The Audius Music dApp has been available on the Apple Store since January 22nd and is currently enjoying great success thanks to the support of the Apple Store’s Twitter profile.
The music biz has definitely changed since the days of 45s, 8-tracks, and CDs.
If you’re a musician, get a load of this amazing new tool to share your craft. If you’re a music lover, take on a fresh new way to discover artists 💽🎶
— App Store (@AppStore) February 9, 2020
Audius is not an ICO
Audius is a project supported by high profile investors including General Catalyst and Lightspeed, Kleiner Perkins, Pantera Capital, 122West and Ascolta Ventures.
These investors hope the Audius tokens will grow in value, turning their stock into a good investment.
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.
If an NFL or NBA player is able to collect 47% to 49% of the generated revenue, how come music production doesn’t follow the same principles?
There is no doubt that the fields are different and the comparison is risky. However, the fact remains that thanks to the technologies and skills of contemporary artists, the creation of music is increasingly self-produced.
Even communication through social media has changed the dynamics of promotion and the industry is changing quickly.
Audius Music dApp fits within this context, allowing the industry to reveal talents and generate income, bypassing intermediaries.
- Stable-token LOUD: This token will be exchangeable 1:1 with at least three options, including the following: Dai, USDC, TrueUSD. It will be used on the platform when paying content creators for internal services or additional services.
- AUDS token: the governance choices of the project and the incentives on which the network is based are managed by a special token that will be used to secure the network and generate profits from extra services within the platform.
- NON fungible tokens: In the not yet well specified future, the team’s intention is 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.
The choice to create separate systems denotes a certain complexity in the architecture of the application that mainly divides its users into two main categories:
- Creators and consumers of the service;
- Service providers who participate in the network.
Storage on Audius
Providing a user experience equivalent to existing centralized solutions and adapting effectively to network demand is not easy.
AudSP is Audius’ solution for decentralized storage. A compromise based on IPFS (InterPlanetary File System).
IPFS enables modular encryption with global and secure deployment capability.
As the Audius protocol matures in the decentralized storage market, it will expand to include other storage solutions such as FileCoin, Sia or Swarm.
Adoption of the music dApp
Blockchain-based applications are starting to become popular and this is just one example, which certainly is not guaranteed to be successful.
The launch took place without the integration of all the features expressed in the whitepaper.
After a quick glance into the app there is no trace of the wallet function. The user profile does not yet show the functionalities with which the project should best express and differentiate itself from services such as Soundcloud