1). What do you think about the presence of the Audius platform in the music industry?
Since the beginning of time, entertainment has always been something that people yearn for and will always seek. They have fulfilled the need for entertainment through several media such as games, movies, music, memes etc. Out of these various media to satisfy the need for entertainment, what is commonly used for entertainment is music.
As the technological world expands, so does the level and quality of entertainment. Over the years there have been an increase in the music industry and this has been aided by several platforms for music such as Tik Tok, Youtube, Spotify, Audiomack etc. These platforms are based on a central system and platform. They have been very useful and beneficial to users as they access the music.
But there are several downsides with these centralized platforms. Such downsides include music theft where other users of the platform take the song of another user and claim it as their own property. It is for this reason why copyright laws are placed to protect music creators from facing such hardships. Copyright laws give the music creator the sole ownership of the music he created as his property.
To get these copyright laws used on a song which is made by a music artist, he will have to join a music label that will take care of the copyrights of the music. This is very nice until the fact where these music labels get to take a share of the earnings from this music. The amount which the music creator receives is very small as to what he deserves to have.
Also, there are times when music creators create songs and upload to centralized platforms like Audiomack but get very little exposure and thus, earn very little from these songs.
With all these downsides of the music industry using centralized platforms, a decentralized music platform was born in 2018 and this platform is AUDIUS. Audius is a music platform that runs on the Ethereum Blockchain and it has a cryptocurrency by the name AUDIO.
This blockchain based platform has attempted to solve all the problems which the music industry suffered in the centralized platforms. Such solutions include the following points which are explained in the following paragraphs.
The problem of copyright which music creators suffer from in central platforms are solved in AUDIUS. Whenever a user uploads a music file to the platform, since it is a blockchain, it will save this file to the blockchain and also, it will register the file as a property of the user who uploaded the file. The music creator who created the music file and uploaded it to the platform is seen as the owner of this music and he has some sort of digital copyright placed on it. If another user tries to upload the same music file as his own property, the blockchain will not permit it and this user can be sued on the account of copyright.
Since the music creators no longer need a music label to have copyright on the art, they will have a higher income than before. They will be able to monetize the music they upload on AUDIUS and what will be received as rewards for the music will be the blockchain cryptocurrency AUDIO. This gives music creators a lot of room and a lot of profits to enjoy when using AUDIUS.
With all these benefits, music creators have started to come into AUDIUS and flock the platform. AUDIUS is a blockchain that maximizes profits for music creators and also provides so many variety of musics to be enjoyed by users of the platform.
From the above screenshot gotten from Coinmarketcap, we can get the following information as concerns AUDIUS.
- The price of 1 AUDIO token is $1.9
- The market capital is $968,196,725
- The Fully diluted Capital is $2,026,929,852
- The 24 hour volume is $70,130,155
- The circulating supply is 509,912,301.00 AUDIO
- The maximum supply is 1,066,858,974 AUDIO.
As we can see from the above data, investing in AUDIUS now will be a great move as the price of its cryptocurrency is rising and has experienced a small fall within the past 24 hours but in general, it is in an uptrend.
AUDIUS has also gotten into contract with Tik Tok, one of today's greatest music and entertainment platforms. This partnership will result in all musics which are uploaded into AUDIUS to receive better exposure on Tik Tok as Tik Tok is what a majority of people use and watch everyday.
2). With the governance system used by Audius, do you think that system has made Audius a fair and fully decentralized platform? If not, please provide your personal suggestions for the system that Audius uses to make it more fair and decentralized.
Decentralization can be defined as a system in which the powers of planning and decision making are delegated from the central authority to all the users of the platform. On Audius, there is decentralization in the platform where the powers of central authority is given to all the users of the platform and with this, there are so many added advantages.
With decentralization in Audius, instead of the music creator going to the music labels or any third parties to distribute his songs, he can upload it to Audius directly and claim full ownership over the song. This feature makes the absence of third parties very desirable to music creators.
Also, with a decentralized system on the Audius platform, transactions are done very fast with the absence of intermediaries that need to control the transaction.
There is little or no costs with transactions carried out in the platform as the system is decentralized.
With a decentralized system, all files and and data is stored on the blockchain network and cannot be deleted even if the system crashes. This decentralized system is an ideal system which is perfect for a music platform such as AUDIUS.
The governance system of AUDIUS is such that all transactions will need to pass through a set of nodes that will need to validate the transaction and save it on the blockchain. These nodes are divided into 2 pairs which are explained further as follows.
a. Content Nodes.
The content nodes are a network that is made up of computers that have as job to store and deliver the music uploaded on the platform by music creators. These nodes are the ones who receive information first from the users, process this data and then share it with other nodes before it can get into the blockchain.
b. Discovery nodes.
When the content nodes process data received from the platform users, this data is then processed and later on sent to the discovery nodes. The discovery nodes is a network of nodes that has as duty to record the hashes and the index of the files received from the content nodes. They record into the system the hashes of the user profiles, the song information, the playlists etc.
When the files are saved and processed by the content nodes, this information is then sent to the discovery nodes for them to record the information and hashes of the file, and then associate this information recorded with the file that was processed by the content nodes.
When this process is done, the file will be uploaded and then the user who uploaded them will have this file as his property and all rights will be reserved.
From the above analysis of decentralization and the governance system of AUDIUS, I can personally say that, the governance system has made AUDIUS a fair and decentralized platform for all users.
3). Explain how to do 2 types of staking on Audius complete with illustrations. (Image Required)
First of all, we will have to go to this website. When we are at the website, we will click on "Explore the Dashboard".
At the Dashboard page, we will click on Services.
Once we are at the services page, we will need to connect the Metamask wallet to the website.
With the Metamask wallet connected, we will have to click on start a new service.
This will take us to the page where we can choose to either stake our coins at Discovery Nodes or Connect Nodes.
The Discovery nodes have a minimum of 200000 AUDIO and a maximum of 7000000 AUDIO. While the connect nodes have a minimum of 200000 AUDIO and a maximum of 10000000 AUDIO,
4). Show the steps to create an account on Audius. (Screenshot Required)
To create an account, we will go to this website. There, we will click on Sign Up to create a new account.
At the page, you will enter your email address and then click continue.
Then, you will need to put a password that has more 8 characters, contains numbers and symbols, uppercase letters etc, and then confirm the password and click next.
In the next page, I will select "I'd rather fill out my profile manually."
Next, import a profile photo, and write the username.
After that, you will need to follow at least 3 people on the platform to continue to the next page.
I then clicked Continue since I don't want to download the app on my phone.
This will now take me to my Feed Page.
That is all about creating an account using Chrome.
5). Explore and explain the features available on the Audius application or website. (Screenshot Required)
The first page we will be visiting is the feed page for my account. Here we can find all posts. We can scroll through and play the one to our liking.
The next page to view is the profile page. This shows us the details of the accounts and the number of followers and following, the reposts done by the account is shown as well.
This is a page showing us the following for my profile. These are the accounts that I have followed.
This page shows us the playlists which have been saved in the account. Since my account is new, the playlist page is empty.
This is the Settings page where we can customize the appearance and change the settings for the account.
This is the $AUDIO and Rewards page. It shows the $AUDIO balance of the account as well as other financial information.
This is a continuation of the $AUDIO and Rewards page. Here, we can see several packages which we can choose.
6). Explain in detail how the mechanism of uploading music content on Audius.
The process of Uploading a file to the Audius platform is given in the following points.
- The music creator uploads his file to the content nodes.
- The data of the file is analyzed and given a reference code that will be used to identify the track.
- The data linked by the reference code created, is now sent to 2 different content nodes.
- An onchain transaction is then carried out and this indicates that the file is now on the Audius platform.
- This data is now sent to the Discovery nodes who indexes the file and gives it a hash.
- At this point, it will now show on the screen that the file has been successfully uploaded.
That is the mechanism in which a music creator uploads his track into the AUDIUS platform.
7). Upload your original music to Audius and show the proof using a block explorer. (Screenshot Required)
To upload a music, we would click on Upload Track.
After that, click on browse to load, in order to get the sound track you wish to upload.
Once we select the file, we click on Continue.
We will now edit the information about the music you wish to upload. Such as the genre, name of the song etc.
The image will take a few seconds to upload depending on the size of the file.
I have successfully uploaded a soundtrack.
Conclusion.
The evolution of music has entwined with the evolution of technology. Just a few years back, the only system for artists to publish music was through the centralized way that involved extra cost and time. This has changed as there are decentralized music platforms now such as Audius where an artist can upload his music and earn from it without any intermediaries that slow down the transaction and increase transaction fees.
Thank you for reading.
CC: @wahyunahrul
Hi @benyamin09, Thanks for taking my class.
Based on the homework that you have made, here are the details of the assessment you get:
My Reviews and Suggestions:
Your explanation on questions number 1 and 2 is good.
Get in the habit of putting pictures of the information you convey on your assignments.
There are some paragraphs that are too long, try to separate them into several paragraphs to make it easier to read.
Your explanation in question number 6 is still too shallow and you should show an illustration of the mechanism for uploading content to Audius.
I still see a lot of grammar is still wrong so that the delivery is a lot of ambiguous.
Give more effort to the tasks you create.
Thank you!
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