'Audius' is a decentralized music streaming platform based in part on the Ethereum blockchain and in part on the Solana blockchain. The service aims to bring power back to creators by allowing artists complete control over their content. This means artists are able to grow their fanbase, earn digital tokens, and forge connections with their community in an organic and natural way.
The Audius system functions via a chain of content nodes and discovery nodes. The content nodes are blockchain-based digital nodes that host a certain amount of content, while the discovery nodes work on indexing the content on each content node. This promotes discoverability and interconnectedness while still remaining decentralized and open.
When creating Audius, the company sought to ensure that the platform was just as easy to use by fans as other popular services, such as YouTube Music or Spotify, because overly complex applications would face a barrier of entry, especially when cryptocurrencies are involved.
Lastly, Audius rewards creators based on their merits and their engagement. The Audius platform runs on the 'AUDIO' token, which it pays out to creators based on the number of uploads or number of plays, as well as for achievements such as reaching the top 100 list. These tokens are paid out at inconsistent times, however, the number of tokens will always scale based on the amount of time between payouts, ensuring no money is lost to creators.
Decentralized Music Streaming Services
Audius Uses the Blockchain to Bring Power Back to Creators
Trend Themes
1. Decentralized Music Streaming - The blockchain-based music streaming service Audius allows artists complete control over their content and aims to bring power back to creators, creating an opportunity for decentralized music streaming services.
2. Blockchain-based Digital Nodes - Audius's chain of content nodes and discovery nodes provide more discoverability and interconnectedness while being decentralized, creating an opportunity for more blockchain-based digital nodes.
3. Cryptocurrency-based Reward Systems - Audius rewards creators based on their merits and engagement using the AUDIO token, opening up opportunities for more cryptocurrency-based reward systems for creators.
Industry Implications
1. Blockchain - The use of blockchain in Audius and its decentralized system creates an opportunity for further innovation and adoption in the blockchain industry.
2. Music Streaming - The disruptive innovation of Audius in the music streaming industry with its decentralization and creator-focused approach opens up opportunities for similar services in the future.
3. Cryptocurrency - The use of the AUDIO token in Audius's reward system creates an opportunity for further adoption and innovation in the cryptocurrency industry, particularly in reward systems for creators.