What is Audius Digital Currency? Connecting the music industry and blockchain
Audius is a music streaming service based on the blockchain network that has contributed to the comprehensive development of the music industry. This digital currency, with its token called AUDIO token, seeks to change the way artists interact with their fans. Audius does this by offering one of the most advanced platforms available. The Audius music platform is similar to other popular audio file streaming services like Spotify and SoundCloud. However, this platform gives artists complete control over their work. Also, it brings more freedom of action for musicians and art lovers with the ability to create unique experiences for fans.
Using a decentralized network based on incentive alignment consisting of operator nodes, the platform enables artists to record their music quickly and unchangingly. In addition, Audius is a completely community-based platform.
Read on if you want to know what Audius digital currency is and how the AUDIO token works. This article describes the Audios ecosystem and the various elements of this blockchain-based music streaming service. We will also talk about the Audius token and how it works on the Audius music platform. Finally, we will discuss how Audius intervenes in the music industry and the key features of the project that make this possible.
What is Audius Digital Currency?
Despite declining music records sales in the last decade, the music industry still generates billions in revenue each year. However, most artists, with management costs, studio time, production, and marketing costs, earn very little money for their considerable effort. In addition, artists often waive their royalties and rights related to their music when signing a contract with a well-known brand. They are also less aware of the audience characteristics of their audiences and music streaming analytics. 
Audius has developed a decentralized, blockchain-based music streaming platform to solve this problem. The audio streaming service of this platform is owned and operated by a decentralized community of artists and their fans and is not dominated by any centralized organization.
With the AUDIO token, which is a proprietary token on the Audius network, artists can be paid directly for each stream of their music; So these artists no longer have to wait for months or even years to receive a small share of their income. Rather, thanks to Audius’ efficient token economy, artists can receive their salaries directly from their fans without any intermediaries.
The platform uses Audius tokens, artist tokens, stable coins, and a decentralized storage solution. Artists can also share their audio files and report metadata efficiently using the Audius Ledger. Audius uses a unique music encryption scheme with a programmable mechanism to unlock each user-specific proxy key based on content. This allows artists, fans, and operator nodes to decide on protocol changes and upgrades.
Users can filter popular playlists, the latest releases, and various anthology playlists to suit their moods. The audio streaming platform also allows users to save music tracks in their Favorites section and share playlists with other users. By doing so, users can receive rewards in the form of AUDIO tokens.
How does the Audius digital currency work?
Audius Music Streaming Service is proud to play a role in maintaining the network with a range of features and capabilities and provide a pleasant experience for users. To better understand how the Audius digital currency works, we must first introduce the concept of content nodes or nodes.
Content nodes
In the article What is Node, we got acquainted with the concept of Node. By sticking AUDIO tokens, users can execute content nodes or exploration. These nodes ensure that streamed audio content is available on-demand and responsible for metadata on the Audius music platform. This will be possible through the use of AudSP. AudSP is a native Audius plugin for interplanetary file systems (IPFS). IPFS is a peer-to-peer protocol designed to use the Internet faster, more securely, and more freely.
If nodes are offline or out of reach, they can be easily replaced with new nodes. These nodes are automatically selected on behalf of the artist. This means that the artist does not need to know in advance about blockchain or the processes involved in releasing his music through Audius. In addition, content nodes can generate passive revenue by issuing Audius tokens and network fees. 
What is AudSP?
AudSP is a decentralized storage protocol used to distribute files across the Audius protocol. All files within music streaming services must be decentralized, easily accessible, and verified independently. This will ensure that the participation process is democratic for all platform users. In addition, for Audius to compete with other major music streaming platforms, AudSP has added a simple and familiar user experience, ease of use, and high scalability to the platform. 
AudSP uses a sticking-based motivational model. Before AudSP came into being, Audius used the “Builder Node” scheme to host content on the network. However, the role of component nodes is now largely divided between these nodes and the functions within the AudSP protocol.
Features of Audius digital currency
Audius is the world’s first open-source, decentralized music streaming platform, designed to be run independently by its community of artists, fans, and developers, without the need for well-known music companies or brands. It does not matter if you have been in the music industry for many years or have just entered the field; Audius puts you in a position to decide on your music as you wish. Blockchain-based music streaming platforms such as Audius are designed to intervene in the music industry by empowering artists seriously. This will be possible by eliminating intermediaries and generating direct revenue for artists. 
The Audius digital currency also provides various opportunities for artists to connect with their audiences. This is an issue that is overlooked on most traditional music streaming platforms. In addition, Audius transfers artists’ rights in the simplest possible way. Previously, several intermediaries in the royalties process for music streaming platforms. Generally, each intermediary took its share, leaving the artist with little income at the end of the work. Audius has solved this problem by automating many of these complex processes. Complexities can be serious barriers to musicians’ income.
Features of the Audius digital currency platform
Audius also hosts a podcast called Audius Artist Podcast, which you can find on YouTube. The Audius community comprises a huge number of aspiring and promising music DJs and producers. Audius helps these artists get back into the music business in this podcast. The interviews with these artists in this podcast focus on topics such as their achievements and skills and the problems of the music industry.
In addition, Audius organizes Cypher competitions, in which DJs, mix and sound engineers, and music producers participate. Audius creates competition among artists by challenging them to make pieces of music using simple components written by top producers and awards cash prizes to winners by voting in the community.
Finally, we should mention the free Hedgehog programming interface (API) used in this platform, which can interact with all types of decentralized applications (DApps). This programming interface is proprietary and open-source, allowing users to interact with a range of DApps easily and in the same way as a typical website. In addition, you do not need plugins or centralized control keys to do this. 
Other strengths of this platform include the following:
- 320 kbps sound quality (highest audio quality among free music platforms)
- Avoid unnecessary deletion or banning of platform-level user accounts
- In-app visualizer
- Open source code
- A growing community of artists large and small
- Avoid censorship and make the voices of all artists heard
- Free content on Audius
Audius’s mission is to provide freedom of action in sharing and hearing all voices and generate revenue. Exploring and picking content becomes even more important in a world where everything is digitally available to people. In this way, the right content can be provided for the right people at the right time. That’s why at Audius, exploration, and anthology are entirely in the hands of the community. Anyone can create playlists, reshare content, or otherwise help their followers see as much content as possible. A share of revenue will be given to these users because of this selection.
AUDIO token
The Audius digital currency token (AUDIO token) plays several key roles in the Audius decentralized music streaming service. The AUDIO token helps establish network security while giving users access to the platform’s unique features. In addition, effective steps can be taken to secure the platform by sticking AUDIO tokens. 
The AUDIO token gives music lovers and musicians the freedom to act as part of a service where everyone can enjoy, share and monetize music. Compared to another popular music streaming service, Soundcloud, Audius enables musicians to easily connect with their fans through unique experiences and participation rewards in innovative ways.
In addition, by sticking the AUDIO token, users can also receive a fraction of the network fee. They will also be given double voting rights in the Audius governance system and the unique features of this platform as a reward for securing the network. In addition, sticking AUDIO tokens allows suppliers to double their exploration privileges, facilities, and special support services.
The future of Audius digital currency
In the future, as demand for decentralized storage increases, Audius may adopt other decentralized storage solutions such as Filecoin or Siacoin. With the expansion of the Audius digital currency ecosystem, we should expect the platform to work with other blockchains and decentralized applications (dApps).
The use of blockchain in the music industry has grown unprecedentedly in recent months. We now know that selling music on the blockchain network and tokenizing audio and art pieces as non-replaceable tokens (NFTs) will be a practical way to keep the music industry and independent artists alive.
According to global music business reports, revenue from music-related NFTs in February 2021 alone was $ 21 million. This unprecedented growth in interest in the field was partly due to the release of Canadian DJ and musician DeadMau5 NFTs, which boosted the industry by releasing its first NFT asset collection in December 2020 via the WAX platform again a few months later—released another collection called SlickMau5 via Nifty Gateway. 
From the beginning of 2021, other well-known musicians (such as the rock band Kings of Leon, Shawn Mendes, and Grimes) also decided to release their work in the form of irreplaceable tokens (NFT), thus releasing Audius to the pioneering platform. Decentralized music. Soon we can see other innovative uses of blockchain in the music industry.
Where to buy Audius digital currency and where to store it?
Many well-known exchanges such as Bainance, Uni Swap, 1-inch, IDEX, and FTX have Audius digital currency on their list. You can buy AUDIO tokens by visiting the website of these exchanges. If you are looking for a wallet suitable for storing your Audius ERC20 tokens, we offer you the Wallet and Metamsk wallets.
Concluding remarks
In appearance, Audius may look very similar to other music streaming platforms such as Spotify or SoundCloud. But in fact, Audius goes beyond that. The Audius digital currency and the Audius platform enable artists to gain more control over their work in a decentralized form of art by enabling social interaction between artists and their fans, instant royalty-related payments, and in-chain analysis. Make money themselves.
The Audius audio streaming platform has about half a million users and continues to grow and increase. Its popularity as more and more musicians join it. Its community manages all platform elements, and the AUDIO token plays a key role in decentralizing the platform and motivating users. Audius helps empower artists and their fans by providing an innovative, non-discriminatory streaming service.
Today, blockchain technology has spread to almost every industry, and many different fields are now taking advantage of this technology. These include real estate, insurance, energy, and even sports. Decentralized music streaming and sharing platforms using non-exchangeable tokens (NFTs) seek to intervene in the traditional music industry. It provides a system with less discrimination, bringing great benefits to musicians and their audiences.
