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Monday, January 24, 2022

Audius (AUDIO) – Decentralized Streaming and Music sharing Protocol

We have heard about projects that have video streaming services, we have heard about projects dwelling into the game industry. Some have entered the art industry but what about music? This is where Audius comes in.

Audius is a decentralized music streaming and sharing project that allows the creators and listeners freedom to monetize, listen and distribute the content. The project has grown a lot since its start and now boast a huge number of users both creators and listeners.


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According to the whitepaper the ecosystem comprises of the following:

  1. An ecosystem powered by AUDIO, artist tokens and stablecoins
  2. A decentralized storage system that allows sharing and storing metadata and audio.
  3. A unique track encryption scheme paired with a programmable mechanism to unlock user-specific proxy re-encryption keys for content
  4. A discovery protocol for users to efficiently query metadata
  5. A protocol where artists, fans and node operators take part in governance and decide protocol changes and decisions.

With the AUDIUS APi, people can build their own apps on top as well. Millions of stream happen every month on the platform.

HedgeHog

HedgeHog is an Eth wallet that works with a username and a password essentially making the dApp experience even easier. It was built for cases where there is little to no financial value like gaming, streaming services. It is not recommended when you are involved in a case where is a significant financial value like banking services.

Native Token AUDIO

Native Token of the whole network is AUDIO that has the following use cases:

  • Protocol Governance Voting
  • Staking for discovery and nodes so that the users can get network fees as rewards
  • Staking to unlock artist token and badges

At the time of writing AUDIO stands at the price of $2.092 with an increase of 6.62% in the last 24 hours and an overall decrease of almost 14.96% in a month. AUDIO established its ATH in May 2021 and reached a price of $4.990. The price couldn’t be held at that point and it dropped down to the bottom of $0.590 after which it showed reversal and gaining 48.11% in the next month.

AUDIO has a circulating supply of almost 411M coins and a maximum supply of almost 1.05B. It is listed on coinmarketcap at rank 99. The volume has increased by 55% in the last 24 hours.

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