Audius: How This Crypto Token Intends to Change the Music Industry
Mar 15, 2022 18:58
In today's society, everything has gone online. For example, I watch online videos on applying gel nails or building a DIY bedside table, not to mention when I'm bored and want to earn some money. I play at an Online casino CA, and to unwind, I prefer to listen to relaxing music, which is also available online.
We're going to take a look at a company called Audius: In this article, we'll look at how this crypto token aims to transform the music industry.
What Is Audius, Exactly?
Artists and musicians have never been able to self-publish their work and be reimbursed for their efforts. This is usually handled by a service provider, who also manages the distribution. Because of AUDIO, independent artists can now benefit from their work.
Audius is a network dedicated to the music industry. AUDIO, the company's own cryptocurrency, is also available. The ERC20 standard is used to build this coin based on the Ethereum network.
Audius' organizational structure is largely targeted toward social media and resembles well-known corporations. Users may check out what their favorite artists have recently shared by scrolling through their timelines. More features should be added shortly because the project is still in its early phases. The service is currently free and its popularity has skyrocketed.
How Does Audius Function?
When remix competitions are held regularly for platform users, victors may be awarded AUDIO tokens. The public can listen to audio recordings or hear the organizers' music samples for free.
Audius has chosen to deal with artists with a smaller fan base. As a result, the site is comparable to Soundcloud in that it gives a platform for emerging artists. The artists receive 100% of the revenue. Audius is thus a pioneer in a field that has the potential to transform the music industry profoundly.
The AUDIO Token is mostly used to make payments over the network. They can be sent and received, and the token can also be used for other purposes. Audius is a decentralized platform, which means that the participants have complete control over the decision-making process. This also means that they no longer influence the company's founders and the project's success.
The ambition to build a platform that is first and foremost pro-artist is a critical demand in the industry. Audius' present niche is mostly untouched at the moment, giving the team plenty of room to experiment and improve their system Musicians can receive direct payments from fans whenever their song is streamed using this unique token.
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