#BLOCKCHAIN #DECENTRALIZED #MUSIC
A Decentralized, Community Owned Music-Sharing Protocol.
Music creation and distribution have been dramatically changed by technology in the last two decades. Creating music no longer requires a team of producers and audio engineers; anyone in their bedroom can start with inexpensive software. Similarly, distributing music no longer requires factories that produce physical records and re-tail relationships for getting those records into stores; music platforms have enabled artists to distribute their own music.
The music industry generates $43 billion in revenue but only 12% goes to content artists. Furthermore, artists have minimal control over how their music is distributed and little visibility into who is streaming it. To address these and other problems faced by artists, we introduce Audius, a fully decentralized music streaming protocol built with public blockchain infrastructure and other decentralized technologies.
Audius allows artists to distribute to and get paid directly from their fans, and is comprised of the following
Components:
1. An efficient token economy powered by the Audius platform token ($AUDIO), 3rd-party stablecoins, and artist tokens.
2. A decentralized storage solution and ledger for sharing audio and metadata.
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 decentralized governance protocol, whereby artists, node operators, and fans are individually and collectively enfranchised in decision making about protocol changes and upgrades.
The Audius protocol is live today and fully decentralized, operated by a robust decentralized community of artists, fans, and node operators, and serves nearly 500,000 users every month at the time of writing.
Website Link: https://audius.co/
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