Posted 10 months ago | by Catoshi Nakamoto
We all know the adage about the starving artist. Vincent Van Gogh died penniless, and partially earless I’ve heard, but that’s another story. We know that musicians today struggle to be fairly compensated for their work, with every hit song attracting a myriad of middlemen lining up to take their cut of the profit. When an artist signs with a major label, they give up the rights to their own recordings, or the masters as they’re called in the music industry. Just ask Kesha, Taylor Swift, or Kanye West, who put out a firestorm of tweets on the subject back in September 2020. Emerging musicians notoriously have a hard time making ends meet, and it’s high time we SHOW THEM THE MONEY!!1 And that’s where Audius comes in. A blockchain-based music streaming service that connects listeners to artists, and has the potential to cut out the middleman and pay musicians directly when their songs are streamed. The future of music is decentralized!Read More
Let’s get it.
Welcome to Bit Boy Crypto; home of the bitsquad, the largest crypto community in all the interwebs. My name is Ben. Everyday on this channel I show you how to make money in crypto. If you like money and crypto make sure to hit that subscribe button. In this video, we take a look at Audius, a blockchain-based music streaming service.
Artists and musicians usually get a measly 12% cut of the profits from their songs. Compare this to athletes who get almost 50% of merch profits, and it becomes obvious that there is an issue with how artists are compensated. Audius, and it’s native governance token Audio, aims to solve this issue by allowing artists to upload their music directly to the platform where it is stored on the blockchain. The artists are then compensated directly by the fans as they listen, with an average of 90% of the payment going directly to the artist.
The Audius platform is decentralized and is operated by Content nodes and Discovery nodes that bring content to the user using data streaming. Audius has a web service and an app, which are similar in form and function to Soundcloud. It has a custom framework that is based around IPFS, which is a decentralized protocol for Peer to Peer data storage. The Audius board of advisers is stacked with leading artists, producers and thinkers in music including Deadmaus, Ash Pournouri; Avicii’s former manager, Justin Kahn; co-founder of Twitch, and Paul Veradittakit who is a partner at Pantera Capital; one of the first blockchain and crypto-specific funds. Not a bad lineup. Right now Audius mostly streams electronic music and hip hop, and the user interface is still a work in progress. but there is room for Audius to grow over time. Developers can build apps on top of Audius technology, meaning that where Audius is now may not be the same in the future. In Audius’ white paper it states that in the future they want users to be able to leverage stablecoins to unlock paid content. This means that a user can have stable coins in their wallet and make micro-payments directly to the artist for streaming their content. There is also the ability for Artists to create an artist token that they can distribute directly through Audius that will allow their fans to unlock exclusive content.
So how is all this content uploaded and delivered in a decentralized way? All the behind the scenes work is done by Audius’ Content Nodes and Discovery Nodes, and that all boils down to staking. Holders of the AUDIO token can stake their tokens by setting up a content or discovery node. The minimum number of AUDIO tokens to create an Audius node is twenty-thousand Audio, and at the current price of one dollar and thirty-eight cents, this node could cost a pretty penny. Unless you’re an OG holder of AUDIO, staking as a node may not be the best option. That’s why Audius staking has a services tab with a list of all the active node operators. Audio holders can delegate a minimum of one hundred AUDIO tokens to any of these node operators using a Metamask wallet. There is always some risk involved in choosing a node operator so it’s best to do your research before staking. Delivering content in this way ensures that content streaming isn’t dependent on the success of a centralized company like Soundcloud. This kind of content streaming is similar to how Theta delivers video content using bandwidth from its users who stake their Theta and Tfuel and become Theta guardian nodes. In this same way information on Audius is stored and indexed by a network of third-party node operators.
There is no puppet master behind the curtain running the show. And of course this means, there are no middlemen either. AUDIO tokens are used as collateral so that operators of nodes can’t engage in malicious or poor behaviour. Bad actors are at risk of getting their tokens slashed. When node operators service the network, they earn seven to ten percent annually of the AUDIO tokens they have staked. On the artist’s end, there isn’t much difference between uploading content to Audius and uploading to Soundcloud, and that’s a good thing. The less friction there is when uploading content the better. But it’s what happens behind the scenes that makes a decentralized platform truly special. When an artist uploads a song to Audius it is uploaded to a content node. Then the data gets transcoded and returns a reference code that the track is then identified by. The data linked in the reference code is replicated by other content nodes on the network. Then, an on-chain transaction is published saying that the track exists and metadata is attached to the artist profile that uploaded the track. Finally, the transaction is indexed by a discovery node, and the artist is given a notice that the track was successfully published! Now the upload is complete by using decentralized nodes and not needing to rely on a central company to complete the transaction.
In October 2020 Audius distributed eight million dollars in their native token AUDIO, with the majority of the tokens given to artists and content creators on Audius. Five percent of the one billion Audius tokens in circulation were given in the 2020 airdrop. The AUDIO token debuted last October at forty-six cents, and hovered between ten and twenty cents for the rest of 2020. It went along with the rest of the crypto market for the bullrun starting in February 2021, and reached an all time high of four dollars and twenty-seven cents in March. The price has been consolidating since the June crash, reaching a low of seventy-three cents, and hovering around a dollar ever since. The current price of AUDIO token is a 1.41 , and if it sees a price run up anything like THETA it’s sure to blow some minds with price action. The price of Theta had it’s turbo-boosters on at the beginning of the 2021 bullrun. In December Theta was trading at sixty-eight cents, and by March the price had skyrocketed to twelve dollars, and reached an all time high of fourteen dollars and twenty-eight cents.
That’s a pretty solid return on investment! Especially if you bought way back when it was just a few cents. Theta’s price surge was fueled by trending information about being able to stake Theta and Tfuel to retire, as well as users buying THETA tokens to reach the one thousand theta token requirement to stake and become a guardian node. Both Theta and AUDIO have one billion tokens in circulation, and similar incentives to staking and creating nodes. AUDIO doesn’t have as strict of a requirement to stake because you can lend tokens to an existing node, which you can’t do with Theta. So this buying incentive isn’t as strong as it has been with Theta, but there are definitely some similarities between the projects and the native tokens AUDIO and THETA. Audius could very well be the next big thing in music streaming not just because of it’s team, but because blockchain technology let’s artists hold on to more ownership of their work. Something that they have been robbed of for quite a while. Nothing in Crypto is guaranteed, but seeing price action like we have seen so far with Theta is definitely a possibility for AUDIO. It’s official; blockchain-based music streaming is on the map!
That’s all I got! Be Blessed, Bitboy out.