What Is Audius?
What Is Audius?
Audacious is a crypto-powered music streaming app with its own Ethereum-based cryptocurrency token: audio. Audius has over 100,000 artists, mostly indie. As of July 2021, Audacious has over 5.3 million unique users who have collectively listened to music on the app over 7.5 million times in the month of April 2021.
How does Audacious work?
Audacious operates like a music cooperative, with token alignment incentives in three component groups that make the network work: node operators, artists, and fans. Since Audacious is based on the blockchain, it operates through a decentralized network of nodes that host and index the content.
The Audacious Network is powered by the Ethereum-based ERC-20 token Audacious, which performs three functions:
network security: Node operators take tokens for running a node and in return, earn rewards from the network.
special features: Artists get premium features by giving tokens, such as displaying NFT crypto collectibles on the site.
Rule: Staking tokens are required to vote on any and all proposals that make changes to the code and the network as a whole.
What’s so special about Audius?
Audacious differs from other music streaming services because it is blockchain based, which shapes how the whole thing works. Since Audacious content is distributed in decentralized nodes, copyright protection cannot be enforced at this time. But the protocol is currently developing an arbitration system involving community members who will decide whether to remove certain content.
What can I listen to on Audius?
At its core, it is mostly an indie platform. But major label artists are also welcome. Generally, artists start with one or two tracks and later expand as they get a positive response from fans on stage. Some big names like Mr. Carmack uploaded most of their historical material.
What are the main criticisms of Audacious?
One of the biggest criticisms of Audius is that the platform cannot police copyright infringement due to the lack of a central operator. This raises concerns over pirated content being uploaded, to the extent that some claim the platform will be a copyright nightmare. To address this issue, Audacious has announced on Twitter that it is building a community arbitration system based on a network of neutral, third-party moderators who will vote on moderation matters and copyright claims.
Who is Audacious’s Main Competitors?
Audius is competing in a tough spot, with industry giants such as Spotify, SoundCloud, YouTube Music, Apple Music, Tidal Hifi and Amazon Music Unlimited already dominating artists and audiences. But while these platforms have artist and brand recognition, they lack the decentralized nature of Audius.
What does the future hold for Audius?
As its robust security, transparency, and cost-efficiency become more understood, blockchain continues to find its way into most industries. Although still in development, Audacious is transforming music streaming with features such as community governance and decentralization
Final thoughts
Blockchain provides a way to make processes more transparent. This results in innovative ways to significantly reward participants and recognize their contributions in a sustainable manner. For example, collaborations involving multiple artists and companies can be determined by percentage. To prevent disputes later, compensation is paid automatically to those involved.
