A to Z review of the Audius project and the Audio token cryptocurrency

• What is Audius?
• Features of Audius
• Pros and cons of the Audius . project
• Instructions for trading with Audio tokens
• Conclude

What is Audius?

The concept of Audius

Audius is a decentralized online music sharing protocol. Here, listeners can connect directly with composers or even directly release and trade their own music products.

Audius is a decentralized online music sharing protocol.

Project Audius . Development Team

The Audius project is developed by a team of many prominent names such as:

• Roneil Rumburg (Co-founder & CEO): He was a founding member of Kleiner Perkins and Backslash.
• Forrest Browning (Co-Founder & CPO): Forrest is on the Forbes 30 Under 30 list. He is also the Co-founder of StacksWare - a data management platform that also provides analytics for Fortune clients. 500 (List of 500 largest US companies).

Project Audius development team.

The development process of the Audius . project

The Audius platform started to be rekindled in 2018 and officially launched in October 2020.

In December 2020, the project activated the Staking feature, allowing Audio token holders to earn 7% profit.

In January 2021, the project announced that it has reached 1.8 million users and 122 million tokens are staking.

In March 2021, the project revealed plans to integrate the NFT non-fungible token. Audius recorded an average of 3 million monthly active users. Audio prices also increased by 108%, trading volume skyrocketed from $3 million to a record $55 million since then.

Features of Audius

Content Node

The Content Node feature is simply a network of Content Nodes that allows users to operate, store, and retrieve information.

Content Ledger

The Content Ledger is a ledger that references content stored on Content Nodes. This is the only source of absolute authority for all data in the entire Audius system.

Discovery Node

Discovery Node is a network of Nodes that help users operate Index Discovery Audius. With a simple design, these Nodes make the interface of the system simpler, allowing users to easily access and retrieve data.

Audio tokens, Stablecoins and artist tokens

Audio is the token of the Audius system. The system uses this token to tailor incentives for users.

Pros and cons of the Audius . project

Advantage

• Audius provides users with the best music experience with 320kbps sound quality.
• The system owns open source code that allows anyone to post and develop their products without having to be controlled by any organization or individual.
• Audius helps artists distribute their music directly without going through a 3rd party, which helps speed up the process of getting the work to the fans.
• All information on the system is publicly accessible.

Defect

• The artists' earnings are clearly publicized on the platform. However, this seems to be private information that not everyone wants to reveal.
• The number of exchanges that support Audio token trading is still small.

Things to know about Audio tokens

Functions of Audio Token

Audio crypto currency holds 3 main roles, specifically as follows:

• Security – Security : Audio tokens are completely hosted and operated by the community. This has created an ecosystem that does not need the system's permission, to secure the content of the protocol.
• Feature Access – Collateral : Audio tokens have another function that becomes collateral to unlock Artist Tools. In the future, fans can delegate Audio tokens to specific artists or curators.
• Governance – Governance : With this function, passive users who own Audio tokens also have the right to vote to express their views. One token that is staked will be equivalent to one vote.

Audio Token Allocation

The amount of Audio tokens of the project is distributed as follows:

• Audio Drop : 5.5%.
• Active fund : 17.8%.
• Team and advisor : 40.6%.
• Investor : 36%.

Audio token allocation.

Basic information about Audio token

• Price : 1.01 USD (price at the time of writing June 12, 2021).
• Market capitalization : 153.6 million USD.
• Total supply : 1 billion.
• CoinMarketCap ranking position : 260.

Audio Token User Manual

How to own Audio tokens

Users who want to own Audio tokens can buy directly on exchanges, issue products on Audio token or Staking platforms to receive profits.

How to store Audio tokens

As with other ERC20 tokens, you can store Audio tokens on popular wallets such as:

• Wallets of exchanges that support trade Audio tokens.
• MyEtherWallet Wallet
• ImToken Wallet
• Metamask Wallet
• Ledger and Trezor Wallet
• Mist, Parity (computer wallet) and Trust, Cipher (mobile wallet)

Exchanges that support Audio tokens

Currently, there are only 3 exchanges on the market that support Trade Audio tokens: Binance , Uniswap and Hotbit.

Conclude

The Audius project has approached a not-so-new but completely leading edge when it comes to combining music with the world of cryptocurrency. In the days of being affected by the Covid 19 pandemic, we see that most of the revenue of artists depends on selling their music products on online applications. This leads to a natural law of “the water goes up, the boat goes up”, the more profitable the platform is for the artist, the more the platform will attract the fans of that artist. Therefore, we will see a large number of users, even non-cryptocurrency experts, who will use and know more about Audius in the near future.

Audius is a potential project.

NFTs have become a hot topic in the crypto market in recent months, and their integration into the Audio platform is likely to bring a new wave of user interaction. Hopefully the fairly detailed reviews and novel features from the project will help you read a little something in the process of building your own investment plan. Follow the Website to find out more information about other potential projects!

You may be interested: Complete Origin Protocol project and OGN cryptocurrency .

Note: This article is for informational purposes only and should not be considered investment advice. Cryptocurrency investment is a form of risky investment, you only participate with the amount of capital that can be lost.

• Hackers pickpocketed $1.1 million after stealing from the Audius platform