What is Audius (AUDIO)?
As part of our latest batch of listings, we’ve introduced three new assets, each with a unique functionality and design philosophy. One of them represents a special novelty among the assets at Bitstamp: AUDIO is the token at the heart of the Audius music streaming and sharing platform.
Audius brings the world of blockchain into the music sphere. By tapping into the decentralized and distributed nature of blockchain technology, Audius puts the power back in the hands of those who care about music the most: music creators and listeners.
- Audius is a decentralized music sharing and streaming platform built on blockchain technology.
- It uses a distributed network of nodes for storing and sharing music.
- Audius aims to be a fair and reliable platform that eliminates false copyright claims.
- The AUDIO token is used as the means of payment in the Audius ecosystem.
- Audius also has its own app, where users can upload music and listen to their favorite creators.
The Audius platform
The Audius platform is a place where music creators can upload and share their music and gather a fanbase. It offers high quality streams and unlimited uploads. But its biggest benefit is the decentralized way in which it stores and distributes music.
Audius does not host music on a single server at a central location. Instead, when a content creator uploads music, it is stored by a network of independent node operators. These operators are individuals who offer their computing power and storage space to keep music online and distribute it around the network.
Not only is this configuration useful for eliminating a single point of failure, it is also beneficial when it comes to things like copyright. Any music creator will know that copyright has been an issue on centralized music streaming platforms for a long time and creators often get the short end of the stick.
A level playing field for all
Traditional centralized music-streaming platforms have to make sure that their platform doesn’t encourage their users to act illegally by sharing copyrighted music. To prevent that, they give virtually free reigns to everyone to claim copyrights on any piece of content. This way, they’re safe in front of legal authorities and their platform can continue operation.
The problem, however, is that this system is frequently abused – the vast majority of copyright claims are not infringing on anyone’s copyright. Because of this, creators often have their content suspended or even taken down indefinitely, which means that they lose their profits and fanbase.
The Audius platform eliminates this problem by distributing music on a decentralized network. On Audius, if a copyright claim is filed against a piece of music, Audius can’t take it down, since it’s not they who’re hosting the music. Instead, the claimant has to reach a resolution with the creator. If they can’t come to a conclusion, the case does ultimately go to an Audius council, but there's a catch. In that case, both parties have to stake some AUDIO, which they will lose if it turns out that the case is frivolous and pointless.
AUDIO, the token that makes it work
The Audius ecosystem is built around their unique token: AUDIO. This token is used to incentivize node operators to offer their computers to run the network, by rewarding them for their work. As mentioned, it is also used for staking when settling copyright disputes. But perhaps most importantly, it is the means by which music creators on Audius can earn a living.
AUDIO has already grown to over ten times the price it was at its inception, and could grow even further, as the Audius platform expands and attracts more content creators and consumers. To get a headstart on the platform, you can now trade AUDIO at BItstamp with zero fees until the end of July 2021! Simply log in to our platform or create a new account and enjoy buying and selling AUDIO with zero fees!