allowing listeners to pay directly to the artists. The Audius platform has AUDIO native currency which is an ERC-20 token created on the Ethereum blockchain. Audius is a music platform like Spotify with the exception that Spotify and its other affiliate platforms are centralized, Audius is completely decentralized. Decentralization allows musicians to connect with their fans around the world without any intermediaries and enjoy the benefits and income from their music production.
The platform was designed and launched in 2018 by Roneil Rumburg in San Francisco, USA. But this system was introduced in 2020 with the performance of some live music and since then, music activists have been able to connect directly with their fans by uploading their music on the platform. Currently, the price of Audius cryptocurrency stands at $0.4147 which ranks it 113Th in the market.
This platform, which is a favorite of musicians and music lovers, has several features, some of which are mentioned here:
- It is a proper place to upload and share any audio content without any limit.
- The platform transactions are done directly between the listeners and the artists.
- Audio content that is provided on Audius can be played on the 320-kbps hi-fi quality.
- Users have unlimited access both to music and uploading capacity.
- Users and producers can categorize audio content on Audius and receive AUDIO tokens by sharing their playlists.
- There is no censorship on Audius.
Given the benefits, artists can release their audio and music products more quickly and transparently. And there is no reason for music producers, like other systems, to wait for their paycheck as the users of this platform immediately pay for the songs and the producers instantly receive their wages. Thus, Audius can play an important role in both motivating music producers and promoting the industry.
Each platform, in addition to its capabilities, superior features, and benefits for users may also have risks and limitations. One of the restrictions that can be placed on the use of the Adios platform is the non-compliance with CopyRight. Content on the Audius platform is distributed on decentralized nodes, which brings the threat of copyright law break.
In Adios, some activities and achievements are rewarded automatically, including:
Presentation of 5 popular songs of the week
- Presentation of 5 Trended Songs
- Presentation of 5 popular music playlists
- Top 10 APIs (Songs uploaded by verified Instagram and Twitter accounts
The level of social participation of the artist in presenting the above achievements plays a key role in the amount of reward received by Audius.
Although the copyright issue has become one of the disadvantages of the Audius platform, its developers announced in April 2021 that they would allow artists to display their product collection as NFTs in their galleries and sell it. NFTs are unique and can cover the subject of copyright. Audius seeks to maximize its benefits for music producers therefore, there is a fair chance for it to grow in the future, especially in long-term planning.
Audius platform and its AUDIO cryptocurrency are created to provide music on the blockchain and intend to become a serious competitor to current music distributors such as Pandora, Soundcloud, and Spotify. The more attention this platform receives from users and artists, the more its tokens will grow in the market.
What do you think about Audius?