Audius (AUDIO) is a decentralized music streaming platform that allows artists and fans to share and discover music. It is built on blockchain technology and aims to provide a more transparent and fair music industry by enabling artists to have more control over their content and earn more from their work.
Audius was founded in 2018 by a team of music industry professionals and blockchain enthusiasts. The platform operates on a decentralized network of nodes, with content stored on IPFS (InterPlanetary File System) and metadata stored on the Ethereum blockchain. This means that the platform is not controlled by a central authority and is resistant to censorship and data breaches.
Users of the platform can stream and upload music, create playlists, follow artists, and engage with other fans. Artists can also monetize their content through various means, such as through direct fan support and the creation of NFTs (Non-Fungible Tokens) for their music. The platform also offers features such as smart contract-powered royalties and transparent analytics for artists to track the performance of their music.
The native token of the Audius platform is called AUDIO. It is used as a means of exchange and governance on the platform, allowing users to participate in decision-making processes and vote on proposed changes or updates to the platform.