Finance isn’t simply the realm of big banking institutions and suit and tie varieties. Money touches nearly every aspect of our lives. That’s the huge promise of decentralized app systems like Ethereum. Disintermediating rent-searching for middlemen along the way. That said, As part of your, artists and creators need brand-new methods to guarantee their finances by themselves conditions, that’s where Audius will come in.
Yet only over 10% of this money enters the hands of artists. A whole lot worse, it’s time for a big change, and Audius is hoping to usher that change in. How? Up to now, it’s about the important thing where profits are worried. Full stop.
That’s no way to greatly help musicians actually flourish. So rather than making these platforms like they will have, in a top-down manner, imagine if one was built from the bottom up having an artist-first, community-first mindset? That’s Audius. The project’s team desire to raise up voices of most stripes, especially artists which have been overlooked or disenfranchised by the original music industry, giving them the tools they have to build up their very own communities and finances.
Beneath the hood, Included in these are:
- The AudSP decentralized file storage solution.
- The Audius content ledger.
- Audius governance.
Then there’s the Audius content ledger, which may be understood because the totality of the relationships among Audius’s Ethereum smart contracts, the POA Network, and every other base layer or layer-two (L2) networks that the Audius protocol will connect to in the system. Accordingly, this article ledger is in charge of facilitating and recording all Audius activities, like when users like tracks or create song libraries.
Lastly, as a community-owned project, fees, token rewards, and much more.
Talking about the Audius governance system, the main element that unlocks the whole lot is the $AUDIO token, that was first unveiled in October 2020. Therefore, $AUDIO is really a governance token that’s earned through the use of Audius and that holders may use to collectively vote on “value-add actions” round the protocol.
“Artists should control their very own method of distribution, ” the project explained within their $AUDIO announcement.
Beyond governance, Pertaining to security,
The $AUDIO Airdrop
On October 23rd, the Audius team made a surprise distribution of $AUDIO to the platform’s top 10,000 artists and users up to now. Notably, on the list of prominent artists contained in the drop were Zeds Dead, RAC, and deadmau5.
“Being an artist, I spend a lot of my time seeing nearby to the future of the, and Audius is clearly just how forward, a deadmau5,
On the news headlines of the token’s release, Dead Wilson, the CEO of deadmau5’s independent record label mau5trap, added:
“Audius and the launch of $AUDIO marks an enormous step of progress for the evolution of the music industry and the technology that fuels the partnership between artists and fans. Another generation of artists are flocking to Audius because it’s clearly the near future.”
Welcome to Mainnet
To celebrate the $AUDIO release and the coinciding launch of Audius on the Ethereum mainnet, the project held a “Welcome to Mainnet” concert on October 23rd, too.
The Twitch concert wasn’t only a treat because of its live performances from deadmau5 and RAC – in addition, it allowed fans who watched the concert to claim a particular $AUDIO airdrop focused on the festivities.
Artists Tokens Coming
So we’ve seen where Audius reaches now. But where’s the platform going from here?
As the project’s team has plenty of development tasks currently on its slate, perhaps one of the most interesting ones is adding support for artist tokens (e.g. the $RAC token that RAC just released).
Indeed, we’re needs to see increasingly more creators like RAC launch their very own community tokens. In the years ahead, e. Additionally,
2021 and Beyond
Audius has big plans for future years, because the project’s whitepaper indicates:
“The Audius community will roll out new mechanisms for content ownership and revenue nothing you’ve seen prior possible, backed by the crypto-native primitives driving the protocol beneath the hood. As a platform well poised to bridge the gap between crypto and a mainstream audience, Audius will always prioritize simplicity to provide an intuitive user experience grounded in web3.”
Audius may possibly not be probably the most high-profile Ethereum dApp at this time, accordingly.