Audius (AUDIO) – blockchain-based platform will beat Spotify?

The biggest problem of the universality of the Internet is the illegal copying of content: written, film and sound. Based on blockchain technology platform audius is to effectively prevent it. Is its native cryptocurrency AUDIO thus has a chance to conquer the market thanks to cooperation with TikTok?

We continue the series of the Forex Club portal, in which we analyze and describe the largest, most valued, most interesting, most developed, advanced and also the most controversial cryptocurrency projects around the world. Today is the time for the Audius platform and its AUDIO token, which want to throw down the gloves of the world-famous Spotify application.

How does Audius work?

Audius is a decentralized music streaming platform. How it differs from the world-renowned industry leader it undoubtedly is Spotify? First of all, providing artists and creators with full control over their works. In Audius, they can create immutable records for their work, which are thus secured by a decentralized network of nodes.

So there are no intermediaries who deprive artists of a large part of their earnings, and there is a direct connection with the fans. It is the creators themselves who decide whether and how to listen to their works. They can decide on fees, making some works available only to a small group of recipients or allowing free listening to some of the works.

Interestingly, the remuneration is not calculated solely on the basis of the number of plays. The activity of artists also matters - not only in terms of the number of songs added, but also how accessible they are to fans, how they interact with them and whether they are engaged.

Already in December 2021, Audius had almost 6 million unique users per month and over 100. artistswho published and shared their content. This number is constantly growing. Also thanks to cooperation with TikTok, in which you can directly add songs from the Audius platform to videos.

How the AUDIO token works

Due to the fact that revenue fees are not charged by the network, everything is based on settlements in the Audio cryptocurrency. Regardless of the popularity of the songs, creators always get 90% of the total amount paid by listeners. 10% is donated to stakers who support the Audius network. It is worth remembering that in Spotify (according to estimates) only 12% of the amount paid goes to the artist's account.

Initially, Audius was created on the web Ethereum, but in 2020 it was transferred to the Solana blockchain. However, the management token remained on the ERC-20. Audio token holders earn money by staking and voting on network upgrades and development. The rules are very simple: one token equals one vote during each vote.

Artists themselves can also issue their tokens. Thanks to them, listeners can, for example, discover unreleased songs, vote for the title of a new album or song and take part in competitions with exclusive prizes. In order to give out artist tokens, creators must stake Audio tokens.

Owning Audio Tokens also entitles you to unlock up to four VIP levels. The levels, of course, depend on the number of tokens you have.

Audio cryptocurrency quotes

As of March 17, 2023, there are 990 of the target 636 AUDIO tokens in circulation. They can be traded on 746 Cryptocurrency exchanges from around the world, including the most popular in the world - Binance. You have to pay USD 0,27 for each of them, which translates into a market capitalization of over USD 270 million. The peak of quotations took place on August 17, 2023, when Audio was valued at USD 3,95.