Ethereum-based music streaming app enters the mainstream

  • The Ethereum-based music streaming app Audius has had a strong start since its launch in January.
  • Two days ago, the marketing efforts were intensified to introduce the innovative app to millions of potential customers and bring it into the mainstream.

Audius is a decentralized application (dApp) based on the Ethereum blockchain. The dApp was officially launched on January 22, 2020 and has since been downloaded more than 1,000 times. The dApp offers musicians a platform on which content creators can share their work with a large audience.

Audius thus enters into direct competition with platforms such as SoundCloud or Spotify. By using the blockchain and distributed ledger technology, the uniqueness of all shared content is guaranteed. In addition, the platform strengthens the artists’ copyrights and ensures fairer remuneration.

The special feature of the dApp is that there is no middleman to whom fees or other financial means have to be paid. The Audius dApp uses the LOUD token, which is tradable 1:1 with a total of three different currency pairs: Dai, USDC and TrueUSD. All content creators can choose the respective cryptocurrency in which they would like to be paid.

Governance decisions on the blockchain will be implemented via the AUDS token. This token will be used to maintain security and to generate additional revenue from the platform’s services. The development team is also planning a unique ERC721 token that will be used on the platform for all functions.

The users of the platform compensate the artists financially by paying for listening to music. In addition, advertisements will be displayed, thus generating additional income for further development of the platform. Audius describes that the blockchain offers new possibilities to pay artists fairly and to protect their property effectively:

Using an advanced blockchain infrastructure, Audius enables hard-working artists to distribute, attribute and monetize content. This gives them new power over their music.

Two days ago, the dApp was officially presented to more than 4.5 million followers of the iOS App Store via Twitter.

The music industry generates annual revenues of more than 43 billion USD, with only just under 12% of this revenue being passed on to the artists themselves. According to this, there is a huge economic inequality, which projects like Audius aim to eliminate. Although Audius does not officially state how much revenue the platform retains and how much the content creators receive, this is supposed to be appropriate and fair for the industry.

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About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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