It is not surprising that there are more tokens than ever before as the applications for cryptocurrencies and blockchain technology increase. Moreover, the use cases for cryptocurrencies are diversifying. For example, the AUDIO token utilizes the blockchain to create decentralized music streaming services. Thus, a lot of musicians can use this token and the Auidius ecosystem to monetize streaming songs. In this article, we will review Audius crypto, its token, and its history. In short, this article is an Audius review.
A Comprehensive Guide to Audius Crypto and its Token AUDIO – 2023
Audius is a platform for fans and creators to broadcast music independently. Artists don’t need a handshake or record label deals to host their music on the platform for free and start making revenue from it.
On its web player and native app, Audius streams music from a variety of independent and represented artists. Compared to many other music streaming services, Audius crypto reduces financial hurdles for both established and up-and-coming musicians, making it easier for them to host their music, access streaming analytics, and grow a fanbase.
Audius crypto faces stiff competition from centralized competitors like SoundCloud and, for bigger artists, Spotify and Apple Music. When comparing Audius vs Spotify, of course, Spotify is the better-known, more widely used platform, but Audius is trying to change that. However, as many artists as possible will be able to monetize their songs with the AUDIO token, which promises to transform the music business. Holders of the AUDIO token can pay for the content they access, and all earnings go directly to the artists.
What does Audius Crypto Provide?
In order to provide music streaming without the need for a centralized authority, Audius uses blockchain-based technology. While music creators typically receive a lesser percentage for the music they produce, traditional music streaming services typically take the biggest chunk out of the multi-billion dollar market. With Audius crypto, artists may manage their own music and have complete control over how it is streamed via a decentralized infrastructure.
History of the Audius Crypto
In 2018, Roneil Rumburg and Forrest Browning established Audius. When Rumburg was a student at Stanford in 2013, he developed an interest in cryptocurrencies. Rumburg co-founded Backslash at about that time, a technology designed to make cryptocurrency sending and trading simpler. Later, Rumburg oversaw VC investments made across the whole cryptocurrency sector for the company Kleiner Perkins.
Another Stanford graduate, Browning, is the co-founder and chief product officer of Audius crypto. As part of a research project, while attending Stanford, Browning co-founded StacksWare, a data center management platform for the enterprise market. Browning’s inclusion on the Forbes 30 Under 30 list for innovative technologies in 2016 was made possible by StacksWare.
Deadmau5 and other musicians from the music business participated in a live-stream event for the 2019 public launch. Rappers Nas and Pusha T, pop artists Katy Perry, Jason Derulo, and Steve Aoki, as well as Ashton Kutcher’s co-founded venture capital firm Sound Ventures, and former music executive Martin Bandier, have all contributed close to $15 million to Audius crypto. This funding announcement was announced in a tweet from the platform’s Twitter account.
Audius Crypto Team
A team of 33 people is behind the successful platform. Some of the names in the team are as follows:
- Roneil Rumburg: Co-Founder & Chief Executive
- Forrest Browning: Co-Founder & Chief Product Officer
- Julian Baker: Senior Designer
- Christina Rowland: Head of Operations
- Ray Jacobson: VP of Engineering
- Joe Lee: Senior Engineer
- Michael Piazza: Engineering Manager
- Clayton Blaha: Artist Relations
- Kiara Hatcher: Executive Operations
- Michael Cullen: Community Lead
- Tucker Byars: Crypto Marketing
- Marcus Fernandes: Content Designer
- Andrew Leontis: External Relations
- AJ Wolken: Core Quality Assurance
- Sammie Zonana: Product Designer
- Teresa Duddy: Operations Manager
Of course, Audius crypto‘s success is not a coincidence. It would not be wrong to say that such a crowded team works in harmony and gives strength to the platform.
Tokenomics
Artists are paid for their original works that are streamed on Audius crypto using the native cryptocurrency token AUDIO. It is an ERC-20 token, although a wrapped form of the token is also offered on other blockchain networks, such as Solana.
- The token distribution is as follows:
- 23% to pre-mined rewards and airdrops
- 36% to investors
- 41% to founders and the protocol itself
The AUDIO token is available on Binance, Uniswap (V2), BitStamp, and Gate.io, with tasks such as ensuring network security, unlocking access to features, and acting as a governance token. At the time of writing, the AUDIO token is trading at $0.3959, according to CoinMarketCap.
Audius Crypto Staking
AUDIO operates on the Ethereum blockchain, which is now using Proof of Work but is in the process of transitioning to the more effective Proof of Stake consensus mechanism because it is an ERC-20 token. An ecosystem of node operators who are required to stake AUDIO as collateral secures the Audius crypto network. To host their content, artists have the option of managing their nodes. The more AUDIO a node operator stakes, the more likely that is that artists and fans would utilize their node, allowing them to profit from continuous issuance and pooled fee pools.
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