“Re-making art for artists’ hands ”is one of the endeavors of the“ Audius ”decentralized application based on Ethereum.
Below we will go into some detail about the decentralized application “Audius” and how it works, and get to know its goals that it seeks to reach.
Looking at Bitcoin, we find that there is a great impact on the emergence of the currency by influencing various aspects of economic life by allowing peer-to-peer financial transactions without the need for traditional financial institutions.
It also contributed to the emergence of Ethereum which in turn allowed many decentralized applications to operate effectively.
Ethereum gives anyone, anywhere in the world the power to create and use open and community-owned applications, with no need for middlemen looking for profit and profit in the process.
Among the promising areas in which Ethereum could effectively contribute is the cultural and artistic.
More than ever, artists and creators need new ways to secure their finances on their own terms, and decentralized apps can offer such avenues, just as Audius does.
What is Audius?
The music industry generates billions of dollars in annual revenue, yet only 10% of that money goes into the artists' hands.
Even worse, these creators are not given any agency as to what happens to their music after it is produced.
Audius promises to change all of this, by serving as a decentralized, community-owned music streaming platform that enables artists to take control of their music and paves the way for new ways to earn money from their fans.
The Audius platform and app is not the same as central platforms such as Apple and YouTube in controlling content, its extent, and blocking it if it does not comply with their policies.
In Audius as an open application, developers around the world are free to build on it and create new types of music experiences as they like.
Platform data tools can help artists closely understand their fanbases.
Importance of Audius:
The central music streaming platforms have unfortunately proven to be profit-seeking structures that extract the most value from artists.
It's not about the music or the content creators, it's about the bottom line in terms of earnings, point ended.
Of course, this is not a way to help musicians really grow and thrive.
So, instead of making these platforms as they always are, in a top-down manner, what if one of them is built from the ground up with an artist and community mindset first?
Here Audius highlights that his team wants everyone, especially artists who have been overlooked or denied their rights by traditional music industry platforms, the opportunity by giving them the tools they need to build their communities and their money.
How does Audius work?
Audius protocol contains several major structural components, and they include the following:
AudSP decentralized file storage solution.
Audius Content Book.
Application governance.
To start, AudSP is the "IPFS" (InterPlanetary File System) file system where artists can upload their music to Audius.
The project content nodes then interact with AudSP and facilitate permission features afterwards.
Then there is the Audius content blockchain, which can be understood as the sum of the relationships between Audius' Ethereum smart contracts, the POA network, and all of the Layer or Layer 2 (L2) networks that the Audius protocol will interact with.
Accordingly, this content blockchain is responsible for facilitating and recording all Audius activities, for example when users love tracks or create song libraries.
Finally, the importance of the new Audius Management System cannot be underestimated.
As a community owned project, this system is what will allow Audius users to decide among themselves about protocol parameters such as royalties, fees, and symbolic rewards ...
AUDIO digital currency:
When it comes to Audius' management system and community governance for the platform, the AUDIO digital currency is the key in the process as a whole.
Audius digital coin was first unveiled in the current month of October 2020.
As such, AUDIO is a governance currency obtained with Audius and whose holders can use it to vote collectively on “value-added actions” for the application protocol.
Explaining the project about their AUDIO coin ad, by saying:
Artists should control their means of distribution, and we believe Audius' future should be controlled by the most active contributors to avoid repeating the mistakes of the past in the industry.
In addition to governance, the AUDIO digital currency also contains a security feature and access to additional features.
In terms of security, Audius contract operators can share AUDIO to secure the project network, while artists and fans can share currency in order to unlock special tools and perks.
AUDIO FREE DISTRIBUTION (AIRDROP):
On October 23, the Audius team surprisingly distributed AUDIO coins to the top 10,000 artists and users of the platform to date.
Notably, among the notable artists included in the distribution were “Zeds Dead,” “RAC,” and “Deadmau5”.
Joel Zimmerman, who also joined Audius, stated:
As an artist, I spend most of my time seeing the future of the industry and Audius is clearly the way towards it.
Commenting on the news of the release of the AUDIO digital coin, Dade Wilson, CEO of independent record label Deadmau5's, told:
Audius and the launch of the AUDIO digital currency is a big step forward for the development of the music industry and technology that fuels the relationship between artists and fans.
The next generation of artists is flocking to Audius because it's clearly the future.
Launching the project on the Ethereum main network:
To celebrate the issuance of AUDIO coins coinciding with the launch of the “Audius” app on the main Ethereum network, the project held a concert titled “Welcome to Mainnet” on October 23.
Future of Audius:
We've seen Audius' whereabouts now.
But where does the platform go from here?
Although the project team currently has a lot of development tasks on its list, the most interesting one is the addition of support for the artist's signature digital currencies (for example the artist's RAC coin issued by RAC).
There are more and more content creators like “RAC” launching their own community coins.
Going forward, Audius plans to advance these cryptocurrencies by giving artists the ability to natively distribute and utilize their coins through the broadcast platform, for example restricting special features to only coin holders.
Roadmap for 2021 and beyond:
Audius has big plans for the future, with the project white paper stating the following:
The Audius community will roll out new content ownership and revenue mechanisms that were previously not possible, and which are backed by the protocol's crypto assets.
As a well-configured platform to bridge the gap between crypto and the mainstream audience, Audius will always prioritize simplicity to offer an intuitive web 3.0-based user experience.
In conclusion:
Audius might not be the most popular decentralized app right now, but it holds immense potential that will rival and differentiate Soundcloud by empowering musicians like never before.
Accordingly, the project could easily be a huge future application if the property economy continues to develop at the current pace.
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