On February 9, 4.5 million users following the AppStore’s Twitter page became acquainted with an Ethereum-based audio streaming application called Audius Music.
This dApp provides a platform where musicians can share their work directly and efficiently with an audience and monetize their productions without any intermediaries.
The dApp has been accessible on the Apple Store since January 22. 2020, and is presently enjoying a lot of popularity thanks to the support of the Apple Store’s Twitter profile.
The newly launched project is supported by high profile investors who hope to see the Audius tokens grow in price, turning their stock into a profitable venture.
The music industry generates 43 billion in revenue each year, only 12% goes to content creators. This is the philosophy around which the project revolves.
In a world where technology has radically changed the rules of the game, intermediaries have multiplied, and artists see the fruits of their work fragmented.
The new app allows the music industry to reveal talents and generate income by allowing music to be self-produced and thus bypassing intermediaries.
The dappxplorer page describes Audius Music app as follows:
“Using advanced blockchain infrastructure, Audius enables hardworking artists to distribute, attribute, and monetize content. Giving them new power over their music.”
Audius Music dApp uses the LOUD token, which will be exchangeable 1:1 with at least three options, including the following: Dai, USDC, TrueUSD, and will be used to compensate content creators for in-house services or extra work.
The governance decisions of the project’s blockchain, along with the incentives of its ecosystem, are managed by a distinct AUDS token that will be used to secure the blockchain and create returns from extra services within the platform.
In the not yet well-specified future, the team intends to set up a unique erc-721 token in order to protect and manage authors, compilations, and everything that requires its uniqueness to be guaranteed in this industry.
An Alternative to Soundcloud and Spotify
Essentially, Audius dAPP is a blockchain-powered substitute for SoundCloud and Spotify. By running on a distributed ledger, the app guarantees content uniqueness by enabling modular encryption with secure deployment capability.
Furthermore, the platform bolsters copyrights for artists, ensuring they get fair compensation for content created.
Users will be required to compensate artists in the local token, which they can either buy or get as a reward for listening to advertisements on the platform.