Audius is a decentralized music streaming platform where artists can host their music for free and earn revenue. The AUDIO token is used to compensate artists and provide voting rights in the governance protocol. Using Blockchain technology, the platform creates a global network of content nodes to decentralize and resist censorship in music files. In this article, you can find answers to two curious questions about what Audius (AUDIO) is and how to buy Audius (AUDIO) with TRY.
What is Audius (AUDIO)?
Audius is a decentralized music streaming platform designed to empower both fans and creators. Unlike traditional music platforms, Audius allows artists to host their music for free and start earning revenue without the need for record label deals or intermediaries. It offers a platform for both established and emerging artists to upload their music, access streaming metrics, and build a follower base with less financial barriers compared to other services.
The native cryptocurrency of Audius, known as AUDIO, is crucial for the platform’s operations. AUDIO is an ERC-20 token, but a version packaged on other Blockchain networks like Solana is also available. This token is used to compensate artists for their creative works published on the platform. Additionally, AUDIO token holders can stake their tokens to run nodes, participate in fee sharing, and increase the visibility of their content. Artists can also use AUDIO to unlock unique badges and gain voting rights in Audius’ governance protocol.
Audius operates through a desktop and mobile application that allows users to discover and listen to music. It offers familiar features such as creating playlists, browsing genres, and checking out trending songs and artists. Artists can personalize their profiles with tracks, albums, playlists, and even display collected or created NFTs.
What sets Audius apart from centralized streaming platforms like Spotify and Tidal is its use of a global network of content nodes instead of a central server. These content nodes use Blockchain technology to store copies of music files on multiple computers worldwide. Files are indexed on AudSP, a decentralized file system based on the InterPlanetary File System (IPFS). Artists have the option to run their own content nodes for more control over music distribution or allow Audius to distribute content over the network.
The decentralized nature of Audius makes it more resistant and flexible against censorship. Nodes not only host content but also make it discoverable. Discovery nodes simplify the process of finding new tracks for listeners by indexing metadata for all Audius content. Node operators earn AUDIO tokens from the protocol’s annual 7% token issuance and by registering their nodes with an active share in the protocol’s pooled fee pool.
Artists on Audius can earn AUDIO tokens in various ways. Tracks featured in the Top 5 Weekly Trending Tracks or Top 5 Weekly Trending Playlists earn tokens for artists. Additionally, musicians can earn tokens by verifying their X or Instagram accounts and uploading their first content pieces to Audius. This encourages artists to actively engage with the platform.
Listeners, artists, and node operators, as AUDIO token holders, participate in the Audius governance protocol. This decentralized autonomous organization (DAO)-like system follows the core logic of Web3 and allows users to have a say in the platform’s future development. Governance proposals can address new feature integrations, copyright structures, reward allocations, and more, enabling the community to collectively guide the evolution of the platform.
Initially built on the Ethereum Blockchain, Audius has migrated its content management system to Solana. This transition was necessary to efficiently manage the rapidly growing user base of the platform. By leveraging Solana’s scalability, Audius aims to offer a better experience for users while maintaining its decentralized structure.
Audius stands out as a pioneering platform in the music industry by leveraging blockchain technology to offer a decentralized, artist-friendly alternative to traditional music streaming services. Its innovative approach allows artists to retain control over their music, earn fair compensation, and interact directly with their listeners.
How to Buy Audius (AUDIO) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Audius (AUDIO). Binance TR allows the purchase and sale of over 100 cryptocurrencies, including AUDIO, and enables users to create an account quickly. Follow the steps below to buy Audius (AUDIO) with TRY on Binance TR.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. You need to go to trbinance.com and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and ID number.
The requested information needs to be entered accurately and completely, after which the information will be confirmed and verified through email/sms verification. Once this process is completed, you will proceed to the second step of identity verification (KYC).
How to Verify Your Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is necessary to protect both the user and the cryptocurrency exchange. You can choose to verify your identity either from your phone or through the official website of Binance TR. Please note that you will need your mobile phone to verify your identity through the website.
On the Binance TR website, hover over the “Profile” option at the top right and click on “Identity Verification and Limits” from the dropdown menu, then click on “Verify.” Afterward, you will need to scan the QR code that appears and proceed with the process using your mobile phone. If you are unable to scan the QR code, you can click on “Copy URL” to have the verification address sent to your mobile phone via SMS.
When you enter the address into your mobile phone or scan the QR code, a screen similar to the one below will appear. First, touch “Identity” to continue.
Then a screen like the one below will appear. To continue the verification process, select the document type that is suitable for you.
After selecting the document type, you can continue by touching “Upload Front” and taking a photo of the front of the document. Then touch “Upload Back” after taking a photo of the back of the document. Make sure the images are clear and the information in the photo is easily readable while capturing the front and back of your ID card or driver’s license.
Next, you can continue by touching “Selfie.” At this point, the front camera of your mobile phone will open, and you will need to scan your face. Make sure your face fills as much of the camera area as possible once the camera is open.
After completing all these steps accurately and correctly, your identity verification process will be completed within a short period.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account through all banks. You can deposit and trade TL 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, Türkiye Finans accounts. For other banks, you can make deposits up to 50,000 TL 24/7 using FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first hover over the “Wallet” option in the top left corner of the homepage on trbinance.com and click on the “Deposit” option from the dropdown menu.
A page like the one below will open, and you can continue the deposit process by selecting your preferred bank from the right side of the page. If your preferred bank is not integrated with Binance TR yet, you should click on “Other Banks” to continue.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on Vakıfbank, you will see an account name and IBAN address for transferring funds through that bank via wire transfer, EFT, or FAST. All you have to do now is use the information displayed on the bank’s page to send the amount you want to deposit into your Binance TR account via wire transfer, EFT, or FAST.
After your bank completes the transfer, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy AUDIO Coin with TL on Binance TR?
After the deposit process, you can proceed to buy AUDIO coin with TL by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
When you click on this option, a page like the one below will open. Type “AUDIO” in the search bar on the right side of this page and click on the AUDIO/TRY option from the results to go to the page to buy AUDIO with TL.
Now the following page for AUDIO buying and selling will open. In the red box on this page, you need to enter the price at which you want to buy AUDIO in the first box and the amount of AUDIO you want to buy in the second box. After entering the amount, you can click on the “Buy AUDIO” button to complete your purchase.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange in terms of trading volume, officially launched the cryptocurrency exchange Binance TR in 2020 for Turkish cryptocurrency investors. The cryptocurrency exchange, based in Istanbul, can be accessed from trbinance.com.
