What is Audius? Audius is a decentralized blockchain project that aims to increase the control and revenues of musicians in the music industry. In this article, you can access answers to frequently asked questions such as what is Audius, what it offers, what is AUDIO coin, how to get it, what is it used for. As Kriptokoin.com, we have prepared it for you. Let’s examine the project together.
What is Audius?
Audius is a music streaming application that also includes social media features. Founded in 2018, the project has a decentralized structure and works as a blockchain protocol. The protocol serves on Solana Blockchain, which stands out with its high scalability. The protocol allows musicians to publish their works in the app and interact directly with the audience. The local cryptocurrency of the project created to revolutionize the music industry is AUDIO coin.
Through the Audius platform, users can publish, monetize and distribute audio content of various file types. Explaining that only 12% of the total revenue in the music industry goes to musicians, the project argues that content producers should have more control in the industry and get a larger share of the revenue. The app allows artists to receive donations directly from listeners.
Listed by the world’s largest cryptocurrency exchange, the project partnered with social media platform TikTok in the August 2021 release. In addition, some famous musicians such as DJ Skrillex have attracted attention with the use of the application. In the project, which has NFT integration, listeners can listen to music for free, as well as showcase verified NFTs.
What is AUDIO coin? What is it used for?
AUDIO coin is the native cryptocurrency of the Audius app. The cryptocurrency is a token created with the ERC-20 smart contract on Ethereum. The token stands out with a variety of use cases within the app, which aims to distribute 90% of the total supply to musicians. Users stake AUDIO assets to run nodes, in turn earn token rewards.
In addition, musicians can take advantage of additional features such as viewing NFT collections by staking AUDIO. Audius is managed with a decentralized structure. Users who stake their tokens have voting rights on offers for exchange on the network. Any change in the platform is determined by voting. Listeners can donate to their favorite musicians with AUDIO coins. The platform automatically distributes token rewards for certain achievements. These achievements include rankings such as the 5 trending tracks and the 5 most popular playlists.
At the time of writing, AUDIO coin was the 105th largest cryptocurrency with a market cap of around $657 million. In addition, 621 million tokens were in circulation.
How to get AUDIO coin?
Users who want to buy the AUDIO coin must first find a cryptocurrency exchange that lists the token. Cryptocurrency is available on many large and reliable cryptocurrency exchanges. Among the exchanges that list the token, Binance, FTX, Gate.io, Bybit and Uniswap stand out. Investors interested in the Audius project should first become a member of one of these crypto exchanges. Investors who are fully registered members and deposit funds into their wallets can purchase the token.
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