How Blockchain will revolutionize the music industry

Empowering Artists Like Never Before

The music industry has been going through a lot of changes lately. With the rise in popularity of streaming services like Spotify and iTunes, musicians struggle to make a living due to lower album sales. Now there may be a new solution on the horizon that could revolutionize how artists and listeners interact with each other while still giving both parties more control over their work than ever before. Blockchain is taking off around the world for many different applications, and it’s no surprise that it will soon impact the way we listen to music as well. 

Audius

Audius is a brand-new streaming platform built for musicians, not just those signed to labels. Create, grow, and monetize without the need to graduate off the platform or sign a record deal. Instead, build a fanbase, share your works in progress, and then publish your completed tracks for all the world to hear. Streaming music is free for now, and artists mainly use it to build their fan bases. Tokenized monetization options will come later, but when they do, artists will have incredible flexibility.

Its mission is to empower a new generation of audio artists on the decentralized web. They are a team of entrepreneurs, engineers, audiophiles, and blockchain experts. They have a list of advisors that range from Electronic Music Producer – deadmau5, RAC, 3LAU, and many more.

Some people might not know what blockchain is or why it is such an important topic right now.

What Are Decentralized Applications?

Decentralized applications (dApps) are digital applications or programs that exist and run on a blockchain or P2P network of computers instead of a single computer and are outside the purview and control of a single authority.

Decentralized Applications Explained

A standard web app, such as Uber or Twitter, runs on a computer system owned and operated by an organization, giving it full authority over the app and its workings. There may be multiple users on one side, but the backend is controlled by a single organization.

DApps can run on a P2P network or a blockchain network. For example, BitTorrent, Tor, and Popcorn Time are applications that run on computers part of a P2P network. Multiple participants consume content, feed or seeding content, or simultaneously perform both functions.

In the context of cryptocurrencies, dApps run on a blockchain network in a public, open-source, decentralized environment and are free from control and interference by any single authority.

For example, a developer can create a Twitter-like dApp and put it on a blockchain where any user can publish messages. Once posted, no one—including the app creators—can delete the messages.

Audius.org – Gives freedom to share and listen; giving everyone the freedom to distribute, monetize and stream audio. Audius connects fans directly with artists in a familiar music player interface. 

Own Your Content

With Audius, artists can generate immutable and timestamped records for their creative works, secured by an incentive-aligned decentralized network of node operators.

An Open Network

Unlock premium features for curated engagement by using our native platform token, $AUDIO. From gated content to artist tokens and remix contests, Audius is here to give fans the exclusivity they deserve.

Empowering All Participants

As a platform owned and operated by its users, the future of Audius is entirely driven by $AUDIO governance. Everything about Audius is governable, with the voting weight directly correlated to $AUDIO staked for value-added services.

About the $AUDIO Token

The Audius protocol gives everyone the freedom to share, monetize, and listen to any audio. $AUDIO enables network security, exclusive feature access, and community-owned governance. Thanks to $AUDIO, our users can earn a voice in the platform’s future through active contributions to the network.

The SoundCloud alternative helps artists monetize their work in creative ways by better engaging true fans. Users stake $AUDIO to secure the platform. In return, receive a share of network fees, governance weight, and exclusive feature unlocks.

The protocol will live forever, owned and operated by a decentralized community of artists, API, and fans collaborating to defend the world’s music catalog.

Final Thoughts

It’s an exciting time to be in the music industry. As we move towards a more digital landscape, blockchain technology has come along to shake things up and offer new opportunities for artists of all levels. With Audius.org, musicians can monetize with the latest technology – giving them complete control over how they want to distribute their work without having to worry about getting ripped off by intermediaries along the way. If you’re looking for another Dapp similar to Audius or are just interested in what this emerging field is doing with music distribution, take a look at these other great sites below! 

MediaChain – is a peer-to-peer blockchain database for sharing information across different applications and organizations.

Ujo’s decentralized platform creates a database of music ownership rights and automates royalty payments.

Choon is a music streaming and digital payment platform that uses blockchain to fairly pay artists in a timely manner.

Open Music Initiative (OMI) is a nonprofit calling for an open-source protocol in the music industry.

Mycelia is a collective of artists, musicians, and music lovers looking to empower creatives in the music industry.

Viberate is currently the world’s largest live music database, featuring more than 460,000 artists, 5,000 music festivals, and 500,000 global music events.

Blokur is a source for global publishing data for management and monetization of music.

Smackathon is a competition for business ideas that focuses on using decentralized blockchain in music.

eMusic is a blockchain-based music distribution and royalty management platform that rewards both artists and fans.

VOISE is a blockchain-powered app with its own personalized token based on Ethereum.

Blockpool is a blockchain firm that creates custom code, offers consulting services, and helps integrate ledger technology into a business’s current systems.

MusicLife is a blockchain-based music nonprofit that focuses on limiting piracy and establishing a new payment method for artists.

BitSong is the first decentralized music streaming platform dedicated to artists, listeners, and advertisers.

Musicoin is a music streaming platform that supports creating, consuming, and distributing music in a shared economy.

Digimarc develops solutions for licensing intellectual property for audio, visual, and image content.

Inmusik is a music-focused social networking site using blockchain to help emerging artists share their music and interact with fans.

Credits: https://www.investopedia.com/terms/d/decentralized-applications-dapps.asp | https://builtin.com/

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