How To Buy Audius (AUDIO)?

A common question you often see on social media from crypto beginners is “Where can I buy Audius?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Audius (AUDIO)

First, you will need to open an account on a cryptocurrency exchange that supports Audius (AUDIO).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Audius (AUDIO) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Audius (AUDIO)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Audius (AUDIO) or Audius (AUDIO) trading pairs. Look for the section that will allow you to buy Audius (AUDIO), and enter the amount of the cryptocurrency that you want to spend for Audius (AUDIO) or the amount of fiat currency that you want to spend towards buying Audius (AUDIO). The exchange will then calculate the equivalent amount of Audius (AUDIO) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Audius (AUDIO) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Audius (AUDIO)?

Audius is a fully decentralized music streaming platform that enables listeners to support artists directly via its native cryptocurrency, AUDIO. As of December 2021, Audius has almost 6 million monthly unique users and hosts over 100,000 artists.

Co-founded in 2018 by Forrest Browning and Roneil Rumburg, Audius revolutionalizes the traditional music industry model by removing the middlemen and record label barriers. Unlike other streaming platforms, artists’ revenue is not determined by how many times a song is played. Audius gives artists exclusive ownership of their music, and they get to decide how to monetize their work. According to Audius, music curators will receive 90% of the revenue in AUDIO tokens, while the remaining 10% will go to node operators (stakers) supporting the Audius network.

Audius is a layer-2 blockchain protocol initially built on an Ethereum sidechain called the POA Network. Due to a growing demand to stream content, Audius faced scaling issues and decided to migrate its content management system to the Solana blockchain in 2020 to enhance its performance. But its native cryptocurrency, AUDIO, remains on the Ethereum blockchain. AUDIO is an ERC-20 governance token that allows stakers to vote on proposals related to network changes and upgrades. They can also unlock exclusive features by staking AUDIO coins.

How does Audius work?

Audius aims to solve the challenges artists face in the music industry, including music rights, royalties, and ownership, by giving everyone the freedom to distribute, monetize, and stream music. It eliminates the intermediaries between artists and their audience, allowing them to interact directly on the platform. 

Unlike the traditional channels of the music industry, Audius doesn’t pay artists based solely on the number of times their tracks are played. It also considers artists’ activity on the platform, the way they interact with fans, and the overall engagement from users.

On Audius, artists can upload and distribute their songs by the decentralized nodes. There are several ways for artists to earn revenue from their audio content without sacrificing their ownership. They can get AUDIO by making it to the Top 5 Weekly Trending Track, Top 5 Weekly Trending Playlist, Top 10 Monthly API App, and first track upload after verifying their social media accounts.

Audius also let artists engage with their community via artist tokens. Artist tokens give holders exclusive access to token-restricted content, such as unreleased tracks, remix competitions, etc. Occasionally, Audius plans to airdrop AUDIO tokens to artists based on their level of social engagement with fans and the number of listens.

What is the AUDIO token?

Audius platform tokens (AUDIO) have three prongs of functionality within the Audius protocol ecosystem:

• Security
• Feature Access
• Governance

AUDIO is staked as collateral for a value-added service such as operating a node or participating in governance. In exchange, stakers earn ongoing issuance, governance weight, and access to exclusive features. In the future, AUDIO will govern a global fee pool from value transfers in the network.Offering a native token to align all actors creates a parallel incentive unique to web3, and one which allows our early adopters to share in the upside of Audius as we continue to grow.The Audius community looks to ensure that AUDIO tokens are always being funneled to the most value-added actors. This is done through ongoing issuance using onchain metrics as a measurement to better route distribution to active participants, rather than simply to those staking the most AUDIO.

Here’s how this pans out in practice.

• SECURITY
  AUDIO is staked by node operators to secure the network. The larger the stake, the higher the probability of their node being used by fans and artists. Audius is entirely hosted and operated by the community, creating a permissionless ecosystem of node operators securing content for the world’s unstoppable streaming protocol.
• FEATURE ACCESS
  AUDIO serves as collateral to unlock additional artist tooling. Early examples incubated by the community include artists tokens, badges, and earnings multipliers. In the future, fans may delegate AUDIO to specific artists and curators to share in their growth on the platform.
• GOVERNANCE
  Any AUDIO staked within Audius is assigned governance weight, used to shape future iterations of the protocol. Every aspect of Audius is governable, starting with one token staked equal to one vote. We envision governance to focus on operator incentives at inception, with the ambition for even passive fans to voice their opinion over product updates and feature upgrades too.The choice to offer ongoing issuance aligns power with those who are continually the most active on the platform, a mechanism Audius believes better suits future users of the protocol.

How does Audius differ from other streaming platforms?

One of the major differences between Audius and other streaming platforms like Spotify is that it leverages blockchain technology to run in a decentralized manner. This allows artists and content creators to share their music with more control over their content. 

According to the co-founders, 90% of the platform’s revenue will go to the artists directly. Compared to the general numbers in the traditional music industry, where only 12% goes to the artists, Audius allows them to earn a more reasonable pay.

Another difference is that Audius includes AUDIO token holders, be it artists or fans, in the decision-making process for the network. Holding one AUDIO token gives them one vote to participate in the governance of the protocol. They can vote for or against any proposed changes on the platform, which is not something we can find on other music streaming services.

Audius also shows that it has the ability to help artists cultivate their fan base and community. It is the first music streaming platform to partner with TikTok, a video streaming social media platform. This partnership enables TikTok users to add songs on the Audius platform to their videos directly. Apart from TikTok, Audius has also integrated with blockchain game DeFi Land in the form of an FM radio tower in the game’s metaverse, which could help promote artists.

Audius development updates in 2023

Audius has seen significant advancements in 2023. As a decentralized platform, Audius aims to revolutionize the music streaming industry by empowering artists and engaging listeners in novel ways.

• Community Governance Integration: A pivotal change was the full integration of a community governance system. This system allows Audius users to participate in the platform’s development direction. Users can stake AUDIO tokens to gain voting rights and propose upgrades. Approved proposals can access the community funding pool, ensuring the platform evolves according to the community’s needs and preferences​​.

• Tipping Feature and Artist-Fan Connection: The introduction of a tipping feature on Audius has opened new avenues for fan-artist interactions. Fans can now send tips to their favorite artists, and top supporters can receive badges and exclusive rewards like personalized messages and unreleased content from artists. This feature enhances the platform’s monetization options for artists and adds usability to the AUDIO token​​.

• Mobile App and User Experience Improvements: The platform underwent a significant upgrade with the react native migration, transitioning from a web view to a web app. This shift has improved platform performance, smoothed out transitions, and enhanced stability. Additionally, a new mobile application was developed, tailored to mobile users’ needs, boosting responsiveness and stability​​.

• Mobile Upload Capability: The mobile app integration also introduced mobile uploads. Users can now upload music directly from smartphones, integrating with major software applications like Ableton Note, FL Studio Mobile, and GarageBand. This feature simplifies the process for artists to share their music with a broader audience​​.

• Empowering Artists and Involving Listeners: Audius directs 90% of revenue back to artists, with the remaining 10% distributed among node operators. Artists can also receive $AUDIO tokens through airdrops, rewards for featuring in “Top 5 Weekly Tracks” or “Top Weekly Playlist,” and develop their specific tokens for fan interaction. Listeners can support artists by staking AUDIO tokens and earning reward badges​​.

• AUDIO Token Utility and Tokenomics: AUDIO is a non-minable ERC20 utility token that plays multiple roles in the ecosystem. It is used for staking, unlocking exclusive features, and participating in governance as part of the Decentralized Autonomous Organization (DAO) structure of Audius. The initial token distribution allocated 41% to founders, 36% to investors, and 18% for network growth, with approximately 1.1 billion AUDIO tokens currently in circulation​​.

• Legal Protection and Copyright Management: Audius provides a mechanism for copyright issue settlements, involving the Audius Council in cases where direct negotiation between parties fails. This approach adds a layer of security and trust to the platform, ensuring artists’ rights are protected​​.

• Partnerships and Future Prospects: The platform has partnered with TikTok, enabling creators to extend their music’s reach on social media. The platform also plans to allow users to delegate AUDIO tokens to specific artists, fostering a more interactive and supportive community. The price and value of AUDIO are influenced by the platform’s user base and staking activity, highlighting the importance of community engagement in its ecosystem​​.

These developments mark Audius as a forward-thinking platform in the music streaming sector, focusing on artist empowerment, community engagement, and technological innovation. The platform’s emphasis on decentralization, governance, and creative monetization strategies sets it apart in the evolving landscape of digital music and blockchain technology.

Official website: https://audius.co/

Best cryptocurrency wallet for Audius (AUDIO)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Audius (AUDIO)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).