What Is Audius (AUDIO)?
Audius is a groundbreaking decentralized music streaming platform, originally developed on the POA Network and now operating on the Solana blockchain. The platform addresses critical challenges within the music industry, including opaque rights ownership and the presence of intermediaries that often disconnect artists from their audiences.By leveraging its native AUDIO token, Audius aims to harmonize the interests of artists, fans, and node operators within its ecosystem. Artists can seamlessly upload their music, which is then stored and delivered by dedicated content and discovery nodes, allowing fans to enjoy their favorite tracks without cost. Currently, Audius incentivizes content creators by featuring their work in weekly trending lists. Looking ahead, the platform plans to introduce stablecoin integration for monetized content offerings and the issuance of artist-specific tokens, which would enable fans to gain access to exclusive content. This future development may also include collaboration with platforms such as Rally, enhancing the ways fans engage with their favorite artists.
How to buy AUDIO
To buy AUDIO, you can follow these general steps:1. Choose a cryptocurrency exchange and Create an AccountStart by selecting a reputable and reliable cryptocurrency platform that supports AUDIO trading. You can also buy AUDIO here on Toobit. Sign up. 2. Complete Verification (Not Mandatory): Read our
How to Complete Identification on Toobit guide for more information.3. Deposit Funds:Deposit funds into your Toobit account. This could be done via credit/debit cards, or your crypto wallet.4. Navigate to AUDIO:Once your account is funded, navigate to the Markets section of the platform.5. Buy AUDIO:Locate AUDIO in the list of available cryptocurrencies.Place a buy order. Read our
How to Buy Crypto on Toobit guide for more information.
How to Sell AUDIO?
You can sell AUDIO to USDT here on Toobit. Read our guide on
How to Trade Spot on Toobit for more information.
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How to Withdraw AUDIO on Toobit?
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How does Audius work?
The Audius ecosystem is built around four key stakeholders: artists, fans, content nodes, and discovery nodes. Artists can upload their music to the Audius content ledger free of charge, ensuring high-quality streaming for listeners. Fans enjoy access to tracks without incurring extra fees and have the chance to stake AUDIO tokens, supporting artists’ development and presence on the platform. Content nodes are responsible for ensuring that all uploaded media remains accessible through AudSP, which is Audius's dedicated extension of IPFS. Meanwhile, discovery nodes play a crucial role in indexing metadata, allowing users to easily search and uncover new content. Furthermore, the platform incorporates artist tokens to enhance monetization opportunities, contingent on artists staking AUDIO.
What are the potential use cases for Audius?
Audius is designed as an innovative platform that empowers artists to experiment and share exclusive tracks with their audience, allowing fans to access this content at no extra cost. Fans can enhance their engagement by staking AUDIO tokens, thus contributing to the growth of their favorite artists within the ecosystem. Furthermore, the platform enables users to proudly display their verified NFTs and earn various badges for their participation. For artists, the option to operate their own content nodes offers enhanced control over the distribution of their music, fostering a more direct connection with their audience.
What is the history of Audius?
Audius, established in 2018 by California-based entrepreneurs Roneil Rumburg and Forrest Browning, is revolutionizing the music streaming landscape. Roneil Rumburg, a Stanford University graduate, previously co-founded Kleiner Perkins, an esteemed early-stage venture fund focused on blockchain and artificial intelligence innovations. Forrest Browning, also an alumnus of Stanford, has been recognized in Forbes' 30 Under 30 for his contributions to the tech sector and is the co-founder of StacksWare, a platform designed for enterprise data center management.The Audius team is further strengthened by a diverse group of 21 additional employees and enjoys the support of high-profile investors. The AUDIO token has a capped supply of 1 billion, with approximately 411 million currently in circulation. The token's supply is set to increase annually by 7%. Recently, the platform distributed 50 million AUDIO tokens to its top 10 artists and their fans, with 75% of these tokens allocated based on the artists' streaming performance.
What Makes Audius Different From Others?
The Audius ecosystem is comprised of four key participants: artists, fans, content nodes, and discovery nodes.Artists utilize the Audius content ledger to publish their music without incurring any costs. The platform supports high-quality streaming at 320kbps, comparable to popular services like Spotify and Google Play Music. While Audius operates in a decentralized manner and does not currently provide copyright protection, the protocol is developing a community-driven arbitration system to address this issue. Artists can leverage Audius for experimentation and sharing exclusive bonus tracks. Additionally, the platform plans to introduce artist tokens for monetization opportunities, contingent upon artists staking AUDIO tokens. Moreover, Audius features reward programs that distribute tokens to top-performing artists through airdrops.Fans enjoy free access to music and may later have the opportunity to stake AUDIO tokens to contribute to the growth of their favorite artists on the platform. They can also display their verified NFTs and earn various badges for their engagement.Content nodes play a crucial role in ensuring the availability of music on AudSP, the platform's native extension of IPFS. An artist's client automatically selects a set of content nodes to manage content distribution, while fan clients are responsible for retrieving content, providing proof, and requesting access keys from the content nodes. Artists have the option to run their own content nodes, granting them enhanced control over how their music is shared.Discovery nodes are responsible for indexing metadata, allowing users to discover new content and serving as a registry for the platform. This functionality enables seamless navigation and exploration within the Audius ecosystem.
What is the trend of Audio price changes?
Audio, the native token of the Audius platform, debuted at the end of 2020 with an initial price of approximately $0.19. It experienced a notable price surge, reaching $4.07 in March 2021, before quickly declining to around $0.73 by July of the same year. A revival in August allowed the token to climb again, peaking at $3.20. However, as the broader cryptocurrency market faced significant downturns, audio’s value plummeted to about $1 by March 2022. The situation exacerbated following the collapse of UST in May, resulting in audio’s price dropping to a low of $0.46.Despite its foundation on the Solana blockchain, audio functions as an ERC-20 token on Ethereum. It can also be traded on Solana as a wrapped Ethereum token, a process facilitated by the multi-chain bridge, Wormhole, which transposes the ERC-20 token into a Solana-compatible format.Audius introduced audio with a total supply of 1 billion tokens. Data from Messari indicates that 36% of the initial supply was allocated to investors, with the platform raising $3.1 million in a venture capital round and $5.5 million in a Series A funding. The project’s founders and team retained 40.6% of the initial supply, while 23% was designated for pre-mined rewards and airdrops. Audius implements a 7% annual increase in the token supply through weekly issuance, though the maximum limit is capped at 1.1 billion tokens.
