Audius: AUDIO Worth It?? Complete Overview!!
👨🏫What Is Audius?👨🏫
Audius was founded by Roneil Rumburg and Forrest Browning. Both are seasoned computer scientists with ivy league degrees under their belt, and they’ve been dabbling in crypto since 2011 In early 2018, Roneil and Forrest got to work building Audius with the goal of giving musicians a censorship resistant platform and a much a bigger piece of the profit pie
⛓How Does Audius Work?⛓
The Audius protocol consists of three layers: the app layer, the node layer, and the blockchain layer. The app layer is the Audius website and app, the node layer is run on Solana, and the blockchain layer is built on Ethereum
To ensure that content nodes and discovery nodes do their job, they must stake AUDIO tokens on the Ethereum blockchain which is the third layer in Audius’ architecture At present, content nodes and discovery nodes must stake a minimum of 200 thousand AUDIO to take on the role and earn fees from the Audius protocol. All staked tokens have a 7 day unlock period It is possible to delegate AUDIO to content nodes and discovery nodes and this can be done using the Audius Protocol Dashboard in conjunction with MetaMask. The minimum delegated stake is 100 AUDIO
AUDIO has an initial supply of 1 billion, and just 5% of it was airdropped to Audius’ most active artists and listeners. That said, 18% of AUDIO’s initial supply was allocated to the community treasury 40% went to the Audius team and its advisors which includes famous musicians, and the remaining 36% went to Audius’ investors, which later included Binance Labs and Coinbase Ventures
📊AUDIO Price Analysis📊
In terms of how high AUDIO could go, I’ll start by saying that it’s now or never. AUDIO has another vesting cliff coming in October, and this could suppress its price the same way it has in the past
Audius decided to swap out its own permissioned layer 2 blockchain with Solana in October last year. This is because Audius’ reported user base is growing so quickly that it needs an even more scalable solution for its final development hurdle, which is the implementation of stablecoin payments
It seems that Audius has quite a few skeletons in the closet, and one of them is a man named Ranidu Lankage, a Sri Lankan pop singer who is apparently one of the co-founders and former CEO of Audius. Even though there are a few interviews with Ranidu on YouTube about Audius, neither of the other two Audius co-founders ever mentioned that Ranidu was involved in any of their interviews. There are even bigger questions around Audius’ operations today. According to the Audius dashboard, they have over 5.3 million active users. However, all the metrics for Audius’ social media channels, app downloads, and even the song listens on its platform are a fraction of that number. They suggest a user count in the tens of thousands.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.